Would you like to spend your golden years in a warm and sunny place? Are you dreaming about owning a home overseas where you could spend your vacation? There are so many benefits to purchasing a home overseas. On the other hand, buying a property abroad can be more challenging and complicated than buying a home in your own country.
It’s a whole new experience and you should know all the possible pitfalls and peculiarities of making this move. While you may consider buying property abroad, here are some useful tips for you to consider.
Do Your Research
The first professional advice is connected with your own research. This is one of the most significant aspects of your potential home purchase. So, it is essential to do your homework first so that you learn about various options you can choose from later. The more informed you are about the current market and what you are looking for, the more satisfaction and control you will have once you opt for the most suitable property.
Experts recommend buying a special notebook that will be dedicated to this life event. You may take notes and write down all the necessary information and useful tips you find from different sources. Not only will it help to structure the data and assist during the final decision-making process, but it will also your journal that can be referred to years later in case you will want to sell your property.
Options for Financing
There are several options for financing your purchase. Each of them has advantages and drawbacks depending on your current financial situation and what you are looking for. In case you are willing to get a mortgage from a foreign bank, you should be prepared for higher interest rates and large down payment. In some occasions, you will even have to purchase another life insurance policy so that if something goes wrong your mortgage will still be repaid.
For those who aren’t willing to deal with all these regulations and policies, there is an option to pay for the new house from your own pocket. A home equity line of credit may also be used as a source of financing. However, you need to take into consideration that if you fail to make regular payments, your primary home will be put on the line.
Consider the Value of the Property
Cost of living is another important aspect you should pay attention to before you make your final decision in favour of a particular company. If you opt for an area with a low cost of living and attractive location, you will only benefit from this purchase. On the other hand, buying a property in a place where transportation, food, and healthcare is more expensive than in your current place of living won’t make any sense. Spain, Portugal, and Italy are one of the most popular destinations for foreigners to purchase a property. However, the prices are far more expensive as the property market here is more established.
There are dozens of options for you to choose from. Yet, certain countries have more benefits when it comes to the cost of living. For instance, there are marvelous houses for sale on Cyprus where facilities, communications, and infrastructure has improved significantly over the past 10 years. This modern republic with plenty of sunshine in any season welcomes guests from various countries.
The process of purchasing a property here is similar to those in the UK. No matter where you come from, we advise you to use the services of a trustworthy solicitor who will assist you in this process and make it even smoother and faster.
Laws of Foreign Ownership
Apart from the above-mentioned countries for spending your golden years, you may want to choose a place which has certain restrictions on non-citizens willing to purchase a property. Some countries don’t allow owning a property if you are a citizen of a foreign country, while other countries may require certain residence permits. Experts advise turning to professional real estate attorneys in order to discuss the rules and laws of foreign ownership in a country of your choice.
To sum up, do your research and learn about your obligations as well as legal rights before you decide to buy a property overseas. Use the services of a real estate agent or solicitor to help you through this process and avoid any pitfalls. Make your new experience enjoyable!