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Buying a property overseas
Buying a house overseas is no longer the preserve of the very rich and an
increasing number of British people are buying holiday houses or moving
abroad permanently. A recent survey found that over half the country would
like to escape the British weather and rising property prices. With cheap
airfares to most countries in Europe the market has opened up in recent
years.
The internet is a great place to start your search for the perfect overseas
property - whatever country you are looking to buy in or whatever type of
property you want, you will find sites selling your dream property. Many
estate agents have websites and these can be good places to start your
property search. There are also a lot of UK international property shows
which take place all over the country throughout the year - these are
definitely worth visiting if you are thinking of buying a house overseas.
You will find a host of companies covering all the aspects of house buying
and can gain lots of free advice - and possibly find particulars of your
ideal house.
There are many things to consider when buying overseas property and it is
important to go into all aspects of the purchase carefully. Prices overseas
can be incredibly cheap and it is easy to get carried away with the thought
of a villa in Croatia for £10,000 only to find it all ends in disaster.
Financing the property purchase is often done by remortgaging a UK property
and releasing the necessary capital as house prices have risen so much.
If you are borrowing the money then it is usually best to borrow in the
currency of the country you are living in. There are some UK building
societies and banks that offer mortgages to buy an overseas property. Donıt
forget that notary fees, VAT and local taxes can increase the cost of
overseas house purchases, by 10 to 15 per cent in France and Italy; and
about 10 per cent in Spain and Portugal. You must plan your finances
carefully and check things like your will - the law can be very different in
Europe.
If you have find a property overseas that you want to buy then there are
various points to consider before you sign a contract - most of these are
common sense but we hope some of the following advice and information will
be of assistance to you.
1. Never sign anything that you canıt understand - get contracts translated.
2. Try to find a solicitor and surveyor that has been recommended. Make
sure htey are properly qualified and know the property law and regulations
in the country you are buying. These differ a lot - Italy, France, Greece,
Spain all have different systems and regulations.
3. Arrange your mortage before signing any contracts.
4. Donıt rush into buying a property - very tempting if youıre having a
wonderful holiday in the sun and then see an affordable holiday house!
Donıt buy a house on impulse - you are likely to regret it.
5. Shop around for the best exchange rate for buying your foreign currency
- there are some excellent foreign exchange companies you can find on the
internet.
6. Speak to other British people living in the area to find out local
information.
7. If you are buying a holiday house and want to rent it out, be realistic
about the income you will receive from the property. Buying an overseas
property can be a great investment and generate good rental income.
8. Do your research thoroughly and ensure you are buying the sort of
property that meets your needs. Spend as much time as possible in the area
you are planning to buy in.
9. Buy some of the excellent books available on buying property abroad -
they can help guide you through the process and provide lots of useful
information.
10. Search on major search engines for terms such as 'house sale', 'house sale france' and 'houses sale scotland' or wherever the location is, be it London, Manchester, Liverpool or in the countryside. Try and make the search term as focused as possible, like, houses sale ireland, house sale spain or house sale leeds. Also house repossessed sale, house sale glasgow, house sale nottingham, houses sale uk, dorset house sale, houses sale the highlands, houses sale birmingham, house sale greece or houses sale the highlands scotland. All these will give more focused results. Directories worth looking at for homes for sale UK and property for sale include Property and home sales UK for New Houses, House Buying, Conveyancing, House Prices, Moving House, Estate Agents and House Builders. If you are looking just for estate agents, try Estate agents UK for London, Bristol, Leeds, Manchester and Liverpool estate agents. Owning a house overseas - whether as a holiday house or a permanent home -
can be the best thing youıve ever done and itıs hard to beat sitting on a
sun-drenched terrace looking over beautiful countryside. But, as with
buying property in the UK, it is caveat emptor - buyer beware. By taking
careful advice and not rushing into anything you can ensure that you realise
your dream home overseas.
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