Buying a home overseas – some tips for you

This week I thought I would give you a few tips on buying a home overseas.

Become an information hog

There are countless sources where you can learn more about your overseas destination – books, magazines, the internet, property shows and so on. Seek out people who have made the move before you and gather as much data as possible on what to do and what not to do. Expat forums are a great place to start. Let the community know that you’re about to embark on a new journey and you could use all the help you can get … soon you’ll get the opinion of every member! Just remember to take some suggestions with a pinch of salt – if anything worries you or seems odd, seek out the opinions of others.

Decide on an area/region

This may or may not be predetermined. If you are relocating for a job, it may make this matter very easy. If you have free rein, keep your list of intentions close to hand while researching various areas.

Fine-tune your objective

By now you’ll have quite a bit of information under your belt. Write down brief details about your preferred area, type of property, number of bedrooms, maximum budget, climate, geography and every possible element you can think of. Do you want a pool, patio, garden or garage? Once you’ve nailed down your ideal home, you can then elicit the help of professionals to find it.

Contact the professionals

Contact the necessary people who can help you achieve your objective. These may include a developer, agent, private vendor, accountant, financial adviser & international payment specialist.

Book a viewing trip

Some people do not have the luxury of viewing properties before they relocate. If this is the case for you, I strongly suggest that you move overseas into rental accommodation to begin with. By doing so, you can get a feel for the various areas, listen out for potential noisy neighbourhoods and ask around as to what area will suit you best. If, however, you can get overseas for a viewing trip, make the most of your time. Prior to arrival, have the agent/developer send you the details of the properties you will be viewing. You can eliminate any properties that don’t tick all your boxes.

Research the agent/developer

The internet is a very good device for detective work. There are quite a few crooks out there, so it’s very important that you work on referrals from previous buyers, who often post their experiences online. Buying a new home in the UK is a massive project, but buying one overseas is even more momentous. Spend time making sure that you’re dealing with good, reliable, trustworthy companies. When meeting the agent/developer, ask them if you can have the details of a few previous clients to call, or wait at their offices and ask any buyers who walk in.

Analyse properties, areas and the financials

The OGC Resource Centre has an excellent worksheet that will allow you to analyse each property, area and the costs involved in purchasing a property. Just call them on 0207 898 0549 for more information.

Read the contract of sale

Don’t ever sign anything in a language you do not understand and take the time to read everything. In some countries, lawyers are not very efficient. You will need to make sure you take responsibility and ask questions. If something doesn’t seem right, find out if you can change it.

Retain an independent solicitor

This is the single most important piece of advice. Please do not fall for the developer/agents attempts to “help” you by introducing you to their lawyer, or their friend who is a lawyer. In fact, find out who your agent/developer recommends for the sole purpose of knowing who not to use. If possible, get a recommendation from someone independent.

Send money through a specialist

I’ve seen people lose huge amounts of money due to fluctuating currency exchange rates. The story is always the same … the buyer decided to buy a property in January, budgeted at a rate of X and then when they went to pay for the property a few months later, they had to find £10,000-£50,000 extra. Don’t let this happen to you!

Kim

The Overseas Guides Company

http://www.emigrationguide.com/