Investing in property abroad is a big step that you’ll want to be well-prepared for. Many television shows have followed the disappointment of couples who have had building work stopped or postponed, builders going bust and properties that have turned into nightmare money pits. It doesn’t have to be like this, if you follow some simple rules:
- Play it safe with location
You might have heard that a certain area is going to be the ‘next big thing’ and be drawn in by the cheap deals on offer but it’s far safer to look for property in a well-established neighbourhood. This is especially important for first time investors. You’ll be more likely to receive a more favourable response from your mortgage lender as well by choosing a property in a safe neighbourhood with a proven market.
- Know the rules
If the purpose of investing in property abroad is to rent it out for the months you’re not using it, then make sure you understand the legalities before signing the contract. The laws in different regions and countries can be considerably different so to avoid a situation where things don’t work out how you envisaged them, get legally savvy before you buy.
- Clear Titles
Make sure the current of the property owner does indeed have the title deeds and is in a position to sell. Your solicitor will be in a position to check these details for you. Also, when purchasing a brand-new property, make sure your solicitor checks that title deeds do actually exist, as this has happened to some people when buying abroad.
- Written Record
It’s too easy for information to be lost, miscommunicated or misinterpreted when emails and phone calls are flying backwards and forwards. This is more so the case when you’re dealing with a foreign language. It’s important to get everything down in writing. Keeping a detailed record of all correspondence is also a good habit to get into.
- Find a local lawyer
Having a lawyer in the country where your desired property is located is also a good idea. They will have extensive, professional knowledge of the local area and law. Many UK companies will have overseas specialists and an in-depth knowledge of UK law too. You’ll also be able to converse in English to make communication easier. To learn more about Property for sale in France, Find properties in France for sale with http://www.frenchpropertysearch.com/
- Understand taxes and exchange rates
Each country has its own rules and regulations surrounding taxes and you’ll want to understand these before buying a property. You might want to consider hiring a tax advisor to see how an overseas home might affect your tax obligations in the UK. Another good step is to use a specialist in currency transfer to find you the best and most cost-effective way of moving money and getting the best rates.