The idea of having your own house overseas sounds appealing to everyone, but what are the actual logistics and issues that go into this? We will try to dwell on the basics of what you need to look out for when trying to get a house abroad.
Make Sure You Have the Sufficient Funds
Provided you have the money, paying in cash should be taken as a priority when paying for a house in a different country. It makes sure that you can close the deal faster and not have to be bothered with unnecessary financial shenanigans. However, only pay in cash when the house is already finished. You never want to risk a situation where you pay in cash upfront, and the developer runs off with your money.
Not to mention that if construction is delayed or stopped, it becomes a whole lot harder to get your money back. If you need to take out a loan, reach out to international banks. Odds are that a local bank will not lend you money if you plan on using it for foreign investments.
Investigate the Market to Buy a House
Considering that real estate prices are rising globally (especially in developed and developing metropolises), you need to research market prices and where the prices are rising way more in comparison to others. Keep in mind that some countries even restrict ownership of a real estate by foreigners, so do careful research.
Even though you don’t (usually) need legal representation when buying real estate in your own country, it is advisable to get some when venturing into foreign markets as the hired individual can look out for potential law problems with it. Make sure to familiarize yourself with the foreign laws to avoid any potential extra taxes, fees, or issues. Things like life insurance can also cause issues. If you are an older person, then odds are that some firms won’t give you life insurance. It might cost more money to get these things done, but you aren’t buying a shelf. You need to be responsible for this as it’s a very risky procedure.
Make Sure You Have a Clean Title
There is no way around it as you need a lawyer’s assistance. You need to have a lawyer who is fluent in English and experienced in dealing with foreign buyers. You need a lawyer to verify that the title is clean, so that no other issues may pop up down the line. Leyden Legal offers a wide array of services, so definitely consider looking them up for some of these necessities.
Do Your Research on the Neighborhood of the House
Starting from your place, you want to know if the plumbing is good if there are no leaks and such. Further along, you want to ensure that there aren’t any overly noisy neighbours causing you issues. You need to imagine yourself living in that house, think of all of the things you want to do there. Is it close to the beach? Are restaurants cheap? Can you afford daily life there? All of these are vital questions when planning on moving something (or simply getting around in that area). Make sure to do your research upfront so that you don’t regret your decision.
Have Key Documents Translated
You need to understand what you are signing because of this, it’s imperative to have the financial and law documents fully translated to avoid any misconceptions. God forbid that fraud is involved. We don’t read the terms of service of using apps, but these are way too important to cast aside.
Things You Need to Consider:
Make sure that you are aware of the cost of living in the place where you intend to go. It might not make much sense to move to a place that is more expensive than where you are currently. The cost of living differs massively when your options are central Munich or the outskirts of Moscow.
If you are using the foreign house as an escape, consider hiring local people to maintain the house. It will also let people know that there are people still around the area and will discourage any robbers or trouble makers.