With the apparently ever growing usage of the internet for more and more things in our lives, doing things from a long distance is less of a problem each year; and things that were considered a dream a few hundreds could do, such as working for a company in a foreign country while staying in yours, are now not only achievable, but more and more common.
However, there are still some things that are not entirely sorted out regarding doing it from a long distance; and one of these is investing in a city, either a different city in your homeland, or from an entirely different country or continent.
For people considering investing in Spain, Barcelona is one of the best cities to invest in real estate, and a great place to live, too. But not everybody is interested or able to relocate to take advantage of a good place to invest at, and investing in Barcelona from a long distance becomes the solution.
What should one take into account for long distance investments?
The goal for investors, especially does starting out in this exciting world, might be a three steps plan which might be outline as follows:
Even if not unrealistic, the distance between the first step and the second one is usually a big larger, but way smoother than with most traditional jobs, and the profit part is more of a constant.
The idea behind this is that being a real estate investor and generating good and stable passive income are two things that gives us a huge flexibility, but we must still take care of our properties and investments, and even if outsourcing is a valuable tool, we shouldn’t neglect often taking a look at things ourselves.
For investors buying a property for renting or for buy-and-hold in Barcelona from a long distance, these considerations are worth being considered:
Leveraging internet and communication tools
Either if you live in the metropolitan area of Barcelona but outside of the Catalan capital, or you live in an entirely different country; taking advantage of communication technologies and the internet can make the experience as a long distance property owner smoother, and much more effective.
Hiring a property manager
If you have someone you trust in and can manage your renting businesses in Barcelona, it’s a great opportunity for you. However, if you are not able to constantly manage your property, hiring a property manager professional would be a good investment. Just make sure to hire one than brings a good service for a good amount.
Being willing to travel at least once a year
Even if you found the right property manager to take care of your investment property in Barcelona and you can really keep your business from a long distance; it’s still a good idea to visit Barcelona at least one per year to experience the state of your property first hand.
And an excuse to spend a few days in the beautiful Mediterranean Barcelona is never a bad idea.