Whatever your reason for buying abroad there are some basics that need to be covered. A family retreat or holiday home in the sun, a retirement home, a rent producing investment or an upmarket city center crash pad the issues are similar.
First Questions
- How easy or difficult is the buying process in your chosen overseas country
- What are the full costs of buying
- Are there local taxes or regulation certificates to acquire
- What restrictions if any are placed on overseas and absentee owners
- How easy is it to get funding, a mortgage and transfer money in and out.
Assuming Initial Questions are OK
- How easy is it to establish title to your selected property
- Is there a history of foreign property ownership in the area. If so is the experience good or bad.
- How easy is it to sell when the time comes. What are the likely issues.
- Are local and national government sympathetic to overseas property investment
- Will you be taxed on rental income, capital gains and inheritance.
Our Comments on Buying Overseas
- Know as much about the country, it’s language and it’s property related customs as possible.
- Understand the extra risks you incur when dealing away from your home base. Watch the currency fluctuations.
- Read The Downside of Investing in Property
- Watch out if the new country requires you to set up a company before you can buy land. If so you need a lawyer conversant with the likely issues.
- Overseas is a big place and you can only buy in a small part of it! Do your financial and responsibility research with diligence.
Read up on books from amazon – Buying Property Abroad
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