6 steps to buying a #property in a foreign country

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6 steps to buying property in a foreign country

.Health

Once you get to a certain age you realize you have been working hard your entire life and for what? You have gotten out of your bed every morning and driven into work in the cold, snow, and rain more times than you can remember. Has all of it just been to survive? Have you worked hard your entire life just so you could go on holiday once or twice per year? Now that you’re older you have all the freedom in the world, so are you finally ready to make up for lost time.

If you’re looking to buy a home abroad you’ll be pleased to know it’s one of the most exciting things you will ever do in your life. Even if you’re just using it for multiple holidays it will be well worth it, but if you plan on living out of the country for a considerable amount of time it’s even better. You might be confused and unsure where to start at the moment, so let’s take a look at the most important things you should be doing when you start searching.

What country will you choose?

You first need to decide where you want to (buy your home https://www.theaddressmagazine.com/2012/06/buy-property-get-residency/). Once you can narrow down the specific country it makes your job much easier. There are things you need to consider when making your decision because you won’t be able to buy one anywhere. If you’re planning to stay in the country for long periods of time the visa situation is also something that is vital to know about. Hopefully you already know where you want to live and the red tape won’t be a problem. 

What are your needs?

Healthcare1If you’re living there 6 months of the year does that mean you will need a bigger house? Will the kids be coming to see you? The size of home you need is something you should think about straight away because once you know you can narrow down the houses you end up looking at. You should know how much you are willing to spend and even if you only want to buy a small home you will be able to get a nicer one if you have a large budget.

Which do you prefer?

If you know the country then now is the time to narrow your search down even more. You need to decide which part of the country you want to live in. Some people prefer the city because there is more going on, whereas other people want the quiet life out in the country. You can live at the beach, or if you prefer walking to swimming you can live in the mountains. It all depends on the quality of life you want to have because choosing a location that suits your needs will increase your happiness. #realestate

How is the healthcare?

Healthcare Healthcare is something you can’t ignore as you get older because you’re more likely to be in and out of hospital. You might get lucky and never have to see a doctor, but planning for the worst will make you feel much more secure. Different countries have different levels of care, but luckily you should find decent hospitals anywhere if you have private healthcare. Just don’t leave your health as an afterthought because you wouldn’t be the first person to run into serious trouble.

Go and look at it

Don’t buy anywhere without seeing it first. You need to book a flight and fly down so you can have a good look around. Take your time and think very carefully about each place you like the look of. Sometimes being somewhere for a week is a lot different to living there. Most people already have a place in mind and it’s somewhere they have enjoyed visiting before, but if you have never even been there before you have a lot to think about. #investment

Go back more than once

A sensible person won’t make a huge life decision having only seen a place once. They will probably spend a few years going backwards and forwards while they search their soul trying to decide if it’s the right place for them. The best thing you could do is rent somewhere for 3-6 months before you make any decisions so you’ll really know if the grass is greener on the other side. After you have decided it’s the place for you it’s time to start talking to (lawyers and real estate agents https://www.rightmove.co.uk/overseas-property/buy-safely.html) before you start house hunting. #property

 

Author Byline:

The author of this post, Brian Taylor, works with Stella Settlements as a consultant and a blogger . He loves researching and writing about topics related to buying , selling and renting real estate.

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20 COMMENTS

  1. I bought an condo in a pre-sale in Mexico a few years ago. It was supposed to be done for Christmas of 2011. The company has essentially gone bankrupt and is now trying to sell the unfinished project off to another developer to finish building and financing. If all goes well, I'll be lucky to take possession in 18 months. I haven't paid the full amount yet, but about 70% through stages of escrow.

    Some sound advice, but be very careful! The worst part is that the company I bought from is ultimately a Canadian company, still fully operational in Canada, but was operating as a Mexican corp and thus I really can't take any legal action.

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