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Originally Posted by David Thrift
IDIPs help overseas property buyers
Unlike the government’s HIP scheme which was widely criticised by real estate professionals for its inefficiency and ineffectiveness, the new IDIP (International Developer Information Pack) resource is being welcomed as a useful tool for agents and property investors alike. IDIPs enable thorough checks to be carried out on overseas developers and developments to minimise risk.
Many international property advisors have claimed that using IDIPs will soon be common practice for overseas investors, and have hailed IDIPs as a revolutionising resource for global property markets. Hopefully now the sort of investment disasters we saw recently in Spain, where thousands of investors, including a large number of Britons, lost their homes because of illegal development, will be a thing of the past.
The UK’s largest property websites like the Buy Assosciation who supply Rightmove.co.uk have praised the IDIP scheme, claiming it will be hugely advantageous to investors in overseas off-plan developments. Felicity Quigley of Buy Association commented:
“As a service, the IDIP provides peace of mind that the most important aspect of a property purchase is taken care of by qualified legal professionals who have extensive knowledge of their local markets as well as a UK presence. For those investors looking to be more ‘hands off’ with their off plan investment, an independent due diligence assessment will save them valuable time and effort whilst ensuring that the property they are buying is legally sound.”
Contact 08452300787 or visit idipreport.com
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Hi David,
Just curious, sounds like a great plan especially if eventually there is enough clout to get the developers to answer within a reasonable time-frame or utopically before launching the development itself.
How do you envision making it not only secure for investors but also feasible for best RoI? In most cases (as you state you get your information from the developers) the developments which are selling fast and furiously are also the slowest to provide the information.
I can see the benefits for someone buying a second residence but wouldn't it be counterproductive for the pure financial investors?
Undeniably the best possible DD has to be done before every and any purchase, whether it be by the buyers themselves, agents or an independent source such as yourself or all of the above. The legal representative of the buyer should also do most of what is needed (assuming they are competent) before signing the contract?