If you’re considering buying property abroad for the first time, good for you—it’s an excellent way to invest your money and enjoy time in other parts of the world. But it is more complex than buying property in your home country. Here’s what you should know.
Spend a lot of time there. Unless you are buying purely for investment purposes and do not plan to spend any time there, you should first spend a lot of time in the area you are choosing to buy in. Not just the city, but the neighbourhood you are looking in. Be sure it not only has everything you are looking for but feels like a place you would enjoy spending a lot of time in. A city can feel quite different at Christmas time than it does in the summer, so knowing how it will feel in the times of the year you plan to be there is a good idea before you buy.
Research the market. While you can leave it up to the professionals to do this work for you, it’s a good idea to at least do some cursory research yourself at first when considering property in another country. Look into what the market value is in this area for the kind of property you are interested in. Ensure everything is as it should be once your team presents various options to you.
Look into local laws about property. While you might think you can buy just about anywhere in the world if you have the funds, every country has different laws—most of which give preference to local buyers who actually live there permanently. There is always a chance the location you want isn’t easily available to buy without going through a whole lot of headaches and red tape.
Have an excellent team in place. At the end of the day, the team you hire will be able to help you navigate just about anything if they are good enough. Ensure you have an excellent agent who knows various markets around the world and has connections in the city you are interested in so you can have the best options available to you at the end of the day.