When moving abroad, finding a suitable place to live should be high on your priority list. If you are planning to move abroad permanently and have the financial means, it can be a good idea to buy a property abroad as soon as possible. This can give you security and will help you feel more settled.
Recently, we have shared some tips for
Renting A Property Abroad and we hope that you’ll find our tips for buying a property abroad just as useful.
1. Do Your Research
Doing enough research on your chosen country’s property market and deciding what you are looking for exactly are the first crucial steps. Buying a property abroad will take more time than buying a new home in the UK, and you should always remain patient and prepared to find out as much as you can before actually signing the contract.
- Find out more about your chosen country and its property market using the internet and online forums.
- Visit the country and check out potential locations. If you have the time, it could be useful to first rent a property in the area for a few months to decide if you really want to live there.
- Find the most suitable location.
- Get advice from friends and expats already living in the country.
2. Get Specialist Advice
If you have easy access to reliable specialist knowledge, you’ll experience fewer overall problems. Finding a professional estate agent and getting independent legal advice throughout the buying process can make a real difference. By avoiding potential problems this way, you can also lower your costs and have the peace of mind that the buying process is in good hands.
- Choose a qualified and professional estate agent, either one based in the UK that specialises in international properties or a reliable agency abroad.
- Make sure that your estate agent has a good knowledge of the local property market.
- Get an independent lawyer, who is fluent in English and the native tongue and who has a good understanding of local rules and regulations.
3. Find A Suitable Location
Taking the time to choose the most suitable location is crucial, especially if you are planning to live in your new property permanently and if you don’t know your destination country that well.
- Focus on deciding which city, town or region you want to live in.
- Decide the type of property you need – the number of rooms, if you need a garden or parking space for your car or a balcony for example.
- Think about how close you want to be to local shops, bars, restaurants, and if you want to live in the city centre.
- If you are moving to a larger city, it is crucial to explore the various neighbourhoods and districts, which can differ significantly even within one city.
- Find out if there are local facilities, such as hospitals, schools, public transport or sports facilities in your neighbourhood.
4. Arrange Finances & Calculate Costs
Keeping your financial situation stable throughout the buying process and for the future, especially if you are moving abroad simultaneously, is an essential step. Get professional advice and research and calculate all potential costs involved.
- If you require a mortgage abroad, start arranging this as early as possible.
- Set up a bank account in your destination country before you start looking for a property.
- Beware of exchange rate fluctuations. Even small changes in the exchange rates can make a big difference in the price of a property and your mortgage payments. It is thus often recommended to get advice from a specialist currency broker.
- If you are retiring or expect to get any other benefits from the UK while living abroad, make sure that you will receive the full amounts in your destination country.
- Make sure that you have a contingency fund that you can use to cover unforeseen expenses.
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