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Dream Homes Abroad: A Guide to Buying Overseas
With the fluctuating state of the property market today in the UK, it is not surprising many of us are following our dream and buy a house abroad.
Thousands of buyers are trading in the gray skies and interest rates to paralyze the life of luxury in the sparkling coastline, where market prices and living costs are still low enough for buyers to make further budget his dream a reality.
The National Association of Realtors list of Spain and France as the most popular places for shoppers in the UK, countries, but in recent years a thriving tourism economy and the potential for continued growth that has seen Morocco, Egypt, Turkey, Greece and Bulgaria access points were sought.
Overseas property can be very lucrative investment, with some off plan developments and apartments excellent yields return Hire a second income potential.
For those just looking for a sun-drenched base for family holidays, there is no further option.
You could have a house in a scenic mountain resort of Bulgaria, a luxury apartment on the stunning island of Crete or a seaside villa in one of the complexes Spain's leading golf – for less than the price of study in the UK.
However, buying abroad can be an extremely daunting, so it is important to have a clear idea of what you want out of your purchase.
The NAEA advises buyers to be realistic with finances and stick to a budget established.
Take into consideration all the extras not seen as notary fees, annual fees, maintenance, notary fees, local taxes, land registration costs and fluctuating exchange rates, which could affect reimbursement.
Each country has a different set of legislation and possible legal problems that could affect their investment, so it is important to do your homework.
In Spain, for example, buyers have to a will in Spanish before they are able to buy, while French property owners have to pay two local property taxes, whether you are a permanent resident or not.
A reputable agent can help navigate the process. For peace of mind and a stress-free undertaking, it is worth using an organization that is registered in the Federation of Overseas Property Developers, agents and consultants.
This provides additional protection buyers disreputable companies because all members have their credentials reviewed FOPDAC before being allowed to join – especially important if you is seeking a local agent for sublease on your behalf.
If you have set your heart on a property in a country outside the EU, the NAEA advised to check that the agent belongs to the International Association of Realtors.
Certainly there is much to consider when buying abroad, but do not let you down pursue your dreams.
If you use a trusted agent and exercise the same caution and care as you would in buying a property in the UK, you must have trouble-free operation and a second house that could pay dividends – whether for profit or total relaxation!
About the Author
The Overseas Property Market place is all a buzz these days, especially now that the UK house market has taken such a knock. Many are now thinking that that pipe dream of a home abroad is maybe, well, not a pipe dream after all and that an overseas property investment might just be a really cracking idea. So muse away, and if you think that maybe it is a good idea after all, check out the Our Home Abroad website at www.ourhomeabroad.com