4 Steps for Buying a Home Outside of the Country
There are lots of reasons to consider buying property outside of the U.S. - you may have family living in another country, you may have found the ideal situation for a rental investment or perhaps your vacation getaway or eventual retirement spot is beyond America’s borders. Whatever the reason, there are four steps you can take right in your own backyard to begin your search:
1. Start with the real estate professional and firm you’ve worked with in the past. The agent and/or the brokerage you used to buy your existing home may be part of an international network of real estate firms with locations in the country you’re interested in. This could make the process of buying in your desired country much easier.
2. Check with your local real estate association to see if they have a global council. If so, they may be able to connect you with folks who have expertise in the country in which you’re considering buying.
3. Do your research online. The internet is a wonderful tool for not only looking at property listings in other countries but learning about the financial particulars in advance. Make sure you understand the fees that are involved, tax implications, the value of the dollar in that country, etc.
4. Through your research, connect with a real estate professional in the country where you’re looking to buy. Communicate regularly with this individual to make sure you have a comfort level before venturing out to meet them in person. A lot of the advance work can and should be done digitally before you pack your bags. Make sure this person is vetted to the best of your ability in advance.
These few simple steps will provide a good foundation for your foreign home search, ensuring the best possible outcome for all involved.