8 points to consider when buying overseas properties

PUBLISHED: 00:00 19 February 2015

Buying overseas

Buying overseas

Archant

A dream holiday home, a retirement plan…or a nightmare waiting to happen? Buying overseas must be considered very carefully, says Adrian Hibbert.

We all know people who own property overseas, whether for purely personal use or as a holiday let. But buying abroad brings with it challenges we don’t face here – differing regulation, financial requirements and even cultural norms we simply aren’t aware of. Here are our eight top tips for making a successful choice.

1. Always view in person, not online. It sounds obvious, but we’ve heard of terrible mistakes being made.

2. Be cautious about buying ‘off-plan’. It’s unlikely you’ll be around enough to keep on top of progress, and there have been far too many fingers burned recently by developers going out of business leaving semi-complete properties and mountains of debt behind them. Consult a local lawyer and investigate the developer’s previous work.

3. Don’t assume you’ll see capital growth. Do your research. In areas with a lot of new buildings going up, supply may exceed demand for years and years to come.

4. Investigate mortgage options. You may be able to borrow overseas in the currency you’re purchasing in, but ensure you look into local financial regulations.

5. Build the cost of taxes into all your calculations. You will have to pay there as well as here.

6. Upfront deposits vary country to country, so check this before you make an offer.

7. Work with a local lawyer and ensure you have a will in both countries that details exactly what you want to happen to your property and assets.

8. If you’re thinking about buying as an investment, or to get an immediate return via holiday lets, consider not only your target market and how your property will appeal to them, but also investigate local regulations (regional as well as national), taxes and licensing.

Adrian Hibbert is the owner of Hibbert Homes, in Hale

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Living Edge visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Living Edge staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Living Edge account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Newsletter Sign Up

Living Edge regular newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy



Follow us on Twitter


Like us on Facebook

Local Business Directory

Manchester Property Search