Buying a house abroad is a serious investment, a great joy, and a severe headache all the way from the moment you decide to take this step until the purchase is finally over. The reasons underlying this decision can be various, yet, a process like this always requires proper guidance and assistance from a person who possesses sound knowledge and proven experience in the field.
Otherwise, you may not succeed in avoiding some of the common mistakes that can cost you a lot. To help you achieve this endeavour successfully, we offer you an insight into the basics of buying a house abroad.
Know the law
Simply deciding where you want to buy a property is not enough. Before you make any final choices, it is vital that you know whether the country you are considering allows real estate ownership by foreigners at all.
Some countries have very strict policies regarding this matter, so the initial step is always to find out whether you can buy a property and, if the answer is affirmative, what conditions and rules you need to obey. Only after finding out the relevant information on this point should you continue with the next phase of the purchase.
Know your finances
Knowing exactly the price range you can afford significantly shortens the house-hunting process. Being realistic about your finances is a must as it guarantees you will not fall into debt for making irrational choices. Hence, deal with some calculations in detail prior to commencing the buying process.
If your plan is to conduct a purchase through a mortgage, get a prequalification letter first. It will show the seller that you are serious about buying a house and while also having a clear image of the amount of money you can spend.
Buying a house abroad requires professional assistance
Whether buying a house abroad or within your country, professional assistance is always helpful on various levels. As you will need experienced and respectable movers to pack everything in your home in no time and transfer it safely to a new address, you need a real estate agent, an independent attorney, and a professional home inspector to confirm that the home you are considering is a wise investment.
A real estate agent
When purchasing a property, whether a residential or commercial one, having a competent, reputable, and trustworthy real estate agent as an ally is priceless. Buying a house directly from the owner has its benefits indeed and may initially seem like a better option. However, it can be very risky, especially if you are investing in a property in another country.
Ideally, you should hire a local real estate agent who knows the market and real estate trends in the country you are considering. Also, it should be a professional with active listings who regularly does business in the country or area in question.
Deciding on whom to hire can be overwhelming as competition is very harsh, so the first step should be to ask your family, friends, or colleagues for a trusted referral. In addition, you can consult the real estate agent in your country for recommendations.
If nothing like this is possible, the Internet always offers a solution, so start a thorough search and make sure to read clients’ reviews and conduct a background check. Once you find an agent you can trust, tell him/her your requirements, need, expectations, and the available budget. A genuine professional will soon get you a list of properties to visit personally and consider investing in.
A legal representative
The risk of legal pitfalls is easily eliminated by hiring an independent professional attorney. The attorney will represent your interests when buying a house abroad and detect and warn you about any potential legal problems.
Moreover, if the legal documents you need to sign during this real estate transaction in a foreign country are written in a language you do not speak, having them translated prior to signing is critical. Understandably, you need to know exactly what you and the seller are agreeing to regardless of the professional assistance you have hired.
A professional home inspector
When the real estate agent provides you with a list of potential homes that meet your requirements, the time has come for home inspections. Having a licensed home inspector to check the house you are considering on your behalf is invaluable.
The inspector will assess the house if you are planning to buy a house and then write a detailed report of its condition. The report will further influence the offer you make, the negotiation process, and the final price. There is certainly a great relief knowing that you can only redo the kitchen to suit your taste instead of orchestrating costly repairs that are unavoidable.
The right money transfer provider when buying a house abroad
Once you are completely positive you have found the house of your dreams, there is one more critical step to make. It involves sending the money to the seller, which can be complicated in real estate transactions of this type.
Namely, if you have opted for financing the property through a 100% mortgage, there is no need to worry about this phase of the purchase process. On the other hand, if your decision is to pay in cash or through a partial mortgage, you need to find the best way to transfer the money to the seller’s account.
As real estate investments are always about substantial financial means, you need a money transfer provider who is reliable, regulated, safe, and offers to transfer the money to the seller’s bank account at a favourable exchange rate. Invest your time and effort in this matter to avoid poor service, lengthy processes, and unclear exchange rates.
Final thoughts on Buying a House Abroad
Buying a house abroad is always a blessing regardless of your reasons for this decision. The process of buying a house is surely slightly complicated and deserves your commitment and attention, but with proper professional assistance, it is easily manageable and significantly less stressful. Once the purchase comes to its end, prepare the tools every homebuyer should use during renovation and tailor the living space to your taste and needs.