Buying property abroad is something that most people rush into. Sometimes, you may visit a foreign country and completely fall in love with it. If you notice that property isn’t that expensive in this country and know that you have some money saved up, then you’ll probably be tempted to buy it. However, making an impulse decision is most likely going to lead to regret later on. After all, the last thing that you would want is to discover that there was something wrong with the property you got an excellent offer on and that it’s going to get demolished.
Keep in mind that there are a lot of things that you will need to check before actually choosing a certain property. It doesn’t matter if you’re choosing a retirement or vacation home, it’s best to plan carefully and avoid mistakes. It will also take you a lot of planning to find the perfect property if you’re making a real estate investment. Here are some of the things that you’ll need to pay attention to when buying property abroad.
Do Your Research
Just because you’ve been to the same place every summer for the last 5 years doesn’t mean that you know what it’s like to live there. Before you make any big decisions, you will first need to do some research on the local market. Take the time to see what the best residential areas are, especially when it’s not holiday season.
Avoid Up and Coming Markets
If you’re a first time real estate investor and are planning on buying property abroad, then you should avoid up and coming markets. These types of markets can be a great opportunity in your home country where you’ll have an easier time finding information on the property. “If you’re planning on investing in property abroad just because you heard some rumors that the particular market is going to be the next big thing, then you should take a step back and do some more research before making an offer,” advises Richard Lusted, CEO of Siam Real Estate.
The better and safer option would be to invest in something in an established market. If you notice that the prices for property in an established market are too high for you, then it’s probably best to reconsider the idea of buying property in a foreign country. After all, it’s often not as great as it sounds.
Choose the Right Real Estate Agent
Knowing how to choose the right real estate agent will have a huge impact on the quality of properties you’ll get to look at. Keep in mind that a good real estate agent will take you to a variety of different areas and properties and will make sure that you learn exactly what it’s like to live in a foreign country. If you want to see many different properties, then it’s best that you use more than one agent. In case you don’t know where to find them, you should go to property exhibitions. This is always a great place to meet new real estate agents.
Hire a Lawyer
Just because your real estate agent has said that he or she has your best interest at heart doesn’t mean that you should believe it. A decision this big shouldn’t be made without a legal counsel present. Hiring a real estate lawyer will ensure that you don’t get a bad deal. Remember that it’s best to get a lawyer that is both fluent in English and the local language.
Have Documents Translated
Even if you’ve had your lawyer explain the process and tell you what the documents are about, it’s still a good idea to have them translated. This is arguably the most important step in the whole process of buying property abroad. After all, you’ll need to know exactly what you’re agreeing to before you sign anything.