You have already decided to move and sell your current home. Now you want something completely different, a fresh new start, far away? There are some things that you should pay attention if you want to buy a property abroad.
How to choose your new home?
You have probably already started to imagine how it would be like to move to another country, a sunny new place. Think thoroughly and plan your relocation to details to avoid possible moving mistakes. Moving is already very big and hard decision, but moving abroad is even harder. You have to do excellent research before you decide to go.
Basically, you need to check everything you can think about including a few important things such as:
- Narrow the countries by the language – you have to be able to communicate with locals, if you don’t know their language then try to learn it before you buy a property abroad. It is so frustrating when you have to explain every single thing with hand gestures. Very annoying and tiring to do on a daily bases
- Check everyday costs in your chosen location – you have maybe found a great deal for a property abroad, but be sure to research is there expensive to live a year round. You have to know and research how much will cost for example transportation, fuel, prices in the supermarket or groceries and similar things.
- Cost of utilities – for sure an important thing. You don’t want to faint when your first bill arrives. Be sure to ask around and check prices of monthly or yearly utilities: gas, electricity and etc. Maybe there are ways to lower your building cost, research it just to be sure.
- Climate – maybe you have always fantasized about living by the beach or in the snowy mountains. But, unfortunately, reality can be quite different. Be sure to know how is the weather all year round. Don’t take it for granted. Are there rainy seasons? Monsoon seasons? Tornado season maybe? Alergie season from the dry and heat? Check everything twice if you want to move there.
Visit a property before you buy it
Nowadays, you have all the information online so make sure you are using the most of it. You can find anything you need from different sources. First of all, you have to decide whether you want to hire a real estate agency or find a property abroad online. If you are choosing an agency, you will have to pay the commissions but you will have some kind of certainty and it will be less stressful for you. When you want to save some money by finding a property abroad by yourself then you have to be very careful. Also, if something sounds like a great deal and you think you have struck a gold, check it and then check it again. Research the market properly for as long as it takes because you don’t move abroad every day so don’t hurry.
You can take a couple of days from work and go visit your potential home. Great excuse for a short trip! You have to see the property and its neighborhood for yourself before you buy it.
Check the papers
The best solution is to hire a legal so you are sure and of course translate all the paperwork. Make sure that you don’t buy a property with loans and that you are buying it from a rightful owner. Especially because you want to buy a property abroad, far from the place you are familiar with.
In some countries, a nonresident cannot buy a property. Check the law or visa requirements for foreign citizens.
Save some money if you want to buy a property abroad
There are ways to save money on your move by lower the moving cost. This is a simple way to save some money. Also, there is usually a fluctuation in the exchange rates. So make sure that you are choosing the right time to move. Because you can either lose a lot or save a lot of money by keeping an eye on this.
Compare the bank transfers because some of the banks have enormous fees. Also, check for how long will that money transfer take. This will take a lot of time for sure. Don’t be lazy because depending on the amount you can save a lot of money making the right choice.
You can always count that there will be some additional costs. In almost every country you have something else besides the price of that property abroad. Just make sure that your future property is ready to move in and live in. There are some cases when you are not connected to a gas line, sewage or even electricity and it will cost you a lot to do this yourself. Put everything on paper and calculate whether the lower price of the property is cost effective.
Besides, sometimes there are hidden fees – legal fees, bank fees or taxes. You can ask for an advice somebody who is not involved in the buying – selling the property in the case. Ask your legal adviser, realtor and the seller and just in case unbiased person.
Buying a property abroad to rent out
Buying a holiday home that you are planning to rent can be an excellent opportunity t earn some money. If that is the case, then you can set a budget for the investment. It is a good move to invest in a property abroad if you will make some money by renting it. Then you have to research what country is the best as the holiday destination.
Explore and enjoy your dream
When you thought everything through, it’s time to enjoy! Explore the place where you want to buy a property abroad. If it is everything you wanted, then dive right in. Check out a job market if you are moving for a carrier. If you are in retirement then just relax and prepare to enjoy. You will have enough time to find some hobbies. Every move is very a stress. Make sure that you are taking your time and don’t try to rush it. Leave enough time to check everything once again before you buy a property abroad.