Wednesday, October 9, 2019

How To Buy Property Abroad

Thinking of moving overseas? Or perhaps you want to invest in a holiday home? There are lots of reasons you may want to buy property abroad. In each case, it can be a big decision that requires a lot of research. Buying a home is complicated enough without having to familiarise yourself with foreign customs and laws. To make sure that your property purchase is a success, here are just a few useful tips.   
If you can, always view first
It’s now possible to buy property online without ever even stepping foot in the building. Some realtors may even be able to offer virtual tours filmed on their phone and broadcasted to you via video communication. However, this is still very risky – inspecting the property in person will always give you a better idea of what you’re buying into. In the case of new builds that haven’t been constructed yet, there may still be show home viewings that you can take advantage of such as these apartments at The Towers. Visiting in person could also allow you to check out the area, which is just as important.
Choose the right mortgage
Unless you’ve got the funds to buy in cash, you’ll likely need a mortgage. You could apply for an overseas mortgage from your current country as offered by lenders such as Knight Frank Finance or you could seek out a foreign mortgage. Sometimes it can be easier to get a mortgage out in your home country – you’ll be more familiar with how it works and you may not have to hire a translator. Always shop around for a mortgage and don’t automatically choose the lender that an agent or developer recommends.
Consider the currency exchange rates
When buying a property abroad, you’ll have to factor in the exchange rates. These can fluctuate all the time and could affect the value of the home you’re buying, so you should be wary of when you place your offer and make the payment. There will also be a huge transfer fee – hiring the help of a foreign exchange broker could be worthwhile for getting you the best deal.
Get to grips with local tax laws
Tax on properties and land varies from country to country. There could also be other fees to be wary of such as service charges. Hire a financial advisor so that you’re aware of all the costs and so that you don’t get caught out by hidden expenses.
Hire a good solicitor
Buying a home comes with a lot of paperwork and there will likely be even more of it required when buying a home abroad. There are solicitors out there such as Judicare Group International that can help you to handle the entire buying process abroad, ensuring that it is all done correctly and that you don’t get swindled. Always find your own solicitor rather than going on the recommendations of foreign agents and developers. 

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