13 Top Tips For Buying Property Abroad
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.
- Country LawsDoes the country allow Foreign Nationals to purchase property?
- Locals LawsAre there any specific Local laws which you need to be aware of which could restrict your property purchase?
- Title deedsEnsure you receive the full title deed for the property you are purchasing
- DebtsCheck that you are buying the property clear of any liabilities of the previous owner
- UtilitiesAre you able to connect to water, electricity & telephone providers?
- 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
- Developer Track RecordDoes the developer have a good past track record, especially if buying off-plan?
- Local AdviceSometimes the best advice you can obtain about the area is from local residents
- Legal AdviceAlways seek good legal advice before buying in a new country
- TranslatorA good translator will help when processing contracts in foreign languages and also in negotiations
- MortgagesAre you able to obtain a mortgage in the country you are purchasing the property?
- International Payments – Currency TransfersEnsure you receive the best exchange rates when sending money abroad by comparing your existing foreign providers
- 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