The global recession has had a strong effect on those looking to purchase overseas property. While your new home in the sun is still attainable, house prices are no longer booming in Europe, and the current mortgage market has made it tougher to secure the financial support that you might need.

This means that any investment you make in property abroad will need to be considered carefully and wisely, as you can no longer rely on rising house prices to cover up any mistakes you might have made during the home buying process

For those looking to purchase their dream home or investment property in Munich, we’ve compiled a guide to what you need to know to make sure that your investment pays off

Never agree to purchase a property until you have had a completely independent property valuation. This will help pinpoint any problems with the property, such as dampness issues or subsidence, as well as boundary issues that may cause problems further down the line.

Always read and re-read any proposed contracts. If the contract is in a foreign language and you have been given an English language copy, have your solicitor confirm that this is a true translation of the original contract.

When choosing a property in Munich, browsing through the property guides and visiting a handful of homes will not provide you with enough information to guarantee that your investment is a sound one. You need to visit the area you are planning to purchase in and see what’s going on there. An area that seems peaceful and pleasant during the daytime could become a traffic-clogged nightmare during commuter hours for example.

Before purchasing any property in Munich, it pays to see the area that you are planning to buy in at all hours. The best way to do this is to rent a property in the area first if you can, or at least spend a week or two in a local hotel. This way you’ll get a feel for the area, get to know the locals who can provide you with more info, and weigh up the pluses and minuses of the location of your property. An easy way to find a suitable hotel in the area is to use a travel site like Octopus Travel. Their website has an extensive list of Munich hotels and you can search for hotels by area within the city too.