If you’ve found yourself thinking about buying property abroad, you’re not the only one. Over recent years, so many people have been interested in taking their real estate interests overseas and even retiring abroad. Whether you’re keen to pick up a holiday home in a location that you’ve always loved, or you want to make a purchase as an investment, you do have to be quite wise about how you go about things. It can be tempting to buy something on a whim, because the prices are often more favourable than in the UK. However, it’s still a huge purchase, and there are a few key things you need to consider.
Just like making a property purchase in the UK, your overseas interests need to be treated with the same level of care and consideration. You may even be worried about making the right move. Because international property markets can have a mind of their own – and even if you feel like you know the property industry well, not every market is going to be the same as it is here in Old Blighty. So, you’re going to want to make sure that you’re fully prepared before you dive in deep. To make sure you are, here are some key considerations to take on board.
Set Your Budget
First of all, you need a budget. When you start to look at properties, it’s so easy to find yourself getting carried away. But you can’t allow yourself to get swept up in the moment and overspend. Because this is still a real big purchase, just like it would be to buy a property at home. So you need to set your budget and then stick to it too. Regardless of how big or small it is, you need to factor in fees, taxes, expenses, and any renovation works too. So your actual purchase price could work out smaller than you first thought.
Compare Different Areas
Now that you have a firm budget in mind, you’re going to want to make sure that it’s maximized. And it’s for this reason that you’re going to want to shop around. Try not to get a set place in mind. Instead, you need to compare the different areas that you’re interested in. Not only for budget reasons, but also for the lifestyle and facilities they offer too.
Research Local Markets
As you do this, you’re going to want to do some research into the local markets. Because, you may know what it’s like to buy property in this country, but it’s likely to be completely different abroad. So, you’re going to want to research the overseas property markets as much as possible before you come to any conclusions.
Visit The Area
Your next step is going to be to visit the area that you’re interested in. You may even want to visit a few. But don’t just go for a holiday. Because you need to really do your research on the local area and lifestyle, including things like amenities and weather, just to make sure that it’s the right one for you. You may find that you need to do this a few times, or for a few weeks at a time to be sure that you’re making the right choice.
Speak To Expats
But you can’t always make objective decisions completely on your own. You have to think about speaking to some expats that live in the area so that you can really understand what it might be like to live there – even if it’s just for a few months of the year, or as a holiday home. You should then get to understand the area better, in terms of both the pros and cons, as well as understand any issues with the kinds of properties build in the area, or access to local services.
Work With An Expert
It could also work in your favour to speak to an expert. From the best Monaco real estate agents to relocations experts in Malaga, your research should uncover property experts in the areas you’re considering. By working with them, you will get to know the local customs, property information, and uncover rare finds much more easily than doing it on your own.
Know What You’re Getting Into
Above all else, you’re going to want to make sure that you really know what you’re getting into. So if it takes you a year to choose, go with it. You need to make sure you get surveys carried out and get behind any issues. Because sometimes properties can be cheap for a reason, or even overpriced!
*This is a collaborative post.