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Mayfair FX - Blog Post 9

13 Top Tips For Buying Property Abroad

10:00 07 August in FX by Mayfair FX Team

The must-read checklist before purchasing a property in another country

As we travel further afield and more frequently than ever before, the world is becoming a smaller place. This has led to a boom in buying properties as a holiday home or even a 2nd home. As buying a property is one of the biggest financial decision you have to make in life, we thought it would be useful to create a quick checklist to help you on your way.

  1. Country LawsDoes the country allow Foreign Nationals to purchase property?
  2. Locals LawsAre there any specific Local laws which you need to be aware of which could restrict your property purchase?
  3. Title deedsEnsure you receive the full title deed for the property you are purchasing
  4. DebtsCheck that you are buying the property clear of any liabilities of the previous owner
  5. UtilitiesAre you able to connect to water, electricity & telephone providers?
  6. Future DevelopmentIf you plan on carrying out an extension or developing the property further, check the local regulations and the process of applying for planning permission
  7. Developer Track RecordDoes the developer have a good past track record, especially if buying off-plan?
  8. Local AdviceSometimes the best advice you can obtain about the area is from local residents
  9. Legal AdviceAlways seek good legal advice before buying in a new country
  10. TranslatorA good translator will help when processing contracts in foreign languages and also in negotiations
  11. MortgagesAre you able to obtain a mortgage in the country you are purchasing the property?
  12. International Payments – Currency TransfersEnsure you receive the best exchange rates when sending money abroad by comparing your existing foreign providers
  13. TaxAre you likely to face any tax liabilities through the purchase or rental of the property? Speak to a good accountant

 

How can Mayfair FX help?

  • Gives you access to both Spot or Forward contracts
  • Charge you a small FX margin ‘Spread’ – save up to 3% compared to using a Bank or FX Broker
  • No hidden fees or charges
  • Online platform to check & book currency rates 24/7
  • Hassle-free registration

 

How to get in touch?
Call – 0203 66 77 345
Email – team@mayfairfx.com with subject ‘Buying abroad’
Website – https://www.mayfairfx.com/register/