How many times have you dreamt of winning the lottery and moving to a hotter country? Buying a house abroad doesn't have to involve millions of pounds and it can be a great investment - whether you use the house to rent out for extra income and as your holiday home, or if you intend to retire there.Top overseas property searches:
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When deciding on your perfect location, have a good think about what you prefer - towns, countryside, beaches, mountains. Check out where the nearest shops and attractions are - especially if it will be a rental property. How convenient is it to reach from the airport, what's the electricity supply like? You'll have to visit the area to get a good idea of it. The most important thing about buying property abroad is to a lot of detective work. If you were buying a hous in the UK you would want to find out as much as you can before doing so. The same applies even more so for a foreign investment. Speak to estate agents and property developers, check out online forums for advice.
It is possible to buy an overseas property with a mortgage of up to 75-80 percent of the property's value. You can do this through a UK mortgage broker or with a bank in the country that your house is located in. If you plan to rent the property and would be paid rent in another currency it might be best to take out the mortgage in the same currency - this can also be useful if the exchange rates are favourable. When planning your finances to buy an overseas property, bear in mind there are other fees you'll have to pay: notaries, estate agents, solicitors and taxes. Do your homework before making any offers!
There's a lot of legal work involved with buying abroad, and foreign laws can be confusing and frustrating so make sure you seek appropriate advice. For example, if you buy in Spain and decide to live there for more than six months, you'll need to apply for a 'residencia' to become a resident. Doing this can be advantageous as you'll pay lower taxes. Make sure when the contracts are drawn up you read them carefully - and that you can understand the language!
If owning a home abroad is your dream, remember that it's not a simple process but it is definitely achievable. Do you own a foreign property or are you planning to buy one? Leave a comment and tell us what you think.