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10 Home Purchase Abroad Tips For Success
Are you seeking your little corner of sun drenched heaven on earth? If you are you're certainly not alone! Many Northern Europeans, Americans and Canadians are looking overseas for investment real estate or for a holiday bolt hole and if you're considering buying a second home in the sun, a home from home abroad or an investment property overseas and you're in a hurry to get started, these top 10 home purchase abroad tips for success should set you off in the right direction. 1) Legal Advice Legal systems differ from country to country so never assume that you understand how exactly the entire house purchase process is going to work, and never expect things to necessarily go exactly your way! To be assured of the fact that your personal interests are being looked after and that you, your money and your property are 100% secure, legal and legitimate it's essential to seek independent legal representation in the country you're considering buying property in. This is especially true if you're buying property in a country where you do not speak the language. You will be putting your name, signature and bond to contracts and legally binding documents?and however pleasant and helpful the real estate agent or vendor are it's in your own best interests to make sure you have a local lawyer who's in your pay representing you at such times. 2) Build Times If you buy off plan or you're self-building or renovating abroad you need to factor contingency into your overall time planning. Weather, seasonal pressures, holidays, availability of essential building materials - the list of factors that can adversely affect the build time of a house is almost endless! Your builder may confidently assure you that your property will be completed by a given date, and yet, depending on where in the world you're buying your property, the completion date is likely to always be delayed! It's just 'one of those things'. 3) Setting a Realistic Budget Another factor, like time, that can often spiral a little out of control is the budget. Often we're told that we should add an extra 10 - 20% on to any purchase price for fees and taxes; that's all very well, but actually you have to factor extra money into your budget for things like visiting your second property abroad during and after the build phase, extras like light fittings, curtains, kitchen and bathroom upgrades, the application for and connection of vital services, removal costs and/or furniture purchase costs, satellite TV installation, air conditioning or heating installation, car rental. If you have a set budget limit it's important to sit down and work backwards including all the potential extras and fees and then see exactly how much is left for your property purchase. Don't be caught out and seduced by the sunshine, set budgetary limits before getting on the plane! 4) Ongoing Communication If you're buying a brand new property abroad - either off plan or during its build phase - make sure you have some way of keeping in touch with the developer or managing agent. Ask in advance about how often you will be kept up to date with progress, whether they can email or send you regular visual updates and what level of ongoing communication you can expect for them. Buying property is a very big commitment - financially and emotionally - it's important you're not left in the dark, sitting back home wondering how on earth your investment is coming along. Sort out your lines of communication before you sign on the dotted line and make sure you're entirely comfortable with how the process will work. 5) Overseeing & Managing If you self-build abroad or purchase to renovate you will need someone on site or in the vicinity of the property to oversee and manage the on-going build process. If you employ someone to take on the project management you need to be assured of their experience and credentials, you also need to comfortable with any language or cultural differences and that they will not affect the successful outcome of the project. Ask for references, ask to see other properties they have managed, ask to see qualifications. In terms of language and cultural differences you need to make sure your words will be understood and interpreted correctly, you also need to be sure that any instructions are passed on correctly to the builders. Employing the right project manager is a very important task! Get it right and the project should be a dream, get it wrong and the concept of 'stress' is one that you will become increasingly familiar with! 6) What You See Versus What You Get If you're buying off plan or remotely (e.g., from the comfort of your arm chair back home) you need written confirmation that what you see is what you get. All too often agents will show you the top of the range property and finish when your budget is going to buy you something slightly different. You need every detail confirming from the size and location of the plot, the size of the property with each room broken down, detailed floor plans with the location of windows, doors and integral items (from air conditioners to kitchens), the finish on doors, walls, floors, bathrooms, kitchens, external areas etc. And get some idea of the build quality. You might expect the quality to be on a par with what you have back home but you could be mistaken, what if there is no damp course or no cavity wall for example?! If possible visit other sites that the particular developer or builder has already completed to see the standards to which he builds to, and have all important site completion details written in to the contract with a clause stating you do not hand over final monies until you are 100% satisfied. Please don't assume anything! So many people get caught out because they don't ask the right questions at the right time. 7) Overseas Mortgages If possible have any mortgage agreed in principal before jetting off to find your dream home in the sun. You need to know exactly how much money you are going to have before making any form of commitment to buy - even if that is a verbal commitment. In some countries such a commitment is as legally binding as a final contract! Furthermore, make any real estate agent aware that you will be seeking a mortgage for the purchase of any property before setting out. Then, if you find a house you like make sure the purchase contract is conditional to you securing the finance you need. 8) Investment Potential If you're looking to buy investment property abroad make sure you research the property market of the country you're examining. Look at it from the points of view of stability, growth potential and the liquidity of the resale market - after all, it's all very well buying a property that then increases by 30% but what if you cannot then sell it? 9) Tax Find out about both the local and overseas taxation liabilities relating to foreign property purchase, rental, resale and gains. As taxation issues and liabilities change on a country by country basis you have to make sure you do your own detailed research but expect to face purchase tax in the country you're buying in, gains tax if you sell within a given period and profit from the sale, also expect to pay some form of income tax either 'back home' or in the country in which the property is located if you rent it out for an income. 10) Property Purchase via an Offshore Company The option to establish an offshore company for the purchase of real estate abroad is an option available to most people, but whether it is an appropriate course of action to take depends on many factors. Such factors include where in the world you wish to purchase, the value of the property and the laws relating to foreign ownership of real estate in that country. By using an offshore company to buy abroad an individual can sometimes avoid or reduce their taxation liability, avoid certain expenses and even laws. But the applicability of this option is something that can only be determined on an individual, case by case basis. Rhiannon Williamson is the publisher of http://www.shelteroffshore.com/ - the online resource for expatriates, international investors and those dreaming of a new life abroad. Shelter Offshore features three main channels - offshore investment, property investment abroad and overseas lifestyle.
MORE RESOURCES: Altadena’s rough real estate market: Slower sales, lower prices, lottery winner plucking up properties Los Angeles Times Real estate magazine reports Les Wexner as Blue Heron buyer The Martha's Vineyard Times Real estate expert warns socialist mayoral candidate could trigger massive NYC exodus - Fox Business Canadian psychologist Jordan Peterson sets up shop in the Valley, records show The Business Journals Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem - Crain's Detroit Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem Crain's Detroit Business ‘Taken advantage of’: Real estate agent ripped off friends, church, and federal government - WSOC TV Experts predicted Minnesota real estate agents would quit, 5 INVESTIGATES found a different reality 5 EYEWITNESS NEWS Office real estate wide open in Denver as vacancy rate hits 36 percent Colorado Public Radio Vail Valley real estate inventory is on the rise VailDaily.com NAR Real Estate Forecast Summit National Association of REALTORS® Real Estate Partners Dollar Tree Let's Talk Business: June residential real estate sales lagging, heritage grants and more Pueblo Chieftain A New Perspective: Here Comes the Groom | Real Estate Insights Piedmont Exedra Dawson County weekly real estate transactions, July 18 Central Nebraska Today Boston Real Estate Times Unveils 2025 Excellence Award Winners: Honoring the Visionaries Shaping New England’s Future Boston Real Estate Times State lawmaker joins Westport commercial real estate brokerage as vice president Hartford Business Journal Private Credit Surges in 2025 as Real Estate Developers Bypass Banks The World Property Journal Real estate news: Senior apartments in Tustin sell for $83M; Fullerton Metrocenter snares $118M Orange County Register 5 Essential Tech Tools for Real Estate Agents National Association of REALTORS® New York Housing Market Trends 2025: Is the Tide Turning for Buyers? Norada Real Estate Investments Today’s Mortgage Rates: The States Offering Lowest Rates – July 18, 2025 Norada Real Estate Investments Los Angeles Water & Power commits $100 to real estate debt Pensions & Investments Property management with an owner’s mindset J.P. Morgan Corcoran McEnearney Announces Evan Lacopo to Lead the Number One Real Estate Office in Alexandria, Virginia Alexandria Living Magazine Real Estate Market Report (June) highlandscurrent.org Licking County real estate transfers for June 30-July 4 range from $200,000-$14.6 million The Newark Advocate SRS Real Estate Partners Arranges $4.53 Million Ground Lease Sale of Walmart Property in Deltona, FL citybiz Banner Real Estate Group Breaks Ground on 334-Unit The Faywell Multifamily Development in The Heart MultifamilyBiz Bridgemarq Real Estate Services® Declares Dividend Yahoo Finance Moon Becomes Next Real Estate Frontier, NAR Reports Higher Foreign Investment In US Huntsville Business Journal CBRE Announces Strategic Leadership Appointments Across U.S. & Canada Advisory Business Boston Real Estate Times Gravelle advises on current real estate market in Grant County Columbia Basin Herald Mapletree Sells Sun Belt Warehouse Portfolio to EQT Real Estate for $241M Commercial Observer Operation Pawssible: Greenbrier Humane Society gets a boost from local real estate company Mountain Messenger GenesisM Breaks Ground on 154,000-Square-Foot Biomanufacturing Facility in Bedford, MA Boston Real Estate Times AGC MA Announces 5th Annual Building Advancement Externship to Bridge Educators with STEM Construction Careers Boston Real Estate Times What's the most expensive property sold in Rhode Island? July 18 real estate transactions The Providence Journal Frederick Ford, real estate executive and first Black Union League Club president, dies at 98 Chicago Tribune The Pipeline: Commercial real estate roundup for 7.18.25 Richmond BizSense Home Buyers: Stop Freaking Out After the Home Inspection National Association of REALTORS® LOCAL REAL ESTATE TODAY 7.18.25 KQEN News Radio Home Buyers May Have Accepted a New Norm on Rates National Association of REALTORS® Tips on spotting real estate investment opportunities and avoiding risks, from experts at GR Property Group Community Impact SRS Real Estate Negotiates $4.5 Million Sale of Walmart-Anchored Property in Metro Orlando Shopping Center Business Miami-Dade’s self-storage surge a boom for real estate IslanderNews.com Top Stocks for Real Estate Investment Elite AI Stock Forecasts - Massive wealth growth Jammu Links News July Economist Snapshot: What Will the Big Beautiful Bill Mean for Commercial Real Estate and Housing? Urban Land Magazine Hunt Companies Acquires Controlling Interest in Carter, Strengthening Real Estate Development Platform Business Wire Stage Point Europe Launches Its RWA Token $SPET, Setting it up as a Bridge Between Crypto and Real Estate Morningstar Vend Leans Into Verticalisation As Real Estate Revenue Grows 11% In Q2 onlinemarketplaces.com New plans unveiled for Water Street’s second phase Tampa Bay Times Is Apollo Commercial Real Estate Finance Inc. a good long term investment - Explosive market performance Jammu Links News Cary Grant’s widow has listed the estate they shared for $77.5M — featuring a complete overhaul New York Post Drake Real Estate Partners closes largest fund yet after pivoting to institutions Private Equity Real Estate | PERE Real Estate Transfers ~ June 25, 2025 The Bedford Citizen Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 - The Courier-Journal Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 The Courier-Journal Wood County Recorder reports on second quarter real estate activity BG Independent News CCI Real Estate Obtains $67M in Construction Financing for Mixed-Use Community at University of Georgia REBusinessOnline Real estate transfers: Lake Township condominium complex sells for $5.61 million - Canton Repository Manitowoc's real estate transfers include a sale of nearly $1 million to Riverside Dairy Herald Times Reporter |
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