Buying a new home is a thrilling and exhausting experience in and of itself, but buying a home abroad may raise the excitement, and definitely tiredness, level tenfold! That momentous occasion filled with happiness and bliss doesn’t need to be too far away. However, to make sure that you don’t burn yourself or your wallet out, here are a few things you should consider when looking for that perfect home across the waters:
1. Only Take Professional Advice
If real estate management is not your forte, definitely consider hiring a qualified professional to guide you along the way. Not only may they prove to be a good source of advice, having an estate agent with an excellent command of both English and the native language can reduce the stress, cultural barriers, and heavy flow of rules and regulations immensely. For example, did you know that places like Spain place the debt owed by a previous vendor onto your hands once you sign the contract? Having a skilled professional with a certified license may eliminate problems like the one illustrated above.
2. Legal Costs and Property Costs
Here’s a helpful hint: look into all the costs-that includes legal costs, handling costs, property costs, and much more. When you have a foot in each world, both your native bank and the foreign bank may require money, particularly when you’re still in this transitioning phase. That can really add up, so knowing what you’re in for and making sure that your finances are stable enough to handle what might turn out to be a rough ride can eliminate some headaches.
3. Be Skeptical and Do Your Homework
If you’re lured in by promises of great capital growth or rental yields, make sure that you’ve done enough research to understand what you’re getting into. If the property you’re looking at is offered at a rather low price, ask questions and be skeptical. Maybe the maintenance prices compensate for the low selling price. If you’re looking into not just buying but immigrating there as well, do the research and understand the pension, healthcare requirements, and taxes as early as possible.