Property Abroad - Overseas Property Considerations
If you are considering buying a property abroad you probably have a fair idea of what you are looking for. Assuming you know which country you prefer and the location within that country, lets look at some more basic considerations before you buy your overseas property. For example, would you like to be near the sea or inland? Do you need access to schools and/or work in your new home or will your property abroad be for pleasure? When thinking about the sort of overseas property you'd like to live in its worthwhile being flexible. After all, buying a property abroad and living there is very different from going on a holiday.
The benefits of being flexible are evident in the following story which happened to a couple I know personally. Their dream of buying a property abroad wasn't as straightforward as they may have initially thought. Here's what happened...
Julie and Kenneth had a dream of buying an overseas property in Greece, not to have an annual holiday in but to live in permanently. They had two sons aged 10 and 14 and dad needed access to the main town for work, whereas mum wanted to be close to the beach and the shops. they chose the island of Crete as they had been on holiday there every year for eight years. Their plan was to buy an old traditional Greek house, spend two years fixing it up and renovating it, then moving to Crete permanently after completion.
Kenneth was convinced he could obtain an overseas property to renovate for less money, and after renovation would have a bigger house than their budget initially allowed. They planned to spend £50,000 on the property and £30,000 on renovations. Coupled with a £5,000 contingency fund their total budget came to £85,000. Due to work commitments in the UK Kenneth couldn't leave for two years although his boss granted him extra holidays to oversee the work on his new overseas property.
Both Julie and Kenneth expressed their love of older houses and especially the idea of having a traditional Greek house overlooking a beach and a beautiful bay.
During our conversation I asked if they would consider any other type of property and conveyed my doubts about their dreams and their realistic budget levels. In the end I suggested one more trip to Crete for another look around before investing in their property abroad.
Upon arriving in Crete they followed my suggestion and made an appointment with a reputable local property agent. After explaining their budget and requirements it soon became apparent it was going to be more difficult than they initially thought. The agent explained that traditional properties near beaches or overlooking bays were virtually impossible to obtain and certainly couldn't be purchased for the kind of budget available to them. However, he suggested they take a look at a brand new apartment complex near the sea that was recently completed.
Julie and Kenneth felt their dream of owning a property abroad was ebbing away and at that time a new-fangled concrete flat was the last thing they wanted. The Greek property agent took them to the complex and they quickly changed their minds. Not only was the new apartment finished to a very high standard, but the 12-unit complex had its own pool, sauna, gym and gardens. Upon entering the apartment their faces lit up as they saw the brand new kitchen, two spacious bedrooms and living area, complete with a roomy balcony and a view of the sea.
The agent also explained the benefits of not renovating a traditional house and having to deal with contractors, undertake legal affairs, etc. Since they could not actually live in the property for two years, the new apartment could be rented out to tourists in the meantime, generating a substantial cash boost. The cost of this new apartment in crete? Only £80,000 including all appliances. With a short walk to the beach and many facilities in-house, Kenneth and Julie were sold.
It pays to take all options into account when buying a property abroad and not to be inflexible unless you have a substantial budget. Julie and Kenneth found a maintainence-free apartment in Crete that was in-town yet near the beach simply by being open-minded. More importantly it helped make their dream come true of owning a property abroad.
Property Abroad - Property Considerations
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!