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 Advice
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 - The Author
Property Abroad - The Author
Thankyou for visiting this small but rapidly developing web blog. Bookmark it now as I add articles and information every day and the site is constantly updated. Now who am I?
I am a successful property developer from the United Kingdom with 30 years of property investment and development under my belt. Now living in Scotland I have stepped back from industrial and commercial development to concentrate full time on my own overseas property business. My portfolio consists of over 90 properties abroad, mostly in Europe, and a dozen land developments. I never talk about my company or name, or my exact properties to avoid affecting current business I am doing.
Buying a property abroad can be daunting, to say the least, and that is why I have decided to incorporate this blog into my daily routine. I am tired of watching people losing their life savings or falling victim to foreign property laws or property developers. I may own a considerable amount of property abroad but all my overseas properties have been obtained with the highest of business ethics and honesty.
There is no charge for the information on this website, and the only subscription is to my RSS feed which is free and keeps readers up-to-date. If you are considering buying a property abroad there may be many factors you have not considered or given enough thought to. I would suggest keeping the following in mind when reading through this website:
- Keep an open mind and be open to suggestion
- Remember nothing is too simple to consider
- Dont assume you know it all - nobody does
My goal is to able you to access information that either eludes the regular buyer and investor in overseas property or simply may not be available due to lack of experience. Often buying a property abroad is the largest investment many people will make outside their own home in the UK. Let me assist you with your dream of owning a property abroad. Bookmark this site now.
Property Abroad - Living Overseas
Property Abroad - Life Overseas
Lets assume you are looking at the possibility of buying a property abroad. Lets also assume you intend to live, for at least part of the year, in your overseas property. There are some basic fundamentals that should not be forgotten. Before you go anywhere do some research on the country you are considering buying an overseas property in. Think about it...
Is your property abroad within the European Union?
If it is, you have the protection of the EU and its laws. This can make a big difference in your life. If you accidentally fall upon some trouble or hard times, offend the wrong person or have legal difficulties, the fact of being in the EU or not will make a huge difference.
Your Property Abroad - Their Country 
Thats right, its their country. The boom in overseas property purchases in the last two decades has led to various situations in different countries. For example, there are parts of Spain that have so many British immigrants you would hardly know you were in Spain. Pubs with Union Jacks and dartboards, fish and chip shops and English flags everywhere are just some of the signs. Guess what...it IS Spain! Regardless of the situation, respect the country your property abroad is located in.
Overseas Property - Why Live Abroad?
Are you going abroad to complain about all the things from back home they dont have? Believe me, in my journeys around Europe and business dealings, I've encountered this attitude many times. How about moaning about the country you're in, or hammering home to all your visitors all the negative aspects? If these are things you may do, I suggest you put your dream of a property abroad on the backburner. Would it not be wiser to love the country you have purchased your overseas property in? Think about it.