If you are blessed enough to have some spare money laying around, you might be considering investing it in property abroad. Perhaps you have always fantasized about having your very own vacation villa or cottage abroad? Or, maybe it’s a new dream? Either way, before you rush into buying a vacation home abroad, take the time to read this guide.
While having a holiday home of your own abroad is a great investment to make, it’s important that you think things through carefully. You don’t want to rush into buying a property and end up regretting it, do you?
Before you invest in property abroad, take the time to think things through properly and do the adequate research. If you want to choose the perfect property and invest your money wisely, this is crucial.
Decide what you want the property for: Ask yourself the reason you are investing in property. Is it so that you and your family have somewhere to holiday abroad? Or, is it so that you can rent it out to tourists and make some extra money?
Determining what you want the property for is important, as this will affect the type of property that you buy. For instance, if you are investing in property abroad to rent out, it’s best to look at properties that are located in or near the main towns. Whereas, if you are looking for a property for you to holiday in, you can select a house that is located anywhere.
Be careful about exchange rates: Don’t lose money by failing to take note of exchange rates, spend some time getting to grips with how the rate of exchange will affect you. For example, if you are looking to buy in Spain, make sure to take note of the difference in the exchange rate.
Instead of going through a high street bank, it’s a good idea to consider going through a specialist money company. You see, unlike most high street banks, these specialist exchange companies will be able to give you a better rate of exchange.
Opt for an English-speaking realtor: When you travel to the country that you are looking to buy property in, make sure to opt for an English-speaking realtor. Unless you speak the language, there is no point going to view properties with a realtor who you can’t understand. You won’t be able to ask the questions that you want to or get the info that you need if you can’t understand the realtor.
To ensure that you get an English-speaking realtor, contact the real estate company beforehand. Explain to them that you only want to view properties if you can have an English-speaking advisor present.
The key to buying property abroad is doing lots of research. Yes, having your own holiday home abroad is exciting, but you need to take the time to think things through. It’s crucial that you take things slowly and only view properties with an English-speaking realtor.
Photo by Ivanna Salgado
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