Buying Property in Georgia: What 70k Gets You!
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Buying Property in Georgia: and what I bought for 70k.
I explain in detail about everything you need to know about investing in real estate in Eastern Europe. My Experience is in buying property in Georgia.
At the end of the video I’ll do a walkthrough of what I property I bought in Georgia for $70k
.
Buying property in Georgia - Online searching.
Lets firstly talk about how to search for an apartment.
Online
find a local real estate agent
find a property developer.
Websites can’t be trusted. What happens if you do find a listing online that you like, unfortunately it most likely is displaying the wrong prices or it is fake listings.
The agents you contact will try find you something else.
It means that although it is nice to sit back and browse online, the reality is you will hardly ever get to see the property that you saw online.
It is just a method for real estate agents to get more potential clients and try sell you something else that is actually for sale.
Buying Property in Georgia - Real Estate Agents.
You cannot trust real estate agents. At ALL. No licenses or even worse, the agent has no right to sell the property and it’s a scam.
In the video I explain how the scam works.
The best way to handle this is to have friends help you with the negotiating and asking all the questions.
Real estate agents in these countries see a foreigner as an opportunity to make more money.
You must also get a lawyer who will help you check everything is real before making a purchase. This is a must.
You will 100% need a lawyer to act as an escrow representative for you and the seller.
Buying Property in Georgia. - Developers.
Quality of what you are buying, explain some bad construction practices
Problems with roofs. Buying off the plan is risky before the completion of the building.
There is a famous building in Kyiv, Ukraine where the building took 5 years just for the electrical and water company to connect the building with utilities.
A lot of buildings also don’t finish. The earlier in the project you invest, the cheaper per square meter but this is because you are taking on the risk that the project might not actually finish…
How to actually make the purchase (I chose a developer that had finished a building and the utilities were connected) but I paid $70k for this apartment for 55 square meters. If I was to find a real estate agent with a local friend, use a lawyer and buy second hand, I could have bought something for far less for the same square meters.
But the benefit of buying new, was I had a clean slate to renovate. I would say 99% of apartments in Eastern Europe need serious renovations. Which might cost similar to just starting with a blank canvas. A lot of the apartments that I have seen, need to be completely stripped, back to a blank canvas, which would cost extra than just starting from nothing.
Changing it over into my name is easy in some countries and difficult in others. You need a lawyer and a translator and the process with a developer was simple. Took only a few hours. You have to go together with buyer and seller at the same time. Fees were also only about $100.
Getting insurance is really cheap. Surprisingly cheap.
I will show you what I bought for 70k.
I wanted to fulfil a dream of mine + its $100 a night to rent in this area because it’s a ski village.
short term growth prospects of the area I believe are strong.
I still needed to completely renovate everything!!!
I will show off other cheap apartments in central areas of Tbilisi, Kiev, Odessa, Belgrade, Montenegro,
I hope I highlighted the things I have learnt so that you can be prepared when you make this type of investment.
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