Buying a property is fantastically exciting, but it can also be a real headache, especially when your dream home happens to be located in another country. Although the idea of living somewhere new and starting afresh can be intoxicating, there are plenty of practicalities to consider, and you must make sure that you don’t allow your heart to rule your head.
To help you approach your purchase in the right way, we’ve created this brief guide to buying overseas…
#1: Do Your Research
No matter where you choose to purchase property, it will always be important to do your research, and this is never more essential than when you’re buying abroad and unfamiliar with the area. Before going any further with a potential sale, go home after viewing and research local facilities and transport. Look at the property’s proximity to restaurants, shops, beaches, schools, and any other amenities that might be important to you. It can be a good idea to speak to some friendly locals too, to help you form a better understanding of what it would be like to live there all year round, not just when the sun is shining.
#2: Seek Legal Advice
Before progressing with a sale, you should enlist the services of an English-speaking solicitor who is not connected to the seller, estate agent, or developer. Unlike you, they will have an expert understanding of the country’s laws and processes, and can guide you through the sale, ensuring that every box is ticked before you buy. They’ll also be able to explain the contract to you in terms that you understand, so that there is no ambiguity or misunderstanding on your part.
#3: Consider Exchange Rate Fluctuations
We should also point out that you need to be fully informed of the impact that exchange rate fluctuations could have on the purchase price. These can make a huge difference in terms of the relative value of a property, but more than this, they can impact your monthly mortgage payments and future rental income in the long-term. For this reason, it will often be advisable to finance your purchase with the aid of a local mortgage provider where borrowing is necessary.
#4: Think About the Practicalities
Transferring your life from one country to another is an incredibly complex undertaking, and not only will you require the services of a specialist international removals company like 1st Move International, but you’ll also need to brush up your foreign language skills, find local schools and a doctors surgery for you and the family, fly your pets over, and much more. Take care of as many of these hurdles as you can before you move, so that once you arrive the settling in period is as stress-free as possible.
Follow these top tips today to make your dream property purchase go as smoothly as it can.