Top Considerations Before Buying A Property Abroad
Planning to buy a property abroad? Then there are a few considerations you should bear in mind
Just like any other property purchase, location is a chief consideration when buying a property aboard. Your choice of location will be influenced by a variety of factors, including the purpose for which you want to use the property, whether it’s a permanent home, a retirement home or a holiday let. You’ll also want to consider transport links and ease of access.
Understanding the Legalities
Understanding the ownership rights available in your country of choice is another chief consideration. Buying in Monaco, for example, presents no problem as there are no restrictions in place for foreigners purchasing a property. However, in other countries, that’s not always the case, so, check out your ownership rights thoroughly before you begin.
The complexities of purchasing a property aboard, make it all the more important to seek independent legal advice before committing to a sale. You’ll need a legal professional qualified to practice overseas and with expertise in handling sales in your country of choice. As well as understanding your ownership rights, you want to ensure that local law is followed throughout your property purchase and in any subsequent actions, you take, like renting out your property.
The detail explained
Ensure you understand the detail of your purchase. If you’re not fluent in the appropriate language, enlist the help of an independent translator, so you don’t miss out on any crucial conversations or details. Also, don’t sign any paperwork you don’t fully understand, always ask for a translation of the documents you need to sign and ask your lawyer to confirm that these translation are an accurate representation of the original documents.
Another key consideration is, of course, your budget. It’s crucial that you consider the exchange rate, how this can fluctuate from day-to-day and what this could mean for your property purchase. You’ll also need to have a grasp of any additional fees that you may incur and if any of your payments like a deposit are non-refundable. This is even more important if your purchase is reliant on applying for a mortgage, you’ll need to make clear that any purchase is dependent on successfully applying for finance.
Do thorough research before you commit to a particular property. Spend time in the area you’re considering buying a property and take your time – don’t make an impulse purchase. If you’re buying a new build property, visit other developments built by the same company (and talk to the residents about their experiences too).
Moreover, research the property and the area online. Property websites are a boon regarding the intelligence they offer you about individual properties, their history, and the stability of prices in the area, plus other geographic information like infrastructure and local schools. Also, search news websites in the region to see if any problems crop up that affect the area. You want to ensure that you’re paying a fair price for the property, which is in line with like-for-like properties in the area.
With this is mind, in addition to independent legal advice, it’s also important that you receive an independent valuation of the property you have in mind. However, good your research, it’s crucial to have a professional on board in this respect too.
So there you have a few key considerations to bear in mind when purchasing a property abroad.
Lastly, if you are looking to relocate to Monaco you should check out Monaco Relocation Services