If you’ve begun to set your sights on buying a home in a foreign country there are many steps of research that must be completed first. Whether you’re buying the home to permanently move to or to have a lovely vacation spot for years to come here are three things that you need to have thoroughly thought about first:
The Area Where the House is Located
If you already know exactly where you want to purchase a house, and that it’s a good, safe area then you’ve completed one huge stepping towards fulfilling your dreams. If, however, you aren’t sure of a specific location or even which country you want to buy in then you have loads of researching to do. Keep in mind the cost of living, the crime rates, the property market, and the exchange rates when deciding where you want to put down some more roots. Once you’ve narrowed down your options go and visit the places and the houses that you’re considering buying. You’ll want to make sure that the house has undergone thorough checks just as if you’d been buying a house in your home country. It would be incredibly frustrating to spend all that money to then find out there’s something seriously wrong with the house.
How You Plan on Purchasing the House
Financing the house is your next big hurdle. If you simply wish to purchase the house outright in cash this would be your simplest option, but make sure you have properly checked exchange rates so you know that you definitely have enough money. If you don’t have enough cash readily available, remortgaging your house in your home country in order to free up the money so you can pay for the house outright could be a viable option depending on your situation. If you’re hoping to obtain a mortgage in the country where your house will be located make sure you first understand the complications that can come with this process, and how fluctuations in the exchange rate could mean the difference between you being able to make your payments or not.
The Laws of the Country
Before purchasing a house in a new country it’s vitally important that you have some understanding of the laws involving your ability to purchase and how taxes will affect you. Hiring a lawyer and/or a financial expert who lives there would help ensure you aren’t accidentally getting yourself into a tough situation. Before attempting to purchase check the laws involving foreign ownership to make sure that you are eligible to buy and that there are no hoops you must jump through first. Then check to be sure that all permits to do with the house are completed and legal. Finally research the tax implications, both at home and abroad, of purchasing and owning the home.