Buying a Property Abroad

Things to Remember

Buying a property abroad can be a stressful experience. Here are some tips to help you get through without too many headaches.

Deciding to buy a property abroad is exciting. Whether it is a way to step onto the property ladder or as a holiday home, thoughts of holidays in the sun at any time of year, with only an airfare to pay can quickly overtake the realities.

Rush into a purchase, and you could be counting the cost sooner than you think. Instead, take your time and you'll be enjoying the full benefits of your property abroad for years to come.

Where?

You need to decide where you want to buy your property abroad. This decision is linked to why you want the property and how you are planning to use it. If you just want a base in your favourite holiday spot, it's a pretty straightforward choice. If you're investing for a good rental or re-sale return, you need to do a bit more research.

What?

What sort of property do you want? A city dwelling, apartment close to the beach, or a private villa with a pool? Perhaps you'd like to renovate a farmhouse or build your own home on a plot of land. Decide what you want before you go looking. If you want to rent it out are you looking at holiday lets or long term tenancies? Is there a market?

How much?

Decide how much you can afford to spend before you start looking for properties. That way, you can manage your expectations, or look at quieter areas where you may get more for your money. Remember to include legal fees and other administrative costs in your budget.

Finding and viewing

Use a registered and well-established estate or property agent to help you find your property abroad. They can help you to find properties that match your requirements and they can also recommend solicitors, notaries and other professionals who can help your purchase to run smoothly. Make sure that you travel to the country and view a range of properties – never buy on the basis of a brochure or a picture on the internet. Also be very careful about so-called fly and buy trips - the pressure to buy from the sales team - many of whom work on a commission-only basis - can be horrendous. Only go on a fly anbd buy trip if you are certain that you are better at refusing than they are at selling. And beware - the sales people are very clever indeed.

Legalities

Laws governing the purchase of property differ from country to country. Before you put in an offer for a property abroad, make sure you know what the local regulations are, and appoint a registered solicitor who can explain everything to you before you sign any documents. The same goes for taxation legislation and any other rules that you have to follow as an overseas buyer.

Organisation

The more organised you are, the easier the process will be. Buying a property abroad can take some time, but when you're sitting out by the pool with a cocktail, you'll know that the organisation, research and planning was all worth it!

More information on buying property abroad:

Researching buying a property abroad Why buy a property abroad? Points to Consider when buying a property abroad How to finance your property abroad – various options and likely costs Building a property abroad General tips for buying a property abroad Buying a property abroad with friends Choosing your new property Could buying a property abroad secure your future Insuring your property abroad Buying property abroad as an investment Living permanently in your property abroad Maintaining your property Property abroad - don't stop at Europe Property abroad - FAQs Renting your property abroad Tax and your property abroad The responsibilities of owning a property abroad The true costs of an overseas property Viewing your property abroad Legal considerations when buying a property abroad

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