Buying a property overseas isn’t a process to be rushed and needs careful planning. You’ll need to research the property market within your new country and choose the right professionals to work with. Being prepared to spend money on good service providers will save you a lot of hassle later and potentially avoid expensive mistakes.
It’s worth taking a look at the AIPP Buying Overseas Property Safely Consumer Guide which contains a wealth of information but remember to take your time and follow these tips, then there will be no reason why you’ll be taking any more risk buying overseas than you do at home.
There are often few, if any, guarantees when buying property, whether at home or overseas so no matter what anybody tells you, no matter how easy it all seems and no matter how lovely the agent seems, always use an independent lawyer to represent you throughout the purchase of your property overseas.
Calculate your finances and make sure you clearly figure out your budget before you start looking at properties – this should include at least a provisional mortgage offer if you’re borrowing money.
If borrowing money, your repayments will most likely take place over several years and your quoted lending criteria and borrowing costs may change so always discuss the long term repayment with a financial specialist before proceeding.
Consider fluctuating exchange rate movements. When you start looking, £150 may buy you a certain type of property but a 15% drop in the value of the pound against your new currency, for example, may then put that property out of your budget. If you’ve already signed contracts to buy, this could cause you a problem so again, speak to specialists in this area and secure your rate of exchange as early as possible.
When talking to agents about a purchase, always ask lots of questions and investigate details on the founders as well as the track record of the property company you might be working with. Always ask for client testimonials and make sure you find out in detail exactly what service they offer. Don’t just take their word for it; ask for details on their service in writing, preferably in the form of some type of ‘Terms of Business’.
In recent times, many people have started buying property overseas as an investment. If this might interest you, bear in mind that big returns may come with significant risks so be careful to assess the possible downsides to an investment property as well as the enticing investment numbers that could be achieved if all goes according to plan.
PSS International Removals has partnered with a number of companies worldwide who are able to offer a large selection of properties both for sale and to rent. Many will have offices based in the destination you are migrating to, allowing for a high level of personalised service either on arrival or before.
With websites that showcase around 25 million properties, we are confident that you will find many properties that meet your requirements as well as partners who are also able to assist you with services including mortgages, credit repair and home improvement. Enquire now.