Five Tips for
Buying a Vacation Home Overseas
The dream of owning a vacation home in some
sun-drenched overseas location is one the majority of us share. As real estate proves itself time and
again as a solid long term investment commodity, many more people are committing to purchasing real estate
abroad as an investment that they and their family can also enjoy and benefit from.
Even when a crisis affects real estate prices
in many countries, such as the one that started in 2008, you will always find countries and places abroad
where buying a vacation home is still a profitable investment.
When buying a vacation home abroad there are a number of key
considerations to bear in mind to avoid some of the traps and pitfalls sometimes associated with buying long
distance and in an unfamiliar country. With these 5 tips for overseas vacation home buying success you can quickly
cut a swathe through the research process and move towards securing the dream swiftly and
|Buying vacation home for your family can be a
profitable investment if you follow some basic tips (Image by
1. Learn the Rules and
Different countries have different rules relating to the right
or otherwise of foreign citizens to own the freehold title to immovable property. Some widely publicised
destinations don't allow foreigners to directly own the land on which their property sits (Bulgaria) or more than
one property (Cyprus) for example.
Other countries are less economically or politically stable
than your own which can mean that real estate related rules and regulations may change in the future. Make sure
you're comfortable with the workings of the country you're considering buying a vacation home in, and if in doubt
seek professional advice about that country and the ambitions you hold for owning a holiday home in
2. Good Investment/Bad
If you're buying a vacation home with a hope that it will go up
in value and be not only a family retreat but a great asset, know that real estate, just like any investment
commodity, can go down in value as well as up. The 2008-2010 current real estate crisis clearly demonstrates that.
Furthermore not all countries have a real estate economy the same as the one in your own country – a little
research would be wise into the historic nature of the property market in your country of choice as well as
predictions for its future. While such data is not a direct indication of how well your investment will perform it
will arm you with more data to hopefully make your decisions easier.
3. Title Deeds and
Legal systems and the title deed registration process differ
from country to country. Therefore know your legal rights and try and find out about the essential searches,
surveys and title deed checks that need to be conducted before you should commit to buying your overseas vacation
home. Never enter into any form of contractual agreement without the direct assistance of an independent lawyer and
never accept someone's word that a vacation home has its permissions and title deeds valid and up to date. Insist
on seeing and checking all important facts and data before signing on the dotted line. Make sure the title deed for
your new vacation home is clear.
|Title deeds registration process can vary from
country to country, so do your deed checks before you commit to purchase (Image by
4. Accessibility and
If you're thinking about making an income from your vacation
home or even hoping to holiday in it yourself regularly, one of the most important factors to bear in mind is the
accessibility or otherwise of your vacation home. If your real estate is difficult to reach, with many miles to
traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity
over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination
and home should be easy and affordable to reach.
Consider enlisting the help of a reputable real estate agent,
an independent lawyer and if you want to make money from your vacation home, a property management service. Such
professionals can save you time, effort and money and they can make the whole process of buying and owning a
vacation home that much simpler. Make sure you take references, examine credentials and see qualifications before
employing anyone to assist you however, and if at all possible seek recommendations because anyone who does a good
job will always get good press!
Take into considerations the above 5 useful tips before buying
a vacation home abroad and you will be well on your way and you can look forward to many years of good vacations
and a solid long-term property investment.