(See "Countries")
The five brief hints that follow will hopefully start you on the path to successful and (relatively) stress-free house hunting in the overseas property market.
- Do your research. When
you find a property you’d like to
buy, you may have to move fast to
secure it. Make sure you're in a
position to make a quick decision by
taking your time over the early
research. Use resources such as
magazines,
books, property exhibitions and the
internet, and get a feel for exactly
what you want to buy and where,
before you make a move.
- Take independent advice.
Never mind ‘the way the locals do
it’, you should have sought advice
from an independent solicitor, well
versed in the property laws of your
chosen country, and from an
independent financial advisor, long
before you come face to face with
any bricks and mortar. Agents and
developers will often offer you the
services of their own legal
representative. The phrase ‘conflict
of interest’ springs to mind.
- Think it through. Are you
looking for a holiday home, an
investment property, or somewhere to
retire to? How much time are you
planning to spend in your overseas
property? Do others in your family
really feel the same way about this
as you do? Are you prepared to break
all ties with your current home, or
should you be thinking about
retaining a bolt hole in the UK? All
these factors will play a part in
the process of buying an overseas
property.
- Get a bank guarantee. If
you are planning to buy a new
property, insist that the developer
or agent offers you a guarantee that
the construction work will be
completed as agreed. That way,
should the company run into
financial difficulties or even
become bankrupt, you will be able to
reclaim any money you have already
handed over. No bank guarantee, no
deal.
- Make your money go further. Brits who bought South African homes at 19 rands to the pound are sitting pretty compared with those looking now, as the rand has clawed its way back to around 11 against the pound. A similar situation currently presents itself in the USA, with the dollar floundering at just above two to one against sterling. Currency experts can advise you on when might be the best time to buy in any given currency.
So, armed with these nuggets of advice on the purchase of an overseas property, you can now narrow down your search. For detailed information on specific property hot spots, click on the countries link to the left.