THE RISKS INVOLVED IN AN OVERSEAS PROPERTY PURCHASE
One of the most common mistakes that buyers, especially first time buyers, of an overseas property is thinking that the legal processes are identical to that of in their own country. When buying property abroad it is important to research the legal differences in order to make sure you are aware of all the legal requirements when buying a property. Each country differs with what is required so seek advice from an independent solicitor that specialises in the property law for the country or countries you are looking at investing. If you need help finding such a solicitor, you could contact the AIPP (Association of International Property Professionals) or speak with your agent who will be able to point you in the right direction.
Over-stretching on budget
You look at your finances, you set yourself a budget and you begin looking for properties that seem suited, you may even be tempted to increase your budget a little because you see a property that is just ‘perfect’ for you, or is maybe a little bit larger, has the walk in wardrobe you have always wanted – whatever the reason; you may decide to extend the budget, after all it isn’t that much more… STOP!
Have you considered the additional costs? Thing such as:
- Legal Fees
- Property and contents insurance
- Maintenance fees
- Furnishing the property
- Borrowing? How about repayment figures and interest rates?
- Currency Fluctuations
Buying a property before you have seen it
Now to many of you, this may sound obvious, but there are surprising number of people who purchase a property overseas without ever going to see the property first, they may have never even been to the country where they are buying. This is certainly not advised. Travelling to the country to see the property brings so many more advantages than just actually getting to see what you are buying, things such as really getting a feel for the location, the views, the culture, the distance from the airport and amenities and much more. We provide you with the option of going on a viewing trip with Rivermead Global, you can read about this on our website, or please get in touch and we can discuss in more details with you and answer any questions you may have.
Have a question? Ask Us… We are here to help
If you have any questions about purchasing a property overseas, or you already own a property and have questions about any issues you may be having then please just get in touch with us and we will do our best to help. If we can’t help then we will be able to point you in the right direction. You may also wish to check out the Association of International Property Professionals www.aipp.co.uk