Buying Abroad Advice

Property Abroad - Buying A Property Abroad

Buying a property abroad doesn't need to be a harrowing experience. In the 30 years I have been investing in overseas property most of the problems I have witnessed have been caused by the clients themselves. It usually involves dealing with an unscrupulous agent or foreign lawyer, taking the advice of friends or family rather than professionals or investing in schemes in countries outwith the European Union which often seem, and are, too good to be true.

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This page outlines some basic principles which you should adhere to when buying a property abroad. As I said in my introduction, don't assume you know everything or treat basic principles as being too simple for you. If you are serious about investing in overseas property these factors will be invaluable to you.

Deal with professionals. Make sure any lawyer or estate agent you deal with speaks good english and is fully certified with all the relevent local licences.

Make sure you understand everything. It doesn't matter how professional or even carismatic your overseas property agent seems, you MUST understand all aspects of your purchase. If you don't understand something, stop where you are until it is explained thoroughly to you. Its your property abroad - not theirs.

Do not assume things are the same as the UK. This is a very common mistake and one I have encountered many times in my dealings with overseas property. I have heard people saying "that would never be the case in the UK" so many times it makes me laugh. If you are buying a property in Spain or Turkey its obviously going to be different - they are different countries with their own laws. Get to grips with that fact and make sure you understand the law. In some countries the purchaser of the overseas property can actually inherit the debts of a previous vendor. Sounds crazy? Well thats the way it is - make sure you don't get any nasty surprises.

Be aware of all your legal fees for buying a property abroad. Again, this varies from country to country so be fuly aware of ALL costs. Set up a bank account in the country you are buying your overseas property in and try to pay as many bills as possible from there. Remember there may be additional fees or commissions to be paid in addition to regular property fees.

Buy your overseas property in writing. By that I mean never assume anything. All formalities, no matter how menial, must be put in writing. For example, lets assume you are buying a Finca in Spain. The seller promises to fix some tiles on the roof before the sale happens. It doesn't matter of he's a nice chap, get everything in writing.

These are basic points when buying a property abroad but at the end of the day many people overlook what may seem obvious to others. You may be thinking I am pointing out the obvious and yes I am! Take heed before you buy your property abroad!