How to Buy Property Abroad. Universal Tips

Although the rules of getting a mortgage or conditions of payments can vary in different states, there are rules that can be applied to pretty much every place in the world. It is indeed important to the details of a real estate deal in a particular country, but there are plenty of things to do before. Shall we start?

Finding a Property

Thanks to the internet, we now have access to everyone and everything on this planet (and beyond). And nothing can stop you, even pandemic. There several ways to begin your search.

International Real Estate Portals

There are plenty of platforms that cover one or many countries at ones. Some are more concentrated on residential properties. Some offer commercial ones. Nevertheless, this is the easiest way to start looking for new opportunities for yourself.

For instance, our platform has listings with properties from more than 70 countries. And if you don’ know enough yet or haven’t make your choice about the country, you can read more about different places and purposes of moving abroad here.

Local Real Estate Agencies

It is especially suitable for those, who know their country of interest. You can check out companies vie portals or find them through a general search and call straight away. Lots of agencies nowadays are capable of speaking several languages and definitely now everything about the situation on the market and the rules of purchasing realty in a particular country.

Developers

Another option, mainly for investors. Developers are widely presented on international platforms and actively promote themselves. The trouble is to check the background of a chosen develop: the reputation is really important in this case, try to find as many feedbacks as possible and collect as much information as you can. You want to invest your money into something in progress, you have to be very cautious about it.

Real Estate Exhibitions

A pretty old tradition that you can still adapt to. At the moment it is quite hard though, due to the coronavirus. But many companies go online nowadays and to fond more innovative ways of communication. The beauty of exhibitions is that you can contact developers and agents, lawyers and advisors, check out new projects and learn more about investment. Another great thing is you can now visit lots of events without living your house. Therefore, it doesn’t matter in which country the event takes place, you can participate anywhere. For example, the MPIRES exhibition is held in Moscow for many years, but time you can participate in the online even at the end of September.

Banking Services

Some countries do not allow mortgages to foreigners. Others demand to make payments only from the account in a local bank. Finally, countries like the UK don’t give out mortgages for a foreign realty.

Another important factor is the deposit amount, because this rule varies a lot. European destinations ask for 5-15%, but in Croatia it is up to 40%. In the US and Australia, it is 30%. So, the amount of deposit can have a serious impact on your decision and the final price of the property.

Finally, in countries like Thailand, the UAE or Vietnam you cannot buy land as a foreigner. And the rules of buying realty are pretty strict. Knowing this is extremely important for the final decision making.

Also read:
Buying Property in Germany: How Does It Work?
Rules of Buying Czech Properties for Foreign Citizens
The Way to Buy Real Estate in Israel

Exchange Rates

This is the thing you better keep in mind.  Changing currency rates can make the payment process painful both for your wallet and mental state. There are several things you can do to avoid it:

• The regular payment plan. This can fix the amount of payments that you need to make on a regular basis, such as utilities or service fee. Although, the currency rate can change in your favor or not, at least you know the exact amount.
• The market order. Basically, your agent or broker will inform you or change your money, when the rate is the most beneficial for you. And after that you do not need to worry about it at all.
• The forward contract. That document can fix the rate on a particular value for a period of time (usually, up to two years). This option has similar advantages to the first one: you do not need to worry about changing rate for a long time, because what’s done is done.

Expenses

Extra charges are there for you when you buy real estate. Especially, when the whole process takes place overseas. Lawyer’s fee can differ depending on the amount of their involvement, extra fees for utility meters or management services have to be paid once year some times. And don’t forget taxes such as stump duty or state taxes that depend on the property and amount of the payment. Translation and notary statements are not free as well. If you move completely, then include extras for moving your staff too. It doesn’t seem so important from the very beginning, but do not let these spending to come at a bad time.

Also read:
Hidden Expenses in Portugal: Buying Property With No Surprises
Calculation: How Much Does a New Apartment in Phuket Really Cost? All Expenses of a Foreign Buyer
Property Taxes in Turkey

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