If you’ve ever spent a long amount of time abroad then you may have thought about purchasing a property there. For some people, it is a long far off dream and for others, they set their minds to it no matter how long the process may take when moving to another country.
There’s no doubt it can seem a whole mountain to climb. You have to find new employment, look into Visas and green cards and of course decide where you are going to live in another country which can be very hard to do if you are stuck in the UK while doing all this.
There are many reasons that people want to buy a house abroad such as the housing market being a better investment than in the UK and the fact that by having a house that you own overseas means you can holiday whenever you want.
If you’re thinking about buying a house abroad then you should consider some things first, and that’s where this list comes in handy! Read on for some tips to think about before making the leap abroad.
- Investigate the market
You need to make sure that you’re making a good investment before buying a property overseas. Just because prices in your neighbourhood are rising doesn’t mean that they’re rising in Spain or France or wherever you’re buying. Some countries will also limit the amount of real estate that expats can buy so make sure that you’re up to date on what you can and can’t buy. Another good tip is to check the currency exchange rate in more detail. Find a currency converter here.
- Get professional help
If you go directly to the owners then you can get a good deal, that you might not be able to get elsewhere. However, you are also leaving yourself open to the pitfalls of negotiating foreign territory when it comes to the rules and regulations of buying a property abroad. This is where you should consider getting professional help. Professionals can help take care of the rules that you won’t be familiar with and will make sure you are properly informed about everything before going ahead with your purchase.
- Consider a legal aid
Buying property in your home country generally doesn’t require getting legal representation. However, when buying property abroad you may want to consider hiring a legal professional who is there to represent your own interests and is going to be 100% on your side. They can watch out for any legal problems and protect your interests.
- Get things translated
One of the most common problems that you’ll face when buying property overseas is the language barrier. Hopefully, the real estate agents will provide a translator for you, or you can go and get your own one. One thing you will have to consider though is making sure any key documents are translated into your native language. By making sure important documents are translated well then you can make sure that you’re not missing out on anything key.
- Mortgage payments
Once you have found your dream property then you will need to arrange paying for it. Perhaps you will have enough money from the selling of your current property to make a payment in full, or maybe you need to save and make a series of smaller down payments. Whatever road you’re choosing to go down with regards to paying for your house, you need to make sure that you’re not getting scammed by the exchange rate. You may think that you have enough, but once the currency changes over, you may find that you’re a little short of what you need. Make sure that you understand currency exchange and have researched the mortgage options available in the country you’re buying in.
If you need any more help with buying a property overseas, then go to Southern California Home Buyers, who will be more than happy to provide you with expert advice on buying a home abroad.