Getting Helpful Advice When Buying Properties Abroad
Maybe you have travelled to a foreign place and wondered whether it would be possible for you to own a property there. You are not alone, as plenty of investors and homeowners like you had made the leap and enjoyed the benefits of having a second home in another country.
However, the process is not as easy as you imagine. When you decide to buy a home abroad, here are the following factors that you must consider:
Budget – Is the specific property that you have your eye on within your means? Or would you need to apply for an overseas mortgage or a house financing programme?
Location – Where do you want to live? Do you fancy a serenity of a beachside villa, or do you prefer the accessibility that a city-based apartment offers?
Use – What will you use it for? Is it more on a financial investment on your part or do you just want to have a place of your own for the holidays?
Access – Can you get to your property easily and cost-effectively? Are the roads navigable and do you have alternative modes for transportation?
Size – Will a one-bedroom house be enough for your needs or do you need something more spacious such as 4-bedroom townhouse or villa?
Lease Options – Do you have plans of renting out your property to help with the mortgage payments? Will this be possible in the country you chosen?
Buying a home abroad is relatively straightforward provided that you accomplish the necessary requirements and furnish the right documents. In addition, it is recommended “that prospective purchasers of overseas property seek independent legal and financial advice at all stages of their purchase.” – Foreign & Commonwealth Office.