So many people are looking to invest in an overseas property at the moment. But when taking on such a large commitment, it’s important to get all the finer details as right as possible to avoid further complications in the future.
Even experienced buyers don’t always get it 100 per cent right when they’re looking to purchase an overseas property, and it’s easy to put what might seem like small issues to one side to tackle at a later date. Small problems though, if not addressed early on, can snowball later on down the line. To avoid any problems, the following five tips should always be at the forefront of your mind when buying a property overseas:
Take care when choosing your agent
When choosing your property agent it’s wise to get recommendations. Many ex-pat buyers find their agents are invaluable, even after completion. Check that prospective agents are registered with an official organisation such as the Association of International Property Professionals.
Keep in line with the law
You wouldn’t buy a house in the UK without the services of a lawyer, so you certainly shouldn’t contemplate doing anything of the sort overseas! Use a lawyer who is independent of the seller to avoid any possible conflict of interests, and who is registered with an official body.
Invest in a property survey
A survey is an integral part of the buying process, and often a deciding factor in whether or not to go ahead with a purchase. In many places you may not find an equivalent to a surveyor, in which case a buildings inspection is the next best thing.
Be wise when choosing a mortgage and insurance
If you are buying with a mortgage, it is worth keeping in mind that, as a general rule of thumb, it makes sense to take out the mortgage in the same currency as the income from which you will pay it. If buying abroad, make sure you can cope with the language barriers, and look at overseas holiday home policies that have Overseas Assist included.
Keep on top of your budget at all times!
Many people fall foul of the costly purchase fees which can include transfer tax, VAT, Legal fees, Notary fees, agents fees official translations and stamp duty equivalents. Ensure your estate agent and lawyers have made all additional costs explicit so that you don’t get any nasty surprises.
Buying a property, whether it be overseas or locally requires research. Simply jumping in and buying a house could lead to you having problems down the line. Surveys and discovering the history of a building and researching the area are all vital elements that can be overlooked by many house buyers. This article was put together by Allan Freeman from the webuyanyhouse.co.uk team, you can discover more news and insight into the property market by checking out the news section on their website.