Buying Property Abroad
Investing In Overseas Property
Buying property abroad is more popular than ever. An increasing number of people are following their dream to find a place in the sun, but that´s not all! Buying a property abroad is also classed as being a good investment. There are however a lot of considerations to work through when it comes to buying a property abroad.
When you buy a property in the UK it is considered to be one of the biggest investments that you will make in your lifetime. Buying a property is also considered to be one of the most stressful financial transactions that you will undertake. When you think that this is true for the UK, just think about what buying property will be like overseas. Basically you need to make sure that you do your research before diving into a property purchase abroad!
There are a lot of things to consider before you buy into a property overseas. The first decision that needs to be made is what type of property you want to invest in. Do you want to purchase a villa, townhouse or apartment? Maybe you wish to opt for a resale or off plan property? A resale is a home that has already been built and off plan are properties that have not yet been completed.
If you are able to visit the country it is always a good idea to try and speak to other residents who made the move from the UK to abroad. These residents will be one of your most valuable sources of information and the best insight. They will be able to tell you about local lifestyles. They will also be able to tell you about the best type of property. Plus you never know these nice people might even become your new neighbours!
As well as the type of property you want to invest in you also need to research your chosen destination. This will save you time and money in the long run. Where's the nearest public transport, how often does it run, what time does it end? How close do you want to be to your neighbours? How close do you want to be to shops, bars and restaurants? And how close are you to the nearest airport? These are just a few of the questions that you should be asking yourself when it comes to buying your property abroad. This is important to make sure that your location is best for all of your needs.
Now that you have your type of property and location sorted you can get down to the legal and financial side of buying a property abroad. First stop, get professional advice and use this advice to protect your interests. Using professional advice you need to do your research so that you know all of the legal issues and costs involved in buying a property abroad.
The process of buying a property overseas involves many areas of the law. These range from tax regulations, immigration rules, zoning restrictions and inheritance planning. This is why gaining professional advice is so important. One example of why is in Spain before you can buy a property you need to make out a will in Spanish. Also did you know that you can inherit debts from a previous vendor? You need to be aware of aspects such as this so that you can take the correct steps when dealing with them.
When it comes to taxes and buying property abroad, taxes can often be high. Due to this it is a good idea that you set up a bank account in the country you are buying your property. This way any bills can be taken care of as missed payments aren´t looked upon too greatly.
The research and careful consideration continues with the purchasing of your property abroad. This includes when you come to making an offer. You need to make sure that everything is stated in your offer. The price, the amount of deposit and when you are prepared to pay for it need to be included. You need to state what you believe is included in the price, for example the furniture and fittings.
The most important thing when it comes to buying a property abroad is making sure that you are aware of law, prices and taxes. You need to make sure that you have the correct professional support and advice to help you in your purchase every step of the way.