Buying property abroad is a huge accomplishment, but also a big undertaking. Make sure you are truly ready to make this big step. Alt text: a girl looking at a map on a road with a suitcase and a globe next to her.
Buying a property abroad in your dream country sure does sound like heaven. For many different reasons, owning a property overseas can be equal to hitting a jackpot. Some might want it as a permanent vacation spot, while others look at it as a pure investment. Either way, having a chance to purchase real estate abroad is not something that many can look forward to. It truly is a blessing. However, buying property abroad is not all fun and games. It takes serious strategizing and effort to make it happen. So, before you take a step towards this exciting, but serious venture, here are a few things you must keep in mind.
Use professional moving assistance when it comes the time to move
After buying property abroad, you will be eager to set it up to your liking. Some stuff you will want to take from your home to your new place, while others you will want to buy there. To make your life easier, it would be wise to hire professional movers to ship your things overseas. Moving abroad is difficult, especially because of the limitations that airline companies have when it comes to language restrictions. To avoid all the fuss, let experienced professionals handle it for you. If you are in need of a reliable moving company, contact Easy Move KW.
How to choose the perfect location for your overseas property?
When contemplating where to purchase real estate overseas, people usually choose France, Spain, Italy, Greece or Portugal. These are currently the hottest real estate markets abroad. When purchasing a home for your own joy, buyers usually base their decision on a previous pleasant memory or somebody else they know. When purchasing a home as an investment, buyers tend to have a slightly different approach. Whatever the motivation behind your purchase may be, you should make it your mission to investigate the real estate market you are thinking about investing in. Also, don’t skip getting familiar with the real estate forecast. You don’t want any unpleasant surprises once your purchase has been finalized.
Croatia is a Mediterranean gem that has been recently discovered by international real estate buyers.
What is your motivation behind buying property abroad?
We already spoke about choosing the perfect location for your possible property investment. Now that you know how to choose the location, let’s focus on the property itself. It is important to first define why you are purchasing this property. Are you looking to have your very own vacation spot? Maybe you are looking for a retirement option? Are you strictly looking for a good investment opportunity? Your motive needs to be clear.
For instance, if you are looking for a nice place to retire in, you will look for certain criteria. Some of them will be not having too many stairs on the property, being close to a medical institution, having extra rooms for your grandkids, etc. Your motive will dictate many aspects and characteristics of your overseas home.
Financing your new real estate venture
Of course, the best-case scenario is that you are a cash buyer. Sellers and real estate agents love working with buyers that are liquid enough to purchase their new property in cash. Nevertheless, not many are so lucky, so let’s switch to plan B. Your next option would be to get a loan or to take out a mortgage. There are options to take out a mortgage in your country of residence or in the country of your purchase.
The regulations of such a process differ from one country to another. It is hard to know everything that is needed unless you specialize in the field of international finance. So, before taking out a mortgage, it would be wise to hire a professional that can help you make the best possible choice.
Are you certain that you are financially stable to buy a property overseas? Alt text: savings for buying property abroad in the form of coin towers stacked next to each other.
Finding your property
Finding the type of property that you want in the location that you prefer might be a challenge. There are real estate agents that work on a global scale. Still, there are even better options to consider. Hiring someone local might be a smarter real estate move when buying property abroad. A local real estate agent knows the lay of the land and will hit the ground running once they understand what you are looking for in your new home. Get your property checklist, go through it with your local real estate agent and let them work their magic.
Greece is another popular location for international home buyers. The Greek Islands are a perfect location for a low-key getaway.
Cover yourself legally on all fronts
When buying a property abroad you should always have your own legal representation separate from the real estate agents and everybody else involved. This will be your go-to person for everything of a legal nature. Even if you know your local laws, it is not very likely you will be familiar with all international laws that you will need for this venture. Legal assistance is usually not cheap, but it is a great investment. It will give you peace of mind that you will undoubtedly need.
Get familiar with other expenses
Getting familiar with expenses related to your purchase is one thing. But what about after it is all said and done. Before even purchasing a property, you should make sure that you are financially stable enough to maintain the property and cover all the living costs later on. Calculate your monthly budget. Make sure you include taxes, health costs, food prices, utilities and all other things you use and pay for on a monthly basis. Just like you would at home. Of course, if you aren’t there constantly, you will not pay for additional food and utilities, but your taxes and mortgage bills will be arriving on your address regardless. Therefore, before you take a step towards purchasing property, make sure you are financially stable enough to do so.
Don’t let your emotions guide you
Buying property abroad is a wonderful feeling. It will give you a place to enjoy and a sense of accomplishment. However, it can easily turn into an emotional purchase, where your emotions and heart will guide your decision making instead of your head. Since this is a very important decision, we urge you to hire a team of professionals that will help you during this great, yet so often stressful process. Hopefully, you will soon find the home of your dreams in the French Riviera or anywhere else you wish to have your overseas sanctuary.