TIPS FOR BUYING PROPERTY ABROAD

 

SheDream.com
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Thanks to low European interest rates and cheap flights to more destinations, it’s never been easier to find your dream property at a price that you can afford, in a country that is easily accessible.  

At present, estate agents are offering a wide choice of properties, including several small castles in need of repair!!!  

Buying abroad is indeed very exciting. However, there are some basic things that you need to consider as to avoid disappointment. Below are some tips to help you make the right choices: 

  1. Don’t sign anything you don’t understand, or have any doubts about.
  1. Make sure that you’re not inheriting any debts on the property. Get your solicitor to make sure that there are no developer’s debts outstanding that you may be liable for.
  1. Get an independent Solicitor, Architect and Surveyor to advise you at every stage. Make sure that they are proficient in your chosen country’s laws and that they know the possible pitfalls to avoid.
  1. Don’t act on a whim – however much you instinctively know that you’ve found your dream home, give it a cooling-off period before you plunge in.
  1. If you’re arranging finance on the property, male sure that you’ve got an ‘opt-out’ clause clearly included in case the loan isn’t agreed. This will ensure you don’t lose your deposit.
  1. Better still, try and get your Buy property abroad agreed in principle before you go ahead.
  1. Set up your Buy property abroad in the currency that you earn if possible, unless you’re going to rent the property out. In this case it might be better to deal solely in local currency, providing the lender agrees.
  1. Check out all possible extra charges and hidden taxes levied by the local government authorities.
  1. Open a bank account in your new country and get a Certificate of Importation for the money you bring in.
  1. Arrange standing orders in a local bank account to cover taxes and bills. If you don’t pay your taxes in some places such as France, Portugal, and Spain, you could end up having your property seized in lieu!
  1. Last and not least, don’t forget that bills don’t stop at the asking price. Legal fees, taxes, insurance, etc. must all be met in your new country and can add up quite alarmingly.