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!
Buying Abroad Advice
Overseas Property Advice
Overseas Property - Buying An Overseas Property
This is a follow-up article to property abroad considerations, posted last week. In this article I intend to point you towards a few key pieces of advice when buying an overseas property. Think of it as a basic checklist to consider before buying a property abroad or any overseas property investment.
Before you start ask yourself some basic questions about the locale you wish to live in overseas. Its not simply a question of buying any property in Spain and putting up with the elements of the area that don't suit you. You must research the location for your overseas property thoroughly.
Basic location considerations could be as follows:
Overseas property in a town/city or do you prefer life in the country? Think about it and compare it to your current living conditions. Its all very well buying a villa in Spain 40 miles from the nearest town, but if getting around is going to be a problem, forget it. On the other hand perhaps it is peace and tranquility you seek. Its best to decide on this before you begin your overseas property search.
A seaside overseas property or landlocked? Another factor in deciding your location, apart from town or country, is the proximity to the sea. A major flaw with British investors in overseas property is the "holiday syndrome" of being near a beach or popular area. If you are planning to reside in your overseas property full-time, or even most of the year, then remember living there permanently is a lot different from a two-week holiday in the summer. Overseas properties near the coast and especially beaches are becoming increasingly expensive whereas you may save substantial amounts by buying an overseas property inland. even 20-30 miles from the coast can make a huge price difference.
Is your overseas property near a town? No? Hmmm.... generally not a good idea unless you are planning on keeping your property abroad for life. This can make a huge difference to potential buyers of your foreign property in the future. Simply put, its a wise idea to buy a property abroad that is within one hour of the nearest town with reasonable facilities. Most people dont have a problem driving for an hour once a week or so, but if your property in Spain in a two hour drive down dodgy roads to get to the nearest supermarket, it may cause problems for future property buyers.
Does your property abroad have a big garden? Again, take this into consideration depending on whether you intend to sell your property in the future and combine it with your own requirements. You may want a large garden or perhaps you're not the gardening type. Many people, especially in the countryside, prefer a reasonable about of space around their home. However this should be taken into account for all properties, even if your overseas property is located within a built-up area. This is particularly true if you prefer to have/not have neighbours.
Public transport from your property. Perhaps not relevent to you, but to others it may well be. Is your Spanish property on a public transport route? Are you able to get around if your car breaks down? You may save money on more isolated locations when buying a property abroad, but this is how it is paid for in the future when you come to sell. It's also a factor that will affect your day-to-day life. For example, are our teenage kids able to get to the beach/town/etc without you driving them there? If they can't they may drive you round the bend!
How far to the nearest international airport? This is a crucial element with your new home overseas. The further away it is from an airport with UK flights the more you will save on your initial investment. It could also mean an increasing pain for you to drive 3 hours back and forth on Spanish roads every time you visit your overseas property. If its going to be a holiday home used 2-3 times per annum, then take the distance to the airport into account.
How far are the nearest holiday facilities? By holiday facilities I mean things like tennis or squash courts, swimming pools, parks etc. It will be more important to access these if you are either living full-time in your overseas property or renting the property abroad out to holiday-makers. Lets face it, if you rented a villa for 2 weeks in Spain wouldn't you like a pool or at least access to either a pool or the sea?
I have just scratched the surface with the basic points but they are all valid and should be considered in line with your own ideas before you buy your overseas property. They will change depending on your purchase and whether your property abroad is for investment, profit, a holiday retreat or a permanent home. Take these points to heart and talk about them before you buy your overseas property.
Overseas Property - Before You Buy
Overseas Property - Before You Buy Property Abroad
There are many rules to abide by when purchasing a property abroad, but one of these rules is golden. In fact it's so golden its sheer shineyness almost blinds you. What is this golden rule?
Always make sure all property, people and prospects you deal with are legitimate!!
What am I rambling on about? Alright, lets imagine this scenario. You and your wife have invested all your life savings into an apartment on the Spanish coast. It was purchased in good faith and you are extremely pleased with your little slice of heaven. Your venture into buying property abroad has paid off and everything seems great.
Then one day a letter falls through your door. Its from the Spanish authorities. It turns out the developer has built your apartment block without planning permission and the authorities are refusing to grant it retrospectively. What does this mean? It means:
1. Your overseas property is illegal
2. You may have no rights
3. Your property may be demolished. Thats right - DEMOLISHED!!!!!
Can this really happen? You bet it can, and the Spanish authorities are cracking down on apartment buildings, villas and other properties that have been erected without permission, sometimes in protected areas. Before you buy your property abroad remember the golden rule above before you are caught in the middle of a ruling between the developer and the authorities.
If you have realplayer on your computer I highly recommend watching the BBC programme "Real Story" which has run an excellent investigation into this very topic.
Watch "Pain In Spain" with realplayer NOW
Visit the "Real Story"on the BBC website.
Don't let the programme scare you off - it simply demonstrates what could happen when purchasing a property abroad and it illustrates my point exactly.
Finally if you are dealing with lawyers, agents, property developers and anyone else in foreign countries - CHECK THEM OUT! Don't settle for someone simply because your friend used them - perhaps they diddled your friend too and he doesn't even know it!
Investing in a property abroad is a serious business, so treat it that way and be cautious.
Property Abroad Introduction
Welcome To "A Property Abroad" and thankyou for visiting!
A property abroad - many of us have that dream especially when the weather is cold and your mind turns to warmer climes. But what is involved in making the dream happen? What things need to be considered before moving abroad? Is it possible or simply a pipe dream? All these questions, issues and more will be addressed in this blog. I recommend you bookmark this website now and check back regularly for new articles and information.
A Property Abroad is here to provide you with unbiased advice on all aspects of buying a property abroad and living in a foreign country. I update my site on a daily basis and I never charge for information and articles. Not everything will be relevent to you but some articles may open doors to ideas, thoughts or considerations that will affect your decision.
Before you purchase or rent your overseas property take the time to research the country you are going to, the processes involved in purchasing property in that country and the differences in lifestyle you will experience while living abroad. This site will become invaluable in your journey to owning a property abroad, providing articles on all these matters and more.
Use the contents list to the right to navigate through the website. You may choose to read only what catches your eye but I recommend reading as many articles as possible. Don't let your dream of owning or renting an overseas property fade away - by reading through the articles on this site you have taken the first step to your property abroad!