Buying abroad - a beginner's guide
The number of people owning a property abroad has increased dramatically in the last few years. The main countries where people from the UK buy are Spain (27%) and France (20%), followed closely by Florida, Portugal and Italy. However, in recent years there has been a dramatic increase in the popularity of Cyprus, Greece, Bulgaria, Croatia and Turkey.
Article: The number of people owning a property abroad has increased dramatically in the last few years. The main countries where people from the UK buy are Spain (27%) and France (20%), followed closely by Florida, Portugal and Italy. However, in recent years there has been a dramatic increase in the popularity of Cyprus, Greece, Bulgaria, Croatia and Turkey.
It is easy to see the attraction of buying a property overseas. Whether you are thinking of the sunshine or the skiing, the local cuisine or the local culture, the beaches or the BBQs, before you hand in your notice at work and pack, you need to ask yourself a few basic questions.
There are obvious things to consider, like which country and which area of that country. You then need to ask if you are looking for a quiet inland place or a flat on the coast. Also, how long will you be there throughout the year - is it a permanent move or for renting out? These factors will influence decisions about accessibility (like the nearest airport or main road), the size of your outside space (who will tend your acres if you are not there?) and how close do you want to be to your neighbours (far away for a bit of peace and quiet, or close by for security reasons while you are away?). Think about what you (or your guests) will do when they are there - are there shops, bars, places to swim, walks, entertainment and restaurants nearby?
To locate your ideal home, the Internet is the best place to start (although, when abroad, remember to check the local free property papers as well). There are hundreds of possible websites to help you search; some are country specific, like www.french-property.com, whilst others, like www.homesabroad.uk.com or www.property-abroad.com, can help you search thousands of properties in dozens of countries.
If possible, it is always a good idea to set up your viewings from your UK base before you set off - this allows you to travel from one property to the next without wasting time and fuel. It is worth noting, as well, that you can save a huge amount of trouble (and money) when buying an overseas property simply by seeking out an expert to assist and advise you on the ground; try the services offered by companies like Unique Living or www.buyabroad.com.
You should be aware that the buying process is often very different from the UK, so your next move is to get expert legal and financial advice. Local estate agents are a good source of advice but check they are officially registered and hold a licence. To deal with the endless stream of rules and regulations that are inevitable when buying abroad, ensure you have a good lawyer who speaks English as well as the native language.
Also, ask friends and colleagues who have bought in the country you are exploring for their inside knowledge - for example, did you know that if you're buying in Spain you'll need to make out a will in Spanish before buying? Before you have decided on a property, it is also important to be fully aware of the costs involved. Again, your lawyer or solicitor can advise but make sure to check on all the financial implications - in some countries, for instance, you can inherit debts from a previous vendor.
For more information about buying abroad, contact the National Association of Estate Agents (NAEA - www.naea.co.uk). The NAEA can put you in touch with over 700 estate agents in the UK and abroad who specialise in international purchases. These agents follow a laid down code of practice in respect of the way they transact the sale, and will be able to direct you in the right way to go about buying a property abroad, advise on possible pitfalls and help you locate a your dream property.
About the Author
Unique Living specialise in the sale of luxury overseas property across the Costa Del Sol and Costa Brava in Spain, The Algarve, Estoril, Cascais, Silver Coast in Portugal Cyprus, French Riviera in France, Mallorca, Ibiza, The Caribbean and the USA. Permission is granted to publish this article electronically provided that a working hyperlink remains to our website.
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