For-Sale.co.uk : Real Estate selling and buying websites partner
For Sale is a global community of websites that connects you to the best bargains from around the world. No matter where you are, we can help you find what you are looking for, whether it is an amazing Hi-Fi, high-tech TVs, computers, gadgets, books, the latest fashions or household goods. We even have a dedicated network of websites that can help find accommodation for rent or sale, from stylish apartments to elegant houses. You can list property for sale for rent and gain access to a wide community of potential buyers or tenants.
So if you are thinking of buying or selling a property abroad then you have come to the right place. But as with any big investment, it pays to be smart about how you use your money. Let’s look at our top five tips for buying property in other countries.
Tip 1: It’s all about local knowledge
Real estate markets vary independently of each other and it pays to have a good breadth of knowledge of prices and trends in the country you are buying in. Obviously prices vary within regions of a country so you should research prices for the type of property you are looking for in that area as well as taking the national average into consideration.
Consider what you are buying the property for. If it is a rental property then also check out what you can expect to receive from rents in the area and whether there is a constant supply of tenants, whether full time or for holiday lets.
If it is more an investment and you are hoping to make money from rising prices then study the price trends very carefully before making any purchase. Don’t forget to take any currency exchange rates into consideration.
Tip 2: Ask the professionals
While it can be tempting to save money by buying property direct from the owner, if you are in an unfamiliar market then it can help to get advice from local professionals or estate agents in your country that deal specifically with overseas purchases in your desired location. Though you may end up paying slightly more, they can help to avoid any hazards of the area. They will know the right prices to pay, will be able to find the right property for you easily and should be able to help overcome any potential language barriers. Ensure that you get a professional valuation of any property before you buy it.
Tip 3: Hire a legal representative
Seems straightforward this one, but in some countries the rule of law is not so developed, especially when it comes to housing markets. Hiring a local, independent representative gives you more peace of mind as they can look after your interests and help you avoid any legal pitfalls that may exist. They should be well area of any scams that may exist, though it pays to make sure that any representative you pick is part of an accredited group. As well as legal safety, they can help with pushing deals through in a timely fashion, help with any language issues you may face and highlight any additional costs you may face such as tax or debts on the property.
Tip 4: Get localized!
Immerse yourself in the culture and make sure you understand everything involved with the sale. This means that all of the key documents should be translated by an independent expert so that you can read everything that you are signing up to and know there are no surprises.
Open a bank account in your chosen location as soon as you can and ensure any money transferred in complies with any money importation rules. Paying local bills and taxes promptly is a good way of helping reduce the stresses and strains of moving.
Tip 5: Ensure you can own it
This might seem like a no-brainer but many people have been caught out buying a property in their dream location only to find that local laws prevent part or full foreign ownership. Make sure that your country of choice allows full ownership to hard titles before making any purchase. There some countries which have loopholes where you can part own the property with a local who then makes a separate contract with you about how to split up the proceeds of a sale but these arrangements are less than ideal.