Many are considering buying a second home abroad, some as an investment and others as a holiday home of their own. Whatever the reason, if you are first-timer, looking to purchase a home overseas, you may want to take the following in to consideration.
– Legal issues – Laws differ from country to country. Therefore make sure you have a lawyer who is well versed in the laws of the country you wish to purchase the property in.
– Build times – Build times will vary in each country. You need to factor in holidays, seasonality, weather, availability of materials etc.
– Budget – Make sure you factor in all the little costs that you will incur with buying a property overseas. The most overlooked factor is the visits that you will have to make during and after the build phase. This will include air tickets, hotel accommodation etc. You may also want to include extras such as light fittings, curtains, kitchen utensils etc., that will not usually crop up in your sheet of expenses.
– Make sure you get what you see – If you are going to buy a property from an agent or off the internet, make sure that you have written confirmation that what you see is what you get. There have been instances where agents show the customer a top of the range property, but the customer ends up with something entirely different. It is always better to visit the property at least once before purchasing.
– Investment potential and taxes – Make sure that the property values in the country you wish to purchase the property are appreciating. This is just in case you want to sell the property in a few years. You should also double check the tax laws in the said country, as some countries may charge up to 100% tax on properties bought by foreigners.