Whenever traveling, you came across the idea that you can have a dream house in your favorite vacation spot. At least that what I’m dealing with each time I’m on vacation. There’s something unique to the places we visit a couple of times per year. Whether it’s a different culture, a pace of life, or something else, I keep asking myself every time while traveling, “Should I leap and buy a house abroad”?
Usually, what holds me back – and you, probably – from actually buying my dream home is the lack of information about this type of transactions. So, in this article, I would like to share some thoughts about things you need to know before buying property abroad.
Find a local realtor.
One of the safest ways to purchase a property abroad is to find a local real estate company. Now, that can be an issue in itself, especially if there’s a language barrier or you don’t know the local market well. In that case, you should research the real estate industry in the country you desire to make your purchase in. Another way to go it by hiring a professional mediator or someone who will represent your interests in front of the foreign market. That could be a person from your country of residence that operates in the foreign country.
Figure out funding
When you find a person that will help you to get a property that interests you, you should spend your time figuring out the ways to fund your investment. There are probably many Real Estate for Sale on the foreign market, but the conditions are not always as good as in your country of residence. That means that you’ll be paying higher mortgage or down payment (which can take up to 50% of the deal!). In other words, think about the financial aspect of the agreement thoroughly or hire a professional advisor to help you out. The best choice is someone with the experience of funding a foreign real estate deals, someone who knows the regulations and laws well and can manage the international requirements for this type of transactions efficiently.
Don’t rush into the decision.
Maybe I should have mentioned this earlier, but you shouldn’t rush the decision to buy a house abroad. I get it – you like the destination, the way people are relaxed and friendly, and the overall approach to life. But have you ever wondered will you be able to live there for more than a week or two? Before you decide to make this huge step, spend some time living there. Will you be able to cope with the amenities you have at your disposal? What are the upsides of the place? Should you be able to tolerate the downsides, as well? Think about it and make the decision that will bring real happiness to you.