Things to think about when buying property abroad
Buying a second home or a holiday home abroad is the thing of dreams for many Brits. With the attraction of year round sunshine and the ability to get away from it all at a moment’s notice, I can really see the appeal! In fact, it’s something I would love to do myself at some point in the future. But there are a few important things you need to think about.
Buying a house here at home in the UK is hard enough, there are all sorts of fees to pay and legal requirements to meet. But buying a property abroad is a whole different ball game. You really need to do your homework before you start to look at potential properties so that you don’t get hit with unexpected bills.
Use a reputable agency
No matter where you’re buying, you need to make sure you use a reputable estate agent. Do your research before you travel – spend some time looking at online customer reviews and browsing the website to see the types of property they have available. It’s always a good idea to use an agency that’s local to the area you’re looking to buy. For example, if you were seeking a property in or around Marbella, you would want to use an agency that specialises in Marbella real estate.
Taxes
Make sure you know exactly how much you will have to pay in taxes before you put in an offer on a property. Taxes in some countries can be really hefty so you need to make sure you know in advance how much extra money you’ll need to find. It’s also worth looking into the inheritance tax laws too – you don’t want your children to be hit by unexpected huge bills after you’ve gone. Take a look at the inheritance law Spain as an example.
Exchange rate changes
When you’re buying a property abroad, you need to pay close attention to the exchange rate and make sure you can cover the costs if the exchange rate changes. Even the smallest change could make a huge difference, so you need to be extremely vigilant here. It’s a good idea to have a financial buffer in place and avoid buying a property that sits right at the top end of your budget.
Understand the paperwork
Any paperwork is likely to be in the language of the country where you’re buying, this can be really problematic. It’s always a good idea to get a professional translation done and then get your paperwork checked over by a solicitor here in the UK. You can find solicitors that specialise in buying property abroad and they will be able to reassure you that everything is as it should be. Not doing this could cause all kinds of problems for you further down the line and is often a costly mistake!
Buying a property abroad really is a dream for many of us, and if you’re in the position to be able to do it then great! Just make sure you do your research to avoid any heartache further down the line. Seek professional help where necessary and don’t rush into anything without making sure you know exactly what you’re buying and how much it’s going to cost you!
*This is a collaborative post.
