Thinking of Buying A Home Abroad? Here’s What You Need To Know
It’s not uncommon to want to branch out and have a holiday home, and it is a very popular choice from both a business and personal perspective. Not only would you save thousands on an Airbnb every year, but you can rent this space out or place it on Airbnb yourself; that way, you wouldn’t be going out of pocket for the mortgage if it did well in terms of bookings.
When it comes to buying a home abroad, it’s not always as simple as putting in an offer and getting it. You should consider and be aware of a range of things before you nose dive in.
Know Your Buying Rights
Before looking for houses, you should find out what areas have some good buying rights. Buying property in a different country will come with different practices and processes that need to be adhered to in order to have a smooth buying process. I would suggest picking 3 locations, and with those 3, you should look into the foreign market to fully understand your rights and how easy it would be to buy a home there. It would be an extremely stressful process learning the hard way once you’ve already put an offer in.
Your chosen estate agent will have to have detailed knowledge of the foreign market, but it saves time, money and better your own understanding if you do your own research. Your estate agent will be a person you can bring questions regarding laws and regulations to.
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Buy Modern
While buying a fixer upper might be tempting due to the market price, however, this will delay the process even longer if you need things such as planning permission, time off work to attend to the home, and hiring people from abroad when you don’t know anyone, making it extremely difficult to ensure that work is actually being done to a high standard. Buying a property that is ready to go cuts out so many stresses, and these modern homes can be tailored to your exact decor standards with some help and imagination.
Also, for the amount of time that you will be able to spend without getting a visa and time off work, it might not be worth all the time,effort and money.
Legalities
When you purchase a property abroad, unless you apply for citizenship or have dual citizenship, depending on the country, you may have to pay double tax. For example, if you have British citizenship and you bought foreign property at the moment, you wouldn’t have to pay tax; however, if you decide to then sell the property, you may be liable to pay tax to the UK and the country the property is in.
It’s important that you do your research to avoid paying out your ears for something that
Make Sure You Love It
Buying a property, as you most likely already know, is a huge commitment, especially if it’s a holiday home, because it’s going to be your escape from home and a place to detox, recharge and hopefully enjoy the weather. You want this space to inhabit things that you miss from your home country and to be a place you count down the days to returning to.
I would recommend you don’t rush into anything, and if there is nothing currently perfect, just wait; you never know when it will, and you will be ready, and there will be no regrets at the end of it all.
Maintenance
With any home, things go wrong, and it needs to be well-kept, especially if you plan on renting it during peak periods for some extra cash. I would recommend getting familiar with local cleaners or companies that are able to provide such a service. This will ensure that no matter where you are in the world, you can count that your home is spick and span.
Other maintenance issues, such as plumbing, electrical and overall maintenance. This is another company you will need to get familiar with. It’s important that you look at average costs for something, as because you aren’t local, they may take advantage in terms of cost, which is something that people tend to do no matter where you are.
This is key if you plan on buying property in areas such as the middle of nowhere in Faro, Portugal. Treat your appliances with care because you won’t get a plumber out the same day, so follow all the local rules, and you shouldn’t have many maintenance issues.
Final Thoughts
There are so many things to be mindful of when you decide to buy abroad. I would recommend you do your research to save a lot of headaches and money. A little apartment, a small country home or a little place near a beach would do the trick. For more information, find dedicated YouTube videos and blogs on the areas and consult legal experts such as British citizenship advisors who will be familiar with the legalities to follow.
