With booming house prices in the UK no looking like decreasing, many people are now looking at property abroad as possible investments and retirement options. An international mortgage is a similar process to that in the UK. However, there are different tax rules and fees to consider as well as certain restrictions with land and property.
Obviously the first thing to consider is what country you would like to buy the property. If the reason behind you purchase is purely for investment purposes, there are many opportunities to buy holiday homes, which can then be rented out to holiday goers. However, if you are buying a property with a view to having a second home or for your retirement, it is probably best to look around at different destinations and spend some time there yourself to sample the area and its features.
After deciding on the country destination for your purchase, you must then decide whether you would like to live in the actual location:
• Town Centre
• Country
• Inland
• Coastal
Once you have an idea of the above, you can then begin your search for a property. With this then come more things that need to be considered such as:
• The type of property you require.
• The health services that is available.
• The levels of transport the area provides and how far the nearest airport is.
• Amount of space you would like.
• How close you would like to be to the local shops etc.
Once you have decided on this, you should:
• Visit the property a few times before making a final decision.
• Check the properties amenities.
• Have a builder check on the structure of the building.
• Have a legal advisor check ownership of the property and whether is has any outstanding debts from previous owners/tenants.
For help and advice on buying a property abroad, contact your local estate agent or property guide. It is advisable that you select those that are officially registered and qualified. There is also lots of information available online. Be sure to speak with a local solicitor and ask if they are able to deal with properties abroad or if they know of any organisations that do deal with such things. It may be though that you will have to speak with a local solicitor in the country that you wish to purchase the property in.
The chosen solicitor should also advise you on all types of costs and legal aspects involved in the purchasing process. It is advisable that you gain a good understanding of the different legalities and taxes that are used in the country as they differ from that in the UK.
If you would like to rent the property, understand that advertising in the UK for a property abroad could result in tax requests from both English and foreign authorities.
