First of all, all of us have the ambition of being homeowners. Nobody wants to be a renter forever. Once that dream comes to life, naturally, we want something even more fabulous. For many, owning a property overseas is the ultimate dream. However, buying a property overseas can be quite a process and a big hassle. Therefore, having an inflated bank account isn’t the only prerequisite for making this happen. There is a lot that you need to know and must cover. That is exactly why we have put together this mini-guide. All potential overseas property owners: put on your reading glasses and dig in.
What is your biggest motivation for buying a property overseas?
There can be multiple motives behind purchasing a second home overseas. For starters, you can vacation in your place of choice whenever you like. Also, when not using the property, you can rent it out for a hefty profit. Of course, there is one more very inviting option. You might be considering your retirement somewhere exotic and beautiful. All of the mentioned objectives are valid. Yet, if you want to make the right purchase and the right choice, your motivation must be clear from the jump.
Which is your target destination?
Are you wondering why does your motivation matter? Well here are the main reasons.
Purchasing a property overseas for pleasure
Currently, the most popular destinations for overseas buying are Spain, Greece, Italy, France, and Portugal. Buyers usually make their choice based on some previous personal experience. For instance, a pleasant vacation or somebody important to them lives nearby. This is absolutely fine if you are buying a property overseas just to satisfy your personal likings and desires. Once you buy your dream home, you will be able to choose your favorite home design and make it just the way you always wanted.
Purchasing property overseas as an investment
On the other hand, if you are looking to buy a second home as an investment, you might want to have a different approach. In this case, you should have a deep understanding of the real estate market of the country that you would like to buy in. In addition, it would be good to be familiar with the real estate forecast. Once you have made a successful purchase in the right spot, you will easily rent it out. Especially with the help of rental and hotel vouchers.
Know your rights as a non-resident
First and foremost, you must be certain that you can own a property in your country of choice if you aren’t a resident. Also, if you are allowed to, how long can you stay in the country. Laws that are connected to your rights as a potential homeowner will vary from one country to another. So, it is your job to roll up your sleeves and figure this out. Don’t look for properties first and research second. This must be your priority.
Financing your overseas purchase
As always, the easiest way to purchase any property is to be a cash buyer. Not only will you have an advantage over other potential buyers that aren’t cash buyers, but you will also avoid the annoyance of taking out a loan. If this is not the case, your next option is finding a suitable lender. You can find lenders in the country you live in as well as in the country where you are looking to buy your overseas home. Your choice would depend on many different factors. Whichever choice you make, make sure you are working with an expert in international real estate purchases. You want to be covered on all fronts.
Buying a property overseas with the help of a real estate agent
Speaking of being covered on all fronts, looking for a property that is just right for you will be difficult since you aren’t a local. Of course, there are real estate agents that do sales on a global scale. Yet, you might be better off with a local person that knows the layout and the market. With such an expert, you can hit the ground running and easily find exactly what you need.
For example, you are buying a property overseas because that is where you would like to retire. You know what you want to have right around the corner from you. You want a medical institution and easy access to the beach. A local real estate agent will be more likely to find exactly what you need.
Check the property like you would any other
Check your overseas purchase just like you did when you were buying your first home. Make sure you do your due diligence. If you are working with a lender, the lender will take extra steps to reassure themselves that the property is clean and worthy of the purchase. Still do your own check as well.
Moving to your new property overseas
If you are thinking about your move overseas, that hopefully means that you have successfully purchased the property of your choice. Congratulations! It is a big reason to celebrate but you still need to go through the process of moving. You will need professional help in this department as well. The difficulty of your move depends on what would you like to take with you. If you are looking to transfer your car overseas or anything remotely large, doing it yourself is not an option. The best thing you can do for yourself is to visit fourwinds-bahrain.com and let them do their thing.
Have your real estate team in place
In the end, the most important thing is to realize that this is not a task that you can do on your own. You want and need plenty of expert help. Make your own team. Your go-to players will be your real estate agent, your real estate lawyer and your lender. Don’t forget, you want them to have experience in handling international real estate transactions. Buying a property overseas will take up a lot of time and energy. However, once it is done it will be your dream come true. Happy international house hunting!
By Betty White