With a freezing winter behind us and a bleak forecast for the financial future, it’s heartening to know that there’s at least one area of finance which promises a sunny prospect. According to Richard Way, editor of A Place in the Sun, the UK’s best-selling overseas property magazine, 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,” says Richard. “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.”

Richard offers 10 tips on buying properties abroad:

1) Look out for distressed sales: The economic downturn has knocked the housing market. So there are loads of properties now available that have been priced competitively low in order to achieve a quick sale.

2) Buyers’ market: The value of property in the UK, Europe and the US has plummeted. 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) Be clever with 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) Take care with currency: We all know 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) Buy to invest: With low interest rates on savings, 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 – five to 10 years – then you should see healthy returns.

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

7) Be careful purchasing off-plan: Only buy property that's completed, or from established developers.

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

9) Be prepared to haggle: There’s no harm in putting in a sneaky offer.

10) Watch your wallet: Budget for your purchase carefully - now is not the time to overstretch yourself financially.

Buyers looking for practical, independent advice on the benefits – and pitfalls – of buying abroad should head for A Place in the Sun Live, the UK’s biggest and best-attended overseas property exhibition. Based on the hit Channel 4 TV series, the award-winning A Place in the Sun Live is taking place at London’s Earls Court on 26th-28th March 2010. For more information on the show – and to take advantage of a great 2-for-1 ticket offer - visit www.aplaceinthesun.com

If you would like further information on saving for your ideal property abroad please contact us.

Follow us on twitter @wealthandliving