Buying a property abroad is kind of a big deal. If you want a nice little holiday home to spend time in and become your home away from home, you have a lot of things to consider. In this post, we’ll talk about the most essential things so you can prepare yourself for this exciting move!
Be Aware of the Risks
Buying property abroad obviously comes with some risks you need to consider if you want to make the right choice. Exchange rate changes are a massive risk, so you need to keep your eye on them. Even the smallest change in them could mean that you can no longer afford the payments. Checking the paperwork over is really important, and you might want to have it looked at by an outside, independent professional too. Never feel pressured into buying a property and putting down a deposit down when you haven’t had time to think things through either.
Get Legal and Financial Advice
Independant legal and financial advice will give you an idea of what you need to do if you want this to go as smoothly as possible. Make sure the person you chat to is totally detached from any company or person involved in the sale of this home. They should be able to speak English and the language of the place you’re buying the home in too.
Signing contracts is tricky, so you need to be sure before you pick up the pen. If you don’t understand the contract, even if you think you do, it’s best to have it checked over. If the original contract is in a foreign language and you’re given an English copy, have it looked at by a professional to make sure the translation is accurate. If not, you could be asking for trouble.
Before you go ahead with the purchase, a valuation is just as important as if you were buying a property in your own country. This will point out any possible disputes and issues with the property so you can make a good decision.
There’s a chance you could inherit debt on the property if you’re not careful, although a good solicitor should be able to let you know if this is the case. Make sure you ask specifically for them to check so you’re not lumbered with leftover debts.
You might love the actual property, but you must consider the location too. The novelty of your property will eventually wear off if the location doesn’t suit you. Make sure you’re aware of amenities and things to do. It’s a good idea to take a vacation there before you buy, which you probably already know. You shouldn’t buy a property sight unseen! Luxury condos in Honolulu will no doubt look like a dream, but you should still visit to be sure it’s what you want.
Research tax in depth so that you know what will happen if something happens to you. Laws vary from country to country!
Armed with this information, you’ll make the right decision!