Buying Property Overseas

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Buying Property Overseas

Have you ever been on a holiday abroad and dreamed of staying there for the rest of your life? And, after a quick look around at the local property prices, found that your determination to abandon the high prices and gloomy weather of Britain becomes even greater? You are not alone! A recent survey has shown that over 50% of people in Britain are keen to find an idyllic retreat in the sun which they can use for extended holidays or move to permanently. And this dream can become a reality.

Property prices in many countries are much lower than in Britain and renting out your home when you are not using it may not only help to cover the costs of buying and running your holiday home but may also make you a profit.

 

However, before you start packing, do your homework because other countries have different laws, procedures and legislation for buying property which may affect ownership and cost. For example, local taxes, legal and land registry fees and VAT can add up to 15% to the cost of an overseas property and so you must remember to add this to the purchase price.

And, the impression you get of a country when you are on holiday may change when you try and live there. You need to find out:

• What is it like in the winter?
• What are the living costs (for example, local rates and service charges such as electricity)?
• How easy is it to find and hire tradesmen?
• How welcome are foreigners?

The only way to answer these questions is to visit your chosen country as much as you can (in all seasons), read as much as you can, talk to the locals and, if necessary, start learning the local language asap.

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