What You Need to Know About Buying Overseas Property

By on October 22, 2013

Thanks to technology and global economic policies, it feels like the world is getting smaller and smaller. People are more open to moving abroad today than in past decades. There are many factors that lead to the increase of people considering making another nation their home. The prices of real estate in other countries can be more appealing than in one’s country of birth. Some are tourists in an exotic land who fell in love with the local culture and want a second home there.

What You Need to Know About Buying Overseas Property

Aside from knowing how to get ahead in Charleston real estate, it is wise to consider foreign real estate investments. The global and local economic climates can drastically change anytime and it pays to diversify. Whether you are looking to move abroad or you’re simply interested in investing in foreign land, here are some guidelines to help you buy overseas property smartly.

Working with a Real Estate Agent

Consider the option of working with a real estate agent who deals with buying property abroad. You can talk to property owners directly and maybe save money without a middleman, but you also open yourself to more risks this way. This is especially crucial if you are looking into investing in a country where you do not have close friends or relatives and maybe don’t even speak the language.

An efficient real estate agent will not only provide you property listings, but they should also be able to provide you with the pricing trends in that location and other highly important information. A professional will also be able to help you with foreign real estate laws. For example, many countries limit how much land foreigners can own.

Research and Research Some More

Be sure to also do your own research. The rise and fall of property values vary from one location to the next. For instance, just because housing prices in your area are falling, don’t assume the exact same thing is happening in France or Thailand. Be as thorough as possible when conducting your research. Talk to professional real estate agents and your own circle of friends. Peruse forums online dedicated to expats living in the country you are considering. See what they have to say. There are several websites dedicated to expats in almost every country today.

If time and budget permits, it would be very wise to spend a few weeks or even months in the country where you plan to invest. What you learn while physically being at the location can make or break the deal. Going on vacation somewhere for two weeks is not the same as actually living there.

Other Professional Help

Another professional service you will need is that of a lawyer. While it might not be mandatory to hire one, an attorney specializing in foreign real estate matters can warn you of any possible legal issues. He/she may be the most qualified person to assist you in filing the necessary paperwork and other legal requirements.

If you are moving to a country where the official language isn’t English, make sure that the documents you need to look over are professionally translated. You and your lawyer will need to know all the details of the contract before you sign them.

Buying overseas property can be a great investment. Be sure to do your homework as thoroughly as you can since you will be making a huge commitment.

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