When you’re buying a property in a different country, it’s easy to feel a little overwhelmed. Buying property is a huge investment in any case, but when you’re taking this step in another country, it’s a whole different ballgame.
It may be that you’re moving to a new country, buying a holiday home to rent and stay, or even just making a real estate investment. But regardless of your reasons for buying a property abroad, it’s best to make sure that you find the right one for your budget.
Find the Perfect Country
The first step to buying property overseas is, unsurprisingly, figuring out which country you’d like to buy property in. This depends largely on your purposes for buying property.
If you’re buying because you’re moving abroad, then your preferred lifestyle matters most of all. You likely have a country in mind already, but in any case, you should do your research. Some questions to consider are:
- What jobs are available in this country?
- How safe is it in this country?
- What is the healthcare system like in this country?
- What’s the weather like in this country?
- What language do the locals speak?
- Can I see myself in this country?
- Would I be able to find a support system?
If you’re planning to move anywhere, whether domestically or internationally, then it pays to spend some time in the area so you can get a feel for the place. Speak to someone local and find out what their experiences are so that you know what to expect.
If you’re leaning towards a holiday home, then your personal preferences do matter. Pick a place that you’re comfortable in, particularly when it comes to the weather and the culture. But you should consider choosing somewhere tourist-friendly, so you can rent out the holiday home at the peak of the season.
However, if you want a real estate investment, then you should consider the investment opportunities of the countries that you’re considering. Overseas real estate is a great way to diversify your portfolio, and some countries are especially good for these opportunities.
Unfortunately, the work and the research don’t end there. After all, you also need to find the ideal property as well as the ideal country. When researching countries, take a moment to look into the details of buying properties for non-residents.
Some countries are very welcoming to non-residents and are even willing to provide mortgages. This is because property investments are good for the local economy. However, many countries either won’t provide a mortgage at all or may at least require a hefty deposit. While this can cost more up-front, it still may be worth the investment as some overseas properties are far cheaper than their equivalents in your country.
Other countries have different rules and regulations for buying property. You should always contact a reputable local attorney to help you through the process. You also want a good real estate agent that specializes in these purchases. For example, Caroline Olds Estate Agents can help you to find properties in Monaco.