There are many reasons to buy property overseas. Perhaps you want a holiday home in a country that you visit on a regular basis, or perhaps you’re thinking of relocating and moving to a brand-new location. Maybe you want to get away from your current lifestyle, or perhaps you just want to take an extended break in a different country and live there for a while. Regardless of what your reasons are, we’ve put together some practical advice on what you should be doing or thinking about when you buy a property abroad.
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Make sure your reasons are solid
Everyone has different reasons for wanting to buy a property abroad. Some people want to escape from their current country because they want a fresh start, while others just want to buy a holiday property because they love the country and want to visit it over and over again without having to stay at hotels. In some cases, a holiday home can even be seen as an investment since it can be rented out to other people when you’re not around. Before you decide to invest money into buying a property abroad, make sure that your reasoning is solid so that you don’t regret it later in the future.
Have you researched local laws?
Before you decide to put down a deposit on a property, make absolutely sure that you research and follow local laws on buying and renting property. To many people, this will seem like an unnecessary step if you’re working with a service that aims to help foreigners get a property. However, we think that it’s an important step in property ownership abroad and you owe it to yourself to research the laws so that you’re not given a nasty surprise later in the future.
Speaking to other property owners
It’s important to find other expats (preferably ones that speak your language) so that you can talk about life in another country and the benefits of moving there. However, this is also a great opportunity to speak about problems in the country and concerns that could hold you back from moving in the first place. If you only plan to purchase a property for holiday purposes, then speaking to property owners is a good idea to help you understand things such as laws and regulations that might affect your property ownership.
Have you spoken to foreign services?
There are plenty of foreign services in each country that will specifically help you with the finding and purchasing a property in their countries. Whether it’s a home loan calculator on a website or an advisor that guides you on your purchases, there are plenty of different services that can give you a hand in buying a property abroad. We highly recommend that you do some research into this so that you have an easier time buying property abroad. Without the use of foreign services, you’re going to encounter a tricky language barrier that makes it extremely difficult to finalize any transactions and communicate regarding legal issues.
Have you spoken to your family?
If you have a family of your own then it’s important to speak to them about purchasing a property abroad. One of the first things you’ll be asked is “why?”. After all, most people wouldn’t have enough money to purchase a property abroad and there's usually no reason to unless you’re serious about investing in a future in another country. If you’re confident in your reasons why you want to purchase a property abroad, then it should be easy to explain your decisions to your family. However, if you’re buying a property with the intention to move to it, then you absolutely need to consult your family to make sure that they’re comfortable with the idea as well.
What does your gut tell you?
At the end of the day, we should suggest that you follow your gut feeling when it comes to buying a property abroad. The fact that you’ve already been thinking about it for a while should indicate some desire to move abroad or have a holiday home investment in a country that you strongly support or have fallen in love with. It can be difficult to justify the purchase or mortgage of a home in another country, but there are also countless benefits to this as well. This is why it’s important to trust your gut feeling, especially considering how much investment and time goes into purchasing property overseas.
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