Buying A Home Abroad Made Easy

| January 13, 2015 | 0 Comments

Buying a home abroad either for your use or an investment is a big undertaking. It is also certainly not a task that can be rushed. You need to research not only the property and the area, but also the professionals and services you are going into business with. Below we explore some suggestions based on our experiences.

Legal – The first thing to consider is that the legal system will no doubt differ from your own countries. Do some research and get a recommended lawyer who speaks your language. Steer clear of utilising anyone recommended by the vendor or estate agent as they may have an ulterior motive. Remember that the lawyer is there to help you, you can pay their fees by researching options such as baydonhillfx. Where possible get written confirmation of anything, you agree, preferably on actual paper not on E documents such as email.

Does it add up – Be skeptical, it is very easy to be sucked in by promises of large rental returns and the growth of your investment. Do your maths and work out all of your expenditures including maintenance. Do not have the wool pulled over your eyes with the promise of additional properties at a great rate. They may be just that, but it is worth looking into everything first. Remember that any mortgage you get will have a rate, and that rate can fluctuate massively, especially if the country you are investing in has a hostile economy. Spend some money now and save more in the future by getting an accountant/investment specialist to look into everything before getting in too deep. Remember you will have to pay taxes both at home and abroad.

Research – Buying property at home or abroad is always a tough activity fraught with dangers. You can minimise the risk by working with the right people. When meeting with agents focus on their business. Ask about previous overseas buyers who have used them and if you are still not convinced asked for testimonials. If they don’t seem like the right person for you, walk away.

If you are not buying the property as an investment and instead, for example, are buying it as a retirement property. Research local laws and benefits such as taxes, health care and your pension.

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The Property – Now you have found a property that you like, remember to keep asking questions of the estate agent, the vendor and your lawyers. Does the person trying to sell the property actually own it, and can they sell it to you? Does the property have any existing loans or outstanding bills on it that you may be liable for? Does the local government require additional payments for anything such as clearing a communal pathway? Ensure that utilities such as water, gas and electricity are connected and can you use them. Check with locals and businesses in the area to see if the area has any specific problems, for example flooding or droughts.

If you have taken the time to look into all of the above, I am confident that you will have a smooth and successful transition to an overseas property owner.

Category: Home Loan

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