Buying property in a foreign country can be a daunting prospect – things to consider include currency conversions, laws and regulations, and visa implications. However, it could also present fantastic opportunities in investing in a property on hotspot areas. Mediterranean sun blessed countries such as Portugal, Spain and France regularly feature at the top of search results for buying property abroad in addition to long haul destinations such as Jamaica, the USA and Canada. Treat yourself to a holiday home, work apartment or simply invest in your dream property. Here are our top tips for searching for your perfect home abroad.
- Do your research
Once you have settled on your country of choice, make sure that you are aware of all the legal fees, constraints and paperwork that you will need to address. Tax implications can also be a serious consideration in addition to fully understanding foreign legal documents which you may be asked to sign. Each country will differ in local government regulations so you will need a lawyer to help deal with your affairs and gain independent legal and financial advice. Global trends in the property market can differ greatly from one country to the next, so do your research to find out where the next hot spot will be. Pay close attention to these trends to ensure you buy in at the best time.
Check the location of your property – are there transport connections and amenities nearby? You should also consider densely populated tourist areas. This will either suit your needs, or be a nuisance if you are looking for a quiet escape-from-it-all residence. Bear in mind that most tourist resorts will shut down at the end of the season.
If you take these into consideration, you will also feel more confident going into purchase knowing that you have thoroughly researched the market.
- Decide the type of residence
Beach house or condo, semi-detached or studio flat – no matter what you decide on make sure you know what your affordability is and have a rough idea of what type of property you are looking for. Contemporary apartments in London are usually high spec, within key locations for easy access to commercial and financial districts. Consider new developments with inspiring interiors and professionally designed aesthetics such as Lincoln Square.
- What is the purpose for your purchase
Your financial advisor will guide you in terms of negotiating a mortgage, however you should be clear about the purpose of the purpose – will it be used as a holiday home, buy to let venture or new home if you are looking to relocate to a foreign country? Be sure of your intentions from the outset.
- Translate all documents
Like any property sale or purchase, you will be provided with a lot of legal and financial documentation. You’ll need to be clear about the content in these, so it is advisable to use a reputable translator or service to present the papers in your own language. Contact a local translator or find one in your city who will understand your translation needs.