Advice on Buying Property Abroad
For most people, buying a home in the sun was just a dream, however now due to good mortgage packages more and more people are turning their dream into a reality. If you are planning to purchase a holiday home, buy-to-let or are considering moving wholesale into the sun read our brief guide before you make a purchase. In addition we can help you make the most of any UK pension by using QROPS.
Location, Location, Location!
It sounds like a cliché but the location is one of the most important factors when buying a property. It can be a deciding factor in the re-sale value of your property so before you make a decision ask yourself a few questions:
- Would you like to live in a town, in the countryside or by a beach?
- Do you want to be inland or by the coast?
- How isolated do you want to be? What may seem like an idyllic quiet location may be a drag when it comes to getting essential groceries - most people prefer to be within an hour of a town.
- How much land and space do you want?
- Do you want neighbours close buy
- How close do you want to be to the shops, bars and restaurants?
- What's the local transport like? How often does it run and how much is it?
- How far is it to the beach?
- Do you want a private or shared pool?
- How far is it to the nearest airport?
- What are the local health and social services like?
- What sports facilities are close by?
- Is there any arts and entertainment near to where you will be?
- What are the neighbours like and how often do you want to see them?
- What are the weather conditions like?
Get professional advice!
It's very important that you get the proper professional advice to protect your interest and make the buying of your new property as stress free as possible. Estate agents are a good source of advice, especially if they speak your language or are from your own country as they may be able to explain information in more detail. Make sure that your legal advisor has a good command of English as well as the native language of the country you're buying in so that they can deal with the relevant rules and regulations.
Legal costs and taxes.
Each country will have it's own set of costs relating to buying a property, much like the ones in the UK such as 'Stamp Duty'. Your legal advisor will be able to advise you of any expected costs and taxes that will be due. You should also make sure that you understand the process yourself as it will be a big advantage for you in the long run.
Make sure your finances are in order when you make a decision to buy, make arrangements to pay bills by direct debit so that you don't miss payments and set up a bank account in the country you are buying.
Make an offer
Make any offer for property in writing and include the price and deposit that you are prepared to pay and when you are able to pay it! Make a list of the items that are included in the price, for example fixtures and fittings and also ensure that all the included appliances are in working order.