With changing times, owning a home anywhere in the world is now a reality
instead of a distant dream. However, before you go in search of your dream home
abroad here are the important questions to ask yourself, and remember don’t buy
anything until you have satisfied yourself as to the answers.
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For what purpose do I want a foreign home?
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There could be a vast number of reasons why you would like to buy a property
abroad; however it is very important for you to clearly understand your reasons
before you begin your house hunt. You could broadly classify your need for the
property abroad into being
- A second home purely for holidays, a family home for family holidays
- Relocating to a new land to retire or starting a new life with your family
where you feel quality of life is better than UK
- A purely investment opportunity.
Based on your need there are some basic things you must think about
- Do you and your partner share interests and liking to the place
- Are you looking for relaxation, or stimulation
- Is good sunny weather overwhelmingly important?
- Would you be looking for a place to which you could eventually retire?
- Are you fanatical about a particular sport, interest or hobby?
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Would I actually want to go to the same place every year?
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If you are buying the property with a view of it being either a holiday home
for you and your family then it can only make economic sense if would want to
keep going back and back to the same place. The place has to hold a charm for
you which would make you want to return to it frequently. Keep in mind when
selecting the place
- a second home purely for holidays, a family home for family holidays
- relocating to a new land to retire or starting a new life with your family
where you feel quality of life is better than UK
- A purely investment opportunity.
- Once you have completely satisfied yourself as to the location having property
there will give you lot of advantages like cheaper holidays, a much relaxed
informal atmosphere and getting to know the true essence of another country.
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How much time, realistically, would I be able to/want to spend in my
second home each year?
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Bear in mind its an expensive purchase with continuous ongoing cost, so you
must think hard as to how much time you will be spending in the property to
justify the cost or you may want to look at other options than buying the
entire property yourself such as timeshare, renting. Also if the property is
part investment and part holiday home then the location has to be very
important so that it has rental opportunity as well as its located where you
would like to spend your holidays.
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How important is distance from my main home?
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With budget airlines travel to all over the world is now very affordable,
however some places could take just under 6hours to reach from UK and some as
long as 12-14hours if you take into account travel from door to door.
Longer destinations where flying is the only option may create problems if you
own a pet. Don't get influenced by cheaper airfare as they may not always be
available and you will have to plan much in advance if your holiday home is far
away.
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How important is it to be able to speak the language?
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Ability to speak the native language will depend on your main reason for
wanting the property. If you are to spend vast amount of time in the property
it would be highly advantageous to know the language as it will allow you to
integrate into the local area. It will help in building relations with your
neighbors and the locals. Knowing the local language is especially handy when
you need to renovate or have maintenance work done. You are definitely at a
distinct disadvantage if you don't speak the language. Your choice of
destination will most likely be influenced by the language you are fluent in….
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Who is likely to use the place?
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Again, the primary reason will determine who and how the property is used.
Based on same the size of the property abroad will be relevant if its to be
only an investment property then based on who the property is targeting will
determine its size. Similarly, is the property to be a place for just you and
your partner or will it be a place where you and your extended family can
get-together once in a while?
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Can I actually afford home abroad?
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The cost of affording a property abroad is much higher than just the price tag
of the property. There are other costs involved such as estate agents fees,
solicitors' fees, Insurance, local taxes, and other legal costs. Obtain
professional advice and check your finances, taking account of these additional
costs. Also bear in mind the day to day
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Making an offer
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Make your offer in writing if possible (of course, subject to contract), and
include not only the price, but also the amount of deposit, when you're
prepared to pay it, when you're prepared to complete, what you understand to be
included in the price (for example furniture and fittings if applicable) and,
an often neglected point, that all machinery equipment and installations are in
normal working order.
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Am I looking for an investment?
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Although properties are often cheaper in other countries than UK, the actual
costs tend to be much higher. The property prices also do not increase as high
as in UK. However, if you are thinking of this as purely investments do ensure
that you study the local market carefully. If you are planning to rent out the
property explore what local attractions are provided and how will it appeal to
your target market. How many months can you actually rent out the property?
Also, accessibility of the place is of paramount importance. Finally do look
how the place will develop in the coming years with respect to its economic,
social and cultural growth.
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Making an offer
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Make your offer in writing if possible (of course, subject to contract), and
include not only the price, but also the amount of deposit, when you're
prepared to pay it, when you're prepared to complete, what you understand to be
included in the price (for example furniture and fittings if applicable) and,
an often neglected point, that all machinery equipment and installations are in
normal working order.
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Professional advice
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Finally, use qualified professionals to protect your interests and make the
purchase of your new home a stress-free experience. Estate agents are a good
source of advice. Only negotiate with ones that are officially registered and
hold a license. Ensure you have a good lawyer with an excellent command of
English and the native tongue, to deal with the endless stream of rules and
regulations.
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