Buying a property abroad: Here’s everything you need to know

Buying property abroad can be a bit more complicated as compared to doing so locally.

A lot of international laws and procedures might seem overwhelming, and that is why you need to know exactly what you need and where to start.

Do plenty of research

There is a lot of free information out there to help you gain a bearing. Start by looking at the specific places where you want to buy your property and then look for other options that may be easier or have better plans. Have a look at international real estate listings where you can search by any criteria you wish such as countries, price, types, and the number of rooms.

A good advisor is vital

Unless you are an expert at this, you will definitely need a guide from one. It is not enough to do your own research. A legal and financial advisor will not only give you the right direction, but they will also help you get the right contacts and papers as you continue with the process. Be careful to look for one with a good reputation and a track record with valid evidence of having been an advisor for some time. You can ask for recommendations from people who have bought properties abroad before.

Inheritance laws may be different from the UK

Once you have narrowed down your options for the properties that you think match your desire, it is vital to make sure that everything to do with the property is right. In the UK, the inheritance law will apply to some of the assets of a non-resident. You also need to be aware of whose property you are buying. In some countries in the UK such as in Wales and England, the property can be left to whomever they wish hence selling and buying such property is easier. However, in Scotland, the property is left to the alive members of the family.

Be aware of the mortgage option

When it comes to buying property, taking a mortgage helps you take the weight off having to have all the money at once. You may want to look into the mortgage options a country offers and how to pay for it from your current country. Consider working with a mortgage broker such as Habito which is a fast, easy and free to use mortgage broker. You can as well look at cost-sharing plans and bank loans to help collect the funds you need to own the property.

Conclusion

Aside from the listed ones above, one more thing to keep in mind is the exchange rates on currencies. Make sure you have a good payment plan to avoid using too much money as you switch between currencies. Note that buying property abroad cannot be secured under the Financial Conduct Authority and hence you need to know the risks and how to shield yourself from them. Otherwise, with proper research and getting the right advisors, you will be good to go.

We are happy to present this collaborative post to offer valuable information to our readers.

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