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While the idea of spending endless summers lounging around a pool in a gorgeous villa is appealing, a lot of time and care needs to be taken before you take the plunge and invest in a property abroad
Buying a home in the UK is hard enough these days, so factor in the language barrier, currency exchange, potential visa or resident issues and a lack of knowledge regarding foreign markets and interest rates and you’ll begin to understand why an investment in overseas property can be somewhat tricky. Before you pack your suitcase and make a rash decision, read on to find out what you should consider before you commit to purchasing a property abroad.
The property’s rental potential
When the summer is over and it’s time to head back to dreary old Britain, your holiday home will be left empty. Rather than leaving it unoccupied, it’s worth considering the prospect of renting it out during the months you won’t be staying there.
If you do choose to rent your property out, it’s worth giving some thought to these additional concerns. Firstly, does the location you are choosing benefit from dual-seasonality? If your place can be used both in the summer and winter months it will be a much better investment. You will also need to check out the local rental laws as you could be caught out if you are required to license the premises or collect tourist tax. It may also affect the kind of mortgage you have and will have implications on your own personal tax and the cost of insurance.
The market that you are entering into
While you may be well-versed in the property market in the UK, chances are you don’t know much about the day-to-day realities of the market in foreign countries. If you’re planning on buying abroad, it’s imperative that you become familiar with the property market in your country of choice. Be sure to keep up to date with interest rates and the volume of sales occurring as this will give you a clear indication of when and where the best place to buy is.
How much expert advice you will need
When dealing with a large investment like buying a property, it’s no good trying to do it on your own. Accept that you will need to seek help from people who know what they’re talking about. Contracts may be written in different languages which could make it difficult for you to decipher what you’re getting yourself into. Under no circumstances should you sign something that you don’t understand, so a translator will need to be present before you put pen to paper.
Here at EU Property Solutions, our team of highly-trained, knowledgeable staff is always on hand to answer any questions that you may have about property abroad. We can assist with seeking finance and help you overcome language barriers with foreign lenders.