The
currently low property prices in many a popular location may tempt more than
one expat into buying real estate in another country. However, such a big
investment deserves to be well and thoroughly planned. To support you in this
grand endeavor, InterNations has in the following collected some general pieces
of advice regarding property purchases abroad, as well as an overview over what
kind of reception you as a foreign buyer might encounter in different
countries.
Get Professional, Legal Help
One
could say that rule number one for buying property in another country is to get
professional legal assistance. Having the advice of somebody who knows their
way around the laws of both countries and speaks the local as well as your
language is invaluable. Such a legal representative can make sure that
everything is done right in regards to planning consent and license, property
title, owner registration and every other legal matter that might crop up. When
choosing your solicitor, you would do best not to follow any recommendations
made by the person or company selling the real estate, for they will obviously
have their own interest in mind.
Similarly,
to minimize the chances of your being scammed, better use the services of
professional real estate agencies during your search for a new home or only buy
from reputable developers. With an independent property valuation you can also
make sure that everything is in order with your future home. And last but not
least, if you aren’t already fluent in your chosen country’s language, you
should also have all relevant documents professionally translated.
Keep an Eye on Market Trends and Do Not Rush
Before
choosing an apartment or house, you will of course have to pick a location
first. Take a close look at local real estate markets and their recent
development. Check how property prices have changed in the last few months or
years and what experts predict for the future. Furthermore, compare prices with
the local disposable income or local rents to get a feeling on whether properties
generally tend to be under- or overvalued in that area.
Also
keep the reason for your purchase in mind. Market trends will be extremely
important for those who buy to invest and plan to rent out or resell in the
near future. Others who are simply looking for a permanent place of residence
overseas typically worry less about developments in the far future and more
about where prices are at now. Whatever your reason for wanting to join the
ranks of international homeowners, do not rush or let yourself be rushed into
any decisions.
