Buying a overseas property can be a fantastic but also traumatic experience. Get information from many sources to help you build a picture of what you need to do and what rules and Regulations you need to adhere to in the country of choice – We have some great tips in our Property Buying Guides. You need to be confident you are making the right choice for you and your family so do not Rush into it.
Think about why you are buying and how you will finance the move, what you need a solicitor to do on your behalf , the cost of sending money from the UK abroad and back again. Research how you can make the move permanent, what potential work there is for you and how you can generate rental income for your overseas property.
For financing you can re mortgage your current property or take out a UK mortgage to buy overseas or borrow from a overseas mortgage broker. Determine your budget and do research before handing over any money make sure everyone you work with is trustworthy and above board. Use a firm that specializes in currency transfers to send money abroad as that way you will get the best exchange rates.
Make sure you understand the Buying process in the country you are going to buy in again please refer to our Buying Guides these will come in useful. Understanding the local law and tax implications with help you avoid a nasty bill down the line. Look online for property and attend property shows and exhibitions as you can pick up good deals here from vendors looking quick sales.
Seek as much independent advice as possible. There is some fantastic information to be found on the Foreign Office website which will help anyone thinking about moving overseas. They help support British Expats around the world with excellent consular services, They can help you with any aspect of living abroad and maintaining accounts and benefits at home.
Don’t get over excited and carried away with buying a overseas property the same checks apply as to when buying a property in the UK, use good solicitors and legal advisors to carry out these checks on your behalf to clarify who is selling the property and that the property actually does exist. If you can visit the property allot of buyers don’t visit the property before buying and this can leave you with nasty surprises down the line. Find a trust worthy and reliable estate agent do your research before employing them to find you a property make sure they have good past client reviews.
When buying overseas UK buyers are protected by the consumer protection regulation (CPR) all these details can be found on the website of the office of fair trading.