Buying property overseas is not something the average person can do, and as it currently stands less than 100,000 in the UK currently own an overseas property. However, this doesn’t mean it is impossible. You just need to take a lot into consideration and do your proper research before you purchase a property abroad. If this is something you want to do, follow along for our advice on what you need to know before buying a property abroad.
How To Find The Right Property
There are many ways in which you can find the right property overseas and these methods will vary depending on where in the world you are choosing to buy. Your best bet will be to start with a generic search on the internet, and from there, you can begin to narrow it down to your chosen location. If, however, you happen to be visiting your country of choice on holiday, then it could be beneficial to visit local estate agents and have a discussion with them.
The local estate agents will be able to give you a more in-depth insight into the area as it is their job to be experts in the local housing market. Having said this, you must remember that it is also their job to sell you a house, so while they may give great advice, always do your own research as well.
Work With A Budget
As with buying any property, you need to ensure that you work within a budget. A sensible budget can prevent you from making rash decisions as it provides you with a clear structure of the type of property you can afford. When creating a budget, there are several things you need to factor in. Firstly, you need to work out how much you can put down as a deposit for a house.
Deposit prices will vary depending on whereabouts you are looking within a country so take the time to research different cities and see where you can get the best deal. The next thing you need to consider is how much you can afford in terms of monthly repayments. You can then work out how much money you have to spend on your new property.
Your Intentions For The Property
Another thing you need to consider when buying a property abroad is what you intend to use the property for. The two main options for buying a property abroad are either a second home or an investment opportunity. If you want the property solely for your own use as a second home, then you should take the extra time to find a suitable place for all of your needs. This can take some time so have a little patience and be willing to wait for your perfect home, instead of jumping at the first opportunity.
If you are buying the property as an investment opportunity, you don’t necessarily have to be as selective as it won’t be you living there, so it doesn’t need to meet all of your style requirements. You may want to find somewhere that is spacious enough so you can rent it out to big groups as this will generate you more profit in the long run. Perhaps look at the reviews of local villas or Airbnb properties and see what the main amenities tourists are looking for in an accommodation. If you’re looking for a space that you can rent out and use as a second home, then consider a luxury resort that will be attractive for holidaymakers and be fun for you and your family too. For example, Rumah Untuk Disewa is an attractive region that is great for tourists, and you can enjoy it for part of the year if you so desire. Companies like PropertyGuru offer a range of apartments and condos that will suit any need, so you can find the perfect option for you.
Embracing The Culture
It goes without saying, but when you are considering buying a property overseas, you need to be willing and prepared to embrace the local culture. As a foreigner, you cannot expect the same things as your home country, so you need to be open-minded and get stuck in with the local culture. Whether you are buying property as an investment or buying it for place to live, it would be a good idea to learn some language basics beforehand. Not only will it help you get around once you arrive, but it will show respect, and locals will appreciate your efforts.
Having a handful of words and phrases at the ready will make it a lot easier to settle in a new country and it can also be a great way to make new friends. Additionally, another easy way to embrace local culture is by eating the local cuisine. Food plays a huge role in most cultures, and it is also a powerful way to bond and socialise with other people. When going out to eat during the day, be sure to visit the local family restaurants as you will get an authentic experience, and you will also be supporting a small business.