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How to Buy a Property Abroad: Made Simple

on March 14 | in Finance | by | with No Comments

Buying a property abroad is a dream come true for many Brits. However, before you take the plunge there are many factors you need to consider. While it can be exciting and rewarding to own a property abroad, it can also turn out to be a disaster if you haven’t properly planned ahead. For one thing you have the legalities to take care of. Vanner Perez Notaries can help with the legalities of moving, including translated documents if they are needed.

Top things to consider
There are so many things you need to think about before you buy your dream house abroad. It really is important to plan ahead and research as much as possible beforeand. Just some of the most important factors to take into consideration include:

  • Location
  • Cost
  • Legalities
  • Valuation
  • New builds

The location is the very first thing you need to decide upon. Many Brits head to Spain or France. This is Money recently reported how Spain tops the list for Brits who are looking to move abroad in 2014. This is despite the recent Spanish property crash. Many developers in the country built homes illegally and the Brits who bought them are facing having their new home torn down. That’s something you really need to think about when choosing whether to go for a new build or not.

When looking at new builds, do as much research as you can regarding the developer. Do they have any references you can look over from other buyers? How long have they been trading for? If they are a fairly new developer you’ll want to be extra careful. Ideally you should choose one that has many years’ experience with a long list of testimonials and references.

The cost is something else you need to pay close attention to. As well as the price of the home, you need to take into account any hidden costs and one off fees that might be applicable. It’s worth having a clear idea of your budget before you start shopping for a property. Having a legal professional looking over the sale for you is definitely also a good idea. Make sure they known a lot about the laws in your chosen country.

It’s absolutely vital you have your own valuation done on the property you’re thinking of buying. While there are many genuine sellers out there, unfortunately there are also those who care more about ripping you off. Having the home valued will help you to see whether you’re really getting a good deal.

You can check out various horror stories about the pitfalls of buying abroad thanks to The Guardian. By reading about the potential things that could go wrong, you get to learn what to look out for.

Overall buying a property abroad can be daunting and there’s so much to think about. However, providing you do as much research as you possibly can and you enlist the help of legal professionals, you can ensure you purchase the best property to suit your needs. 

 

 

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