If you’re thinking of buying property abroad, you’re understandably confused. Whichever country you’re buying in, this new property market requires careful navigation.
Luckily, the power of the Internet and many government regulations make protecting your investment easy. Regarding the buying process and other matters, people like international real estate agents will take care of every step, from finding the best house to the land registry inspection to handing over the keys and moving in. But as they say, “you never know when you’ll fall, ” so let’s look at a few tips and tricks to help you buy your dream property.
What you should know when buying a property abroad:
Check the Budget and Finances of the Property
Some prospective home buyers need help finding a property, finding the perfect home, and securing financing. This makes them more eager to “live in this house” or “stay in this house”, which can make it financially unaffordable. Remember, this is not a cheap purchase, and it can quickly go wrong. It is a significant commitment meant to be a valuable addition to your financial portfolio, so it is advisable to sit down and take a comprehensive look at your home’s finances, as there are four factors to consider.
The Price of the Property and, in the Case of a Mortgage, the Monthly Loan Repayments and the Interest Rate
Other costs associated with the purchase such as stamp duty, notary fees, and legal fees. These vary from country to country and can be as much as 10% of the property price.
Annual maintenance costs, property tax, ownership, and upkeep of the house. If you buy a flat in a block of flats, you will usually be charged a flat rent in addition to the normal water, electricity, and gas charges. In addition, repairs and decorations are necessary from time to time.
Tax regulations in the case of sale or rental income.
2) Reasons for Buying or Investing
Knowing your lifestyle and wants will help you choose the right place to move to that best suits your needs. For example, if your main goal is a holiday home, you should enquire about the climate, the tourist market, and services such as bars, restaurants, swimming pools, and tourist attractions. Similarly, if the foreigner is renting a holiday home to earn an income or cover living costs, it is a good idea to research the area. If capital gain is the goal, look for prospective regions with a reasonable price per square meter and a vision of future investment in the local community for 5 to 10 years.
3) Countries Where You Want to Buy Abroad
Home buyers with an accurate picture of their financial situation can start considering different countries. While some expatriates have already decided which destination they will choose, the latest statistics suggest that the most popular destinations for buying abroad are Spain, Turkey, Portugal, and France. Each has its advantages, with Turkey, for example, having low property prices and cost of living. France also has a unique niche for ski property in the Alps that cannot be replicated anywhere else in the world.
4) Investing in Property Abroad
More important than the country is the village or city you choose. No country or property market can be stereotyped by one particular word. For example, in Turkey there are a number of climate zones. Spain’s cultural heritage also varies considerably from north to south. Before buying a house, do your local research.
Do you have any other tips? Share it with us in the comments below!
