7 Tips for How to Buy Property Abroad

7 Tips on How to Buy Property AbroadCanadians are buying more and more property abroad.  When handled well, there are opportunities to find a dream second home or make a savvy property investment at a great price. Here are 7 useful tips on how to buy property abroad to help you succeed in finding your dream vacation home.

1. Research the market thoroughly.

Real estate agents, private vendors or those selling apartment blocks or villa developments will of course portray the market in the best possible light.

Ask people who live in the area. Even restaurant owners and retailers will give you valuable insights into the local economy, whether property values are stable or have experienced recent increases or falls.

Read up on property values online and in specialist property publications and consider the risks and opportunities for the local and national economy.

2. Gain local knowledge.

Ask locals about the house or apartment block you intend to buy for useful background information

Try to find out as much as possible about what it’s like to live in the area throughout the year. What is the climate? Are any quiet periods when businesses shut down? Are there any risks from government building projects or any environmental risks such as hurricanes that you need to consider? What other building plans are there for the area?

3. Location, location, location.

Look for properties with good amenities and connections to airports, train stations and major cities and visitor attractions. If you’re planning to make regular trips back and forth you will need a good and reasonably priced local airport with regular flights. You’ll also need your property to be near enough that you don’t spend the whole weekend getting there.

4. Know the rules.

Understand local planning and building regulations and the laws of ownership which can vary significantly. There have been cases in some countries where the local government granted planning permission for the construction of holiday homes which were then revoked by the national government.

5. Get a good lawyer.

Employ a good local lawyer who can explain any technicalities. Seek recommendations where possible. If you do not know of anyone, look for an efficiently run practice where the lawyers can cite examples of larger clients than you that place regular business.

6. Plan for renting your property.

If you intend to rent out your property, find out likely rental incomes and learn the local laws. Draw up a professional tenancy agreement using a local lawyer or rentals specialist. Your property may need to undergo safety tests and you may also need to pay tax on any rental income.

7. Invest intelligently.

Consider the impact of any currency fluctuations and ensure that you buy your property as part of a balanced investment portfolio.

Ask yourself questions such as, “If the currency and value of my second home abroad were to crash, could I ride out this period simply enjoying the property itself, or would this have a detrimental effect on my finances?”

These tips should help you to avoid some common pitfalls and make a great property investment. Good luck and happy hunting!

If you’re planning to sell your home and invest in property abroad, visit DuProprio.com today!

Author Bio:

Zoë Buckingham is a freelance writer who has traveled extensively and lived in London, France and Switzerland. She writes for fineandcountry.es.

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