Are you looking to buy property abroad? Whether you’re buying real estate for investment purposes or looking for a holiday home, buying property in a country you don’t live in can be challenging.
There are numerous unfamiliar laws you need to navigate. Depending on how frequently you can make the trip to the country you’re buying in, there may be instances when you have to buy property without inspecting it properly..
Luckily, there are steps you can take to make this process easier. If you’re looking for help buying real estate internationally, you’re in the right place. Here are 6 tips to help you find property abroad.
Top tips to help you find real estate property abroad
- Think About Where You’re Buying
Buying internationally is a different ball game than buying domestically, and it’s essential to think about where you’re buying real estate.
One way to narrow down your options is to consider why you’re buying property internationally. If you’re looking for a holiday home, consider buying property in a country you’re familiar with and an area you already know you enjoy. On the other hand, if you’re buying real estate for investment purposes, limit your search to countries with an untapped real estate market that is poised to grow in the coming years.
- Look at Websites
Making the trip to the country you’re buying in is not always possible, especially when you’re considering several options in different countries. In cases like these, checking out this site and other reliable sources will help you fine-tune your search as a broker. Trusted websites allow you to do your research and often make a purchase without ever leaving the comfort of your own home, which is a major pro if you’re buying multiple properties in several different countries.
- Know the Law
One of the most important parts of buying property internationally is knowing the law in the country you’re buying in. Not all countries allow international investment in real estate. Additionally, some countries require you to live in the country for a proportion of the year in order to be eligible to buy real estate there.
Even countries where international real estate purchases are relatively easy will have legal steps you need to complete to officially buy a property. Knowing the steps you need to take to register your purchase and the paperwork you need to complete before you actually make a purchase will make the process much smoother and less stressful.
- Consider How You’ll Safeguard Your New Property
If you don’t plan on spending all – or any – of your time in your new property, you’ll have to take steps to protect it when you’re not there. This is not only limited to protecting your home from theft. You should also take steps to protect it against natural disasters, and from squatters, especially in countries where squatters have rights.
One way to do so is to hire a property management company. Alternatively, you can buy property in a managed community or a building that is monitored by a building manager.
- Get Professional Help
No matter how much time you have on your hand, buying property internationally is out of the ballpark for most people. There is not only a lot of paperwork you must complete, but you’ll also be trying to navigate a completely unfamiliar real estate market.
The best way to make this process easier and stress-free is to hire a professional to help you. This may be an individual real estate agent or a property developer – but no matter who you hire, ensuring you have professional help is essential.
- Consider Tax Implications
Making an international purchase may affect your tax responsibilities in your home country, and you may also have to pay taxes in the country you have purchased the property in. International tax codes can be challenging for novices to navigate, which is why it is essential to speak to your financial advisor before making a purchase.
A financial advisor will be able to give you a better idea of how your taxes will be affected should you purchase a property internationally. Having a clear idea of your financial obligations can help you make a more informed decision about whether an international real estate purchase is the right move for you or not.
Buying real estate internationally is a complicated proposition, especially if you don’t work in the industry. The best way to ensure you make the right purchase and don’t make a mistake with any of the legal paperwork is to surround yourself with professionals when making this type of purchase. Refer to these 6 tips to make the search for your property easy!