Property Sale Overseas: Property Articles
Top 20 Overseas Property Purchasing Tips
1. Think about the real reason you want to buy abroad. Do you want a
sound financial investment, a place you can relax with the family, a
weekend getaway, somewhere to retire to, or a relocation home?
2. Carry out as much research as possible before you set foot on a
plane. The more information you have about your chosen destination
the easier you will find it when you get there.
3. Be prepared to be disappointed. Very rarely will you walk into
the first place you see and fall in love with it. Looking for a
property is time-consuming – we often look at 40-50 different places
for each episode of A Place in the Sun.
4. If you’re buying off-plan, visit the site and find out exactly
where it is before handing over any cash. Never rely on developer’s
plans.
5. When visiting a property, ask as many questions as you can. Work
through a checklist and take some photos, too.
6. If possible, bring a friend along with you when viewing a house.
They will bring a fresh perspective and may point out things you
hadn’t noticed.
7. If you’re considering a renovation project, be realistic.
Whatever the builder quotes you – whether it be time or money – add
an extra 50 per cent.
8. Think about amenities. How far is the nearest airport, hospital,
shop, beach or restaurant? These things are important if you’re
going to spend a lot of time in the area.
9. If you are buying to let, make sure you can cover any mortgage
payments in case you’re unable to rent out the property. Do not rely
on rental income alone.
10. If you’re relocating, be prepared to learn the local language.
It will help you to fi t in and make friends in the community.
11. Visit the property several times, at different times of the day.
You need to make sure the Spanish apartment of your dreams isn’t
above a bar that shuts during the siesta but stays open until 4am.
12. Don’t put down the deposit on a property without seeing it. You
wouldn’t do it at home, so why do it abroad?
13. Set aside a contingency fund for unexpected costs – eg, property
maintenance problems. You really do need a safety net.
14. Don’t let your property without arranging suitable indemnity
insurance to cover you against all eventualities.
15. Check out the local healthcare provision. If there is no
reciprocal healthcare agreement with the UK then you need private
healthcare insurance.
16. Avoid solicitors who are recommended by agents or represent the
vendor. Find a reputable (bi-lingual) independent solicitor.
17. Always register with the local British consulate – it can be a
useful resource.
18. Have a property survey done. A professional who is familiar with
local construction processes and materials can tell you if you’re
about to buy a wreck.
19. Brace yourself for a culture shock – things will be different.
If possible, rent there long-term before making a commitment.
20. Have fun! As long as you keep your wits about you, buying your
place in the sun is a fantastic, rewarding adventure. Last, but not
least – happy new year!
The above tips are courtesy of Amanda Lamb, A Place In The Sun,
http://www.aplaceinthesunlive.com/property-investment/amanda-lamb-property-tips.htm
