What You Absolutely Have To Do Before Buying A Property Abroad
Buying a property abroad can seem like an attractive option to those who want to live permanently in another country, or even just have a holiday home to visit whenever they wish. It’s something people of all ages and circumstances do, both elderly couples and families. However, buying a property abroad certainly isn’t all sunshine and roses.
If you get it right, it can be great, but there are so many things that can go wrong if you’re not careful. By making sure you do the right things, you can minimize hassle and ensure you end up with the right property.
Below, we’ll talk about what you absolutely have to do before buying a property abroad. Take a look before you make any big decisions.
Visit The Country
You may have found a great selling site with great pictures of a property you like, but it’s totally unwise to buy sight unseen, in terms of both the property and the country. You must visit the country and location and understand the exact location you’re buying in. Things can change from town to town depending on where you buy, so doing exhaustive research and being willing to travel to find the perfect place is imperative.
Visit The Property
Visiting the property, or properties that you’ve had your eye on is imperative. It is here you will be able to make note of any repairs that you must do, and figure out how much cash you’ll actually need to plug into the property to make it livable.
Consider Renting Vs. Buying
Sometimes, buying might not be your best option. You should consider renting vs. buying if you’re not sure this is a place you’re going to want to live forever. Places like Glamour apartments can offer long term rentals so you can be sure you’re doing the right thing before you decide to buy a more permanent property.
Understand The Legal System
The legal system changes all over the place, so you must understand it before making any decisions. You should never sign paperwork in a foreign language, either. You don’t want to end up making a mistake and then get tied up into something you will struggle to get out of.
Find Somebody Who Speaks The Local Language
Finding somebody who speaks the local language is imperative if you’re truly going to understand the ins and outs of buying in a different country. This should be a good, local, independent, bilingual lawyer with no ties to the vendor, or to the estate agent or property developer. You must find someone who will act in your best interests right from the get go.
Independent financial advice is also a good idea. Don’t try to save money by skimping on this valuable help.
Understanding The Currency And How To Handle It
At some point, you will need to transfer money into your chosen currency to pay for the property. At times of currency volatility, timing can make a difference. You could save hundreds of pounds if you know to transfer at the right time, which is why the advice mentioned above is so important.
Understand The Moving Process
The moving process is stressful, wherever you’re moving to. You could get stressed moving across town, let alone to a foreign country. Understand how stressful this process will likely be, especially if you’re hoping to take lots of your belongings from home with you. Removal companies can help, but they must be trusted to get your items to where they are going without damage. Import taxes should also be considered depending on where you are moving your stuff to.
What Happens If Things Go Wrong
It’s important to note that if things go wrong, an overseas property purchase is not regulated by the Financial Conduct Authority (FCA) so you won’t be protected by the Financial Ombudsman Service or Financial Services Compensation Scheme. It can vary depending on where you are, but this is why it’s so important to get it right if you have your heart set on moving abroad. Make sure you get as much help as you possibly can, finding people who fully understand the process and speak the language to act in your best interests.
Buying property and moving abroad can sometimes be a good decision, but there’s a lot to consider and remember. This isn’t something you can do off the cuff; it requires plenty of planning and research before you go ahead. Be smart and use the advice here to get it right!