Whether you’ve found your ultimate family vacation spot or want a permanent home to stay in, buying a home overseas is a complex decision. It is also going to be a much different experience than buying property in your home country.
Getting involved in overseas real estate is a difficult process. Alongside of universal issues such as size and style of property or location, international real estate also has problems such as traveling and legal regulations. Buying a home overseas means having to deal with all of these problems simultaneously as you search for the perfect home.
To make your decision-making process simpler, here are 5 simple tips to remember before making a final call:
Availability of Professional Assistance
Throughout the unpredictable and unfamiliar process of purchasing overseas property, you will always need local processionals to guide you. A local attorney is required to help you pass through all legal matters and a local real estate agent will help explain the nature of the market to you, help you remain consistent and find you the best possible deal.
Although the best way to purchase real estate is directly from owners, international buyers do not have this option available to them. Instead, they have to rely on an international buyer’s agent from a reputable property developer to provide useful guidance. These professionals are unlikely to commit any fraud as they are legally obliged to make sure that you are well-informed about the details of your purchase and satisfied with the final deal.
Foreign Ownership Laws
There are many countries in the world who place restrictions on non-citizens wanting to purchase properties. Even if there are no legal restrictions, there may still be specific prerequisites such as special residence permits or registering with an official government agency.
Before getting involved with any real estate, conduct research on the laws of the specific country you plan on owning a property in. If you’re unsure of the processes involved to obtain certain documents or meet specific requirements, contact a trustable real estate attorney to guide you through the process of foreign transactions. It is always best to have all information beforehand, as you don’t want to discover that you can’t purchase a home once you’ve already moved abroad.
Need for Finance
Before you decide on a property to purchase abroad, consider how you will secure your finances to easily afford it. Remember that your international purchase will be subject to their own laws and will be presented in local currency terms.
To remain on the safe side, obtain an agreement in principle before confirming the purchase to ensure that you are able to reclaim your initial deposit in the event of a loan rejection or some other financial hardship.
Cost of Living
When choosing to live abroad, pick a country that has a lower cost of living when compared to your home country. If you move to a location where basic necessities are unreasonably expensive and difficult to afford, you are not going to be able to survive. When looking for properties and places abroad, remember to make effective comparisons, plan ahead and budget accordingly.
Having an Exit Strategy
Even if you’ve decided to live abroad for the rest of your life in peace, it is always better to have a plan B lying around somewhere. You will need to have a suitable contingency plan as an exit strategy to prevent possible financial losses or hardships. Moving back to your home country must always be an easy option when living abroad, so make sure to retain strong ties and an existing property there as well.