Buying Advice

Location checklist

It is worth asking yourself a few basic questions, which should save you time and money in the long run, here is our location checklist:

* Do you prefer the town, beach or country?
* Do you want to be isolated or in the thick of it? (Most people prefer to be within about an hour's travel time of a town.)
* How much outside space do you want? Small garden or acres?
* How close do you want to be to your neighbours?
* How close do you want to be to shops, bars and restaurants and other facilities?
* Where's the nearest public transport, how often does it run, what time does it end?
* How far is the beach? Lake? Skiing? Other activities that you enjoy?
* How close are you to the nearest airport/ferry port/train station?
* How far is it to sports facilities, golf, tennis, swimming, and so on?
* How good are the local health and social services?
* Arts & Culture and entertainment - what is available in the area?
* Neighbours - what are they like and how often do you want to see them?
* Pool - nice - but they need maintenance!

Professional advice

Use qualified professionals to protect your interests and make the purchase of your overseas property a stress-free experience! Estate agents are a good source of advice. Only negotiate with ones that are officially registered and hold a licence. Ensure you have a good local lawyer with an excellent command of English and the native tongue, to deal with the endless stream of rules and regulations. Will they provide documentation in your native language?

Purchase Costs

Research all legal issues and purchase costs involved. Your solicitor/lawyer will advise and assist you. Before you have decided on a property it's important to be fully aware of the legal process and costs involved in your purchase. Obtain professional advice and check your finances, taking account of these additional costs. In some countries you many have to form a company to buy the property.

Be well prepared with your finances and account for all costs, taxes and fees; taxes can be high when buying. Set up a direct debit from a local bank account to pay for bills. Look at the services of Currency Exchange companies - they can save you money on transferring money. Be careful not to miss payments and read those red letters; foreign banks are not lenient with those who do not pay up in time. If you are considering renting out the property when it is empty, bear in mind that advertising in the UK for a property abroad could result in tax demands from both the English and foreign authorities. Will you need a caretaker?

Making an offer

Make your offer in writing if possible (of course, subject to contract), and include not only the price, but also the amount of deposit, when you are prepared to pay it, when you are prepared to complete, what you understand to be included in the price (for example furniture and fittings if applicable) and, an often neglected point, that all machinery equipment and installations are in normal working order. Get a plan to show the boundaries.

Lots to think about! We hope our Buying Advice has given you an insight into buying a Property Abroad. We have over 200 articles on Buying Advice in our Article Zone. Also check out our Book Shop on Property Books.