A Guide To Buying Overseas Property

Buying a property overseas is an exciting new venture and with the accessibility of markets abroad, it is easier than ever before! It is important to not be daunted by the abundance of property on offer and use the help provided for a quick, easy, and successful purchase! There are certain fundamental things to remember when coming to buy a property overseas, whether it is to be a holiday escape home or permanent residence, the following points are important to bear in mind.

1. Decide exactly on what type of property is most suitable to your needs, is it a business apartment for those meetings abroad, a place in the sun with a swimming pool, or a house in the buzz of a busy city overseas. Having in mind what you want to buy and the purpose of the property makes purchasing much easier.

2. Once you have your ideal home in mind, try not to be overwhelmed by the abundance of property’s available or be persuaded by a charismatic agent into buying something which is not ideal to your every requirement.
3. Ensure you have inspected the property fully and seen the end result, buying a property that is in the process of being constructed is always risky business as the end result is never guaranteed.

4. Do not forget to account for expenses, agent fees, VAT, travel such as flights and accommodation when vesting the country you are wishing to buy a property in and so on, a rough guide is around 10- 15% above the price of the house.
5. Scour the market for areas which are gaining popularity, this way you can be sure there are adequate nearby amenities as well as the likelihood of increasing the gained capital on the property, with further options such as renting the property out at a later date and so on.
6. It is always good to locate near locals as well as tourists, to really experience a place, its culture and so on, as well this can be an investment with future renting potential.

7. ensure there are adequate facilities nearby, shops restaurants, health services, schools if you have children, public transport and so on.
8. It is all very well relying on the advice of a lawyer recommended by the estate agent, but it is definitely worthwhile seeking your own independent advice to ensure all eventualities are covered.
9. Another important issue is to double check the inheritance laws in a country you are purchasing a property in, not everywhere is as straight forward as the UK.
10. Learning the language of the c country is a big help, particularly once you have moved when it comes to services such as engineers etc, this can prove very difficult with a language barrier!

11. Most importantly, ENJOY your property. Buying a property overseas is an exciting venture so make sure you relish it and don’t become too stressed out by the move and organizing! Your new property has much to offer!

Author: Terry Bytheway









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