Should You Buy a Property in a Foreign Country?

Although buying a property abroad can be a tricky and risky business, each year Brits return from hot, tropical countries and decide they want to buy one. Even the price of foreign property can look attractive to a prospective buyer due to the exchange rates. People are also motivated to buy when they return to the barely rainy, lukewarm British summer. Travellers love to spend more time in sunsoaked destinations and wish they could stay there all the time! If you’re wondering whether you should buy property in a foreign country, you’re in the right place. Read on for assistance making this big decision!

Bear in mind that some countries can limit property buying by foreigners, so the first thing you need to do is find out whether the country you’ve got your eye on will let you buy there. It’s also essential that you do lots of research before making any big decisions in order to avoid scams.

Are You Sure You Could Live There?

Are you really sure you could see yourself living in this country, forever? Sometimes you simply like the place so much while on holiday that you think you could live there, when in reality it wouldn’t be suitable for your daily lifestyle. Think long and hard about whether you want to live/have a holiday home in the country, or whether you’d simply prefer to go back there for more holidays. Although the property in Egypt is lovely, you might regret your decision if you don’t think it through properly. How will the move affect your family? Do you have children? On the flip side, would you really like to return to this place year after year and stay in your holiday home, or would you rather flit about and discover new places? Whatever you decide you want to do, you need to discuss it with everybody important to you, as it’s a big decision.

Here’s the process you’ll need to go through:

  • Use an estate agent – you can sometimes get a great deal when buying straight from the owner, but if you struggle with the language or don’t really understand the ins and outs then an estate agent will help.

  • Hire a legal representative – when entering into a property deal, it’s highly advisable that you get a lawyer’s advice.

  • Have documents translated – before you sign any documents that could lead up to a purchase, make sure you have them translated so you can understand them fully.

  • Save money on your mortgage payments – when you’ve done all of the above, you need to make arrangements to pay for your new property. It’ll usually give you much better value for money if you change your currency and then set up payments through a currency transfer service, rather than using a local bank.

Does all of this sound too much for you? If so, you should stick to holidays in foreign destinations. If you’re willing to do all of the above to get a dream home in the sun, then it sounds as if you should definitely buy property in a foreign country. Good luck!

 

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Photo Credit: Flickr

 

 

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