Buying Property Abroad
Do not close the deal right away after
If you buy property abroad or are
intent on investing large amounts of money,
do not expect an easy ride if you have not done your
homework. Remember when buying property abroad, no matter your contry of choice anywhere on the
planet, you need to remind your self of the
well known real estate adage - location
The importance of property location
How many times have we all heard this, but it is a fact that is
overlooked when looking for a prime location to buy property abroad? To get the best deal - the best buy - the best
location is to have the best knowledge. Do not make any rash decisions before consulting with an expert in this
Laws in real estate differ from country to
country, but the number one rule to adhere to is not
to close a deal right away after your first viewing. Do a little research behind the scenes of your chosen prime
location. Take notes, photographs and an interpreter
with you if you are dealing with a non-English speaking country.
|No matter what country you
choose to buy a property abroad, you should always consider location, as one of the key
importance - Pixabay.com
Do your due
No matter how much you have your heart set on
buying a property abroad,
do not rush into anything you may regret at a later date.
Some unfortunate people have lost their life savings through dodgy deals.
When viewing a property abroad, bring along your
notes and fire all your questions at the estate agent. Don`t leave a stone unturned - it's your
money. An independent advisor is good to have with
you when attending appointments. Chat with the locals who can provide you with any intimate details that you need
to know of.
Do not rush your
If time is not an issue then double back and visit the area 2/3
times this can tell you a lot about the goings on at different times of the day or year. For example, Winter months
could turn your chosen area into an isolated place. You have to be prepared to deal with this, especially if your
choose a country that only has seasonal activities.
Take your time with any venture as big as this - view as many
properties as you can this will help build up your knowledge of the present market values in the area. Do not cut
corners as you may end up losing more than you bargained for.
Work with a good
All legal issues should be left in the hands of a good
Solicitor. If you have appointed a good a solicitor
then all transactions will be dealt with by an experienced master in the field of legality. By doing this you now
have a guarantee that the local legal needs are
Other requirements your solicitor will see to is to make sure
the property is registered solely in the vendor`s name. He also has to make sure that no hidden clauses
lurk; like it is free of any mortgages, encumbrances, charges, debts or other liabilities.
Do not finalize any agreements with any other; have necessary
paperwork sent to your solicitor. Let them negotiate and discuss matters with the seller`s