In the current economic climate, the general feeling is that Fly-to-Let investors should be pulling in their financial horns and riding out the storm.

But according to Richard Way, editor of A Place in the Sun, now could be the best time in a generation to buy property abroad.

“If you’ve got the cash and you can buy now, you can get fantastic bargains,” said Way. “If you’re looking for an investment, you don’t buy properties when the market is at, or close to, its peak. You buy as close to the bottom as you can so you can benefit from a turn-around. And if we’re not at the bottom now, we’re close to it.

“If you’re buying for investment and take a mid to long-term view – five to 10 years – then you should see healthy returns.”

Way lists his five top reasons to buy now:

1. Distressed sales. The economic downturn has had a negative effect on the housing market. As a result, there are a number of properties now available that have been priced competitively low in order to achieve a quick sale.

2. Buyers’ market. You’ve seen the value of property in the UK plummet recently and the same thing has happened across Europe and the US. The message is if you can afford to buy now, when the markets are at rock bottom or close to it, do so, since in a few years’ time you should see good capital appreciation.

3. Clever leveraging. Despite the credit crunch, mortgages abroad are still readily available. There are ways to counteract the effect of the strong euro too. For example, by buying in the Eurozone with a Euro mortgage.

4. Be careful with currency. The pound has taken a hammering against other currencies recently, but by using a specialist you can protect your money from exchange rate fluctuations when you buy abroad.

5. Where else should your savings go? With interest rates on savings at an all-time low, your money just isn’t working as hard for you as it could. If you’re buying for investment and take a mid to long-term view you should see healthy returns.

And five things to think about first:

1. Look into forward contracts for your cash. Consider fixing your currency conversion rate to fix the price of your property.

2. Take care with purchasing off-plan. Only buy property that's completed, or from established developers.

3. Get independent legal advice. Always use a lawyer (ideally not the one the developers recommend).

4. Be prepared to haggle: There’s no harm in putting in a sneaky offer.
5. Watch your wallet. Budget for your purchase carefully - now is not the time to overstretch yourself financially.

• A Place in the Sun Live, the overseas property exhibition based on the Channel 4 TV series, is taking place at Earls Court 2 London from 3 – 5 April.

Fly-2let.co.uk users can claim free tickets by clicking here.

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