Below are a few helpful tips to consider before buying a luxury property abroad.
Whether you travel abroad for a business trip or vacation, there is a possibility that you can get attracted to beautiful homes in the cities and find yourself daydreaming about purchasing one. We've all been there, and the feeling is quite enjoyable. Maybe you've seen a sophisticated property that suits you, and you're already making calls on the paperwork involved in purchasing a property abroad. That's good, but what’s better is arming yourself with a few things to know aside from paperwork that may interest you in your quest to purchase a high-end property abroad.
Below are a few helpful tips to consider before buying a luxury property abroad.
1.Identify your priorities
We all desire comfort, but it could mean different things to different people. You shouldn't go around buying luxury properties without giving it a well-thought plan (only if you manufacture money). Before making a final decision to purchase a property abroad, it is important to consider the essential characteristics of the property and see if it aligns with your personality before giving it a go. A good place to start would be asking a few honest questions: would I love to live in a house close to the beach or somewhere rather quiet? Do I prefer the warmth of the summer to the Winter? Your answer to these questions sets the tone for what to want in a house before making the purchase.
2.Make plans for when you’re not there
You're most not likely planning to move into the house that caught your fancy abroad. Instead, it could be a perfect home for a family vacation or a place to spend some alone time. If this is the case, you may want to plan how the property will be managed when you're not in the country. Nobody wants to come home to be visited by dust or cobwebs on expensive furniture. It’s best to purchase luxury properties such as penthouses in a properly managed environment. This way, maintenance, and other housekeeping activities can be attended to by a trusted team when you're not around.
3.Ensure you see the property physically
ΆγκυραThe internet has made it easy for us to make purchases anywhere in the world in just a few clicks. While that could be a lifesaver, it is advisable to visit the property (at least once) before throwing in those wads of cash. Your presence in the property will eliminate the possibility of issues that could arise from deal-breaking conditions or factors that don't align with your interest, such as proximity to factories, busy roads, or even fixes that you may want to make before moving in. It also feels good to know what living on the property feels like before moving in. Always make sure that the property you want to buy is thoroughly inspected, just what a buyer needs to do. You can ask eXp Realty, they can help you find good points to invest in houses for sale in Tennessee.
4.Check that the property is within legal rights to be sold and bought
You don't want to purchase a property abroad only to run into legal issues a few years down the line, or a few months if you're unlucky. Problems like these can be avoided by ensuring your soon-to-be property has all the state's legal permissions, so your property doesn't get bulldozed a few years later because it was built too close to the shoreline or on unregistered land. You're less likely to have issues like this when a professional property agent is involved.
5.Make sure the documents are written in your language
If you don't take the remaining tips seriously, never joke with this one. There can be no amount of advertisement that should sound appealing enough for you to sign paperwork you can't read. The county may not necessarily speak your language, but it is your right to have them translate the document to a language you can read and write before signing off.
6.Work with professionals
There's a lot of homework involved in purchasing a property abroad, and getting all the help you need will go a long way in smoothing things out for you. You may want to start by hiring a good agent in the country where you plan to purchase the property. A professional agent does the heavy lifting and ensures the property is in the best condition for you.
You’ll also need an independent attorney who will stand for you and ensure your arrangements are being made according to the law to prevent legal issues that could otherwise be avoided during the purchasing process.
In addition, answers to questions related to your residency will also be provided by your lawyer, especially when you won’t be living full time.
7.Save your mortgage
Now that you're fully convinced about purchasing your home, you need to make payments – deposits or mortgages. Regardless of what you and the seller agree to, you'll need a good amount of money in the country's currency, and you don't want to exchange your funds when your local currency is at an all-time low. Look out for exchange banks in your country or in banks where you want to purchase a property that could yield a reasonable price for the transaction. The FHA Loan Calculator is a great resource to help you find the best mortgage rates available.
Photo by Kostiantyn Li on Unsplash
Buying a house abroad isn't something that should be rushed or done in a swing of emotions. It's usually considered a long-term investment, and you want to make sure the necessary boxes are ticked to secure your interest in the long run. It will be a great achievement owning such high-end houses when you get it right and cover all the grounds before making a purchase.
Main photo by GeoJango Maps on Unsplash
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
