Looking to move abroad and buy a property? Or perhaps you’re thinking of buying a property overseas to use as a holiday home – either to use personally or rent out to other holidaymakers? Buying a property abroad can be a very different process to buying a property locally. Here are some of the big things to consider.
Do your research online
The internet is a great tool for doing research when buying a property abroad. Not only can you check out properties on listing sites, but you can read guides to understand the local property market.
For example, if you’re looking for property for sale in Dubai, there are sites that can help you understand the types of properties available and the best areas to help you make the right decision.
Make sure that you understand all of the costs of buying a property abroad. Some countries may have different taxes to consider that you may have to pay during the buying process or on an ongoing basis each month.
Apply for an overseas mortgage
A lot of local mortgage lenders won’t be willing to lend you money for a property abroad. Instead, you’ll need to look for a lender that is based in the country that you plan to buy in.
You may be able to apply through a local international bank – some banks have outlets in many countries and can help you apply for foreign mortgages. Alternatively, you may have to look online for overseas lenders. An overseas mortgage broker may be able to help you find the best deal and help you file your application.
While properties abroad could be a lot cheaper than local properties in some cases, you should be wary of the fact that you may end up paying much higher interest fees. You should also be careful of fluctuating currency rates.
Weigh up a virtual vs in-person viewing
A virtual viewing involves viewing properties via video call. Many estate agents will offer this – it could allow you to view multiple properties abroad in your own time without having to travel overseas and view them in person.
Of course, some people prefer to view a property in person to get a true feel for it. After all, an agent can easily control what you see when you do a virtual viewing, and there could be certain elements like smells that you cannot experience through a virtual viewing. When moving abroad, this is why some people plan to temporarily rent somewhere out for a few weeks or months first so that they can look for a property in person.
Know when to hire a translator/interpreter
If the country you plan to buy in speaks a different language, and you’re not fluent in that language, you may want to consider hiring translators or interpreters to help you with the buying process.
Translators can help with foreign documents like contracts to help ensure that you are happy with the terms. Interpreters typically help translate speech and may be able to help accompany you to viewings and talk to mortgage lenders with you. You can look for these services online.
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