If you are considering buying a home abroad and relocating or having somewhere to vacation throughout the year, then you have come to the right place. Buying a home in a different country entails more than your home country. Purely because it involves a whole new currency, culture, and in some cases, visa applications.
Should you be considering moving abroad and/or buying a home in another country, here is the ultimate checklist.
Find a trustworthy property finder
When you are trying to find your property, it is best to choose a trustworthy company that will not only provide you with the best deals but make the search as stress-free as possible. Finding a home in another country couldn’t be easier than using an online property finder such as Compass, which you can discover homes within your preferred area.
Using a reliable property finder will ensure that the search process is as easy and straightforward as possible. Instead of scrolling through hundreds of different sites, you can rely on and use one to help with your search.
Find a local advisor
You might be moving to a country where you don’t know anyone or haven’t got contacts of people who have lived there before. It is a good idea to find yourself a local advisor who can advise you on the best places to live (both financially and safety-wise).
Being a local they will know the areas well and also be able to offer you advice on how much to expect to pay for a property so that you don’t get ripped off.
They will also help with the language barrier if there is one. Therefore, they can help you fill out the paperwork and any other stages that require help with the local language.
Financial and legal research
Moving to a new country will not be as straightforward as moving to a property in a country that you are familiar with. The tax laws and financial regulations might be completely different. Therefore, make sure to do your research so that you know what you are going to be involved with when you do make the purchase.
Doing your own research will ensure that things don’t come as a shock to you when you are told by the local government, advisors, or estate agents.
Set a budget and consider assistance fees
Setting yourself a budget for your overseas property purchase will ensure that you can narrow down your search. It is a good idea to get a rough idea of how much you can afford as well as much homes are in the area you want to live in so that you know what budget to set when doing your online searches.
You will likely need assistance with your purchase and search, such as a local advisor, so ensure to include their fees within your budget.
Likewise, ensure to include the countries required taxes so that you know you have enough finances to cover every cost.
Check out the exchange rate and decide what currency to buy-in
Exchange rates fluctuate on a daily basis. However, it is a good idea to get a rough idea of the exchange rate so you know what to expect to pay in the local currency.
Should paying in your home currency be a cheaper option for you, to avoid poor rates and/or international fees, then ask the owner if you can change the currency that you pay in. It might help you save money.
Use an independent lawyer
Although it might be tempting to use a big law company or the vendor’s recommendation for your overseas property purchase, they might charge more or hide certain information about the property that you should know about.
Using your own lawyer will ensure that your money is used correctly and that you can identify any potential issues with the property. Some vendors recommend lawyers so that they can cover up issues that will cause you future issues.
Guarantee land permission before paying
On the same topic of local companies hiding information from you just so that they can secure a deal, you will want to guarantee land permission (as well as land titles and other guarantees) before you hand your money over.
They might take your money and not have actually guaranteed you can have the land, which will result in your literally throwing away your money.
Ensure to get the property surveyed
Some countries lack surveyor processes, which might be common in your home country. Even if it isn’t common, still make sure to get one done. Doing so will ensure that there are not any underlying issues with the property.
Even if you have to fly out your own surveyor, then do so because it might save you a whole lot of stress and poor decision-making.
Check the visa situation
Moving abroad could mean that you have to get a residents visa or a permit to stay there for a set amount of time each year. Therefore, you will need to know this before moving to the country. The last thing you want is to move in and have the authorities tell you that you can only stay there three months of the year.
Every country has different visa regulations, which will differ for each individual depending on their nationality and current residence.
Inform your local council and government officials
You don’t necessarily have to tell anyone you are moving, but it will certainly have smooth out the process of taxes, mail, and more.
Informing your local council about your move will ensure that your mail can get stopped or redirected.
Likewise, informing your government officials will ensure that your taxes can be moved over when you move. Wherever you live will determine what taxes you pay.
Get yourself a translator for the viewing
You might attend a viewing whereby you meet an estate agent that cannot speak the same language as you. Therefore, it can be super helpful to get yourself a translator. This will help you get the best knowledge of the property without any language barriers.
Should you attend the viewing alone and incur a language barrier, then you might not find out essential information.
Sort your current home life out before the move
Should you have found a place and have a moving date, it is time to sort things out at home. Here is a list of things to do before moving to a new country:
- Finances: sorting your finances is key. You will want to inform your bank that you are moving so that you can set up an international account and avoid fees. Likewise, they will need to know where to contact you.
- Selling your current home: you obviously won’t forget to sell your current home before you move. However, it is important to get on top of this so that you aren’t left paying for two properties. Seeking help from a local estate agent will open up more buyer opportunities and help you sell the house quicker.
- Moving your belongings. Finally, you will need to sort out moving your belongings (should you want to take more than a suitcase full with you). This will ensure that you can settle in when you move into the new place and that your belongings will be safe while you are taking care of yourself. It can be expensive to ship items internationally, so ensure you shop around for the best deals and use a reliable company so that your goods are in safe hands.
- We are happy to present this collaborative post to offer valuable information to our readers.