-Tips For Overseas Property Buyers Buying a property in sunnier climes is more popular than ever. Some leave Old Blighty altogether; others take off for regular, much needed breaks in their second home during the year. These purchases are no longer an exclusive luxury for the wealthy. Though international property investment is becoming more widespread, the purchase can be a risky business for homebuyers. It is all too easy to make a hot-headed purchase when the sun's rays are shining down on a villa or apartment. Here is a list of top tips from experts at the Property Investor and Homebuyer Show. Know your objectives: Ensure you know why you are buying and what you are hoping to achieve with the purchase. If it's for investment, decide whether you want a short term capital gain or a long term regular income. Sort out your finances: Work out how much you can afford to buy. Arrange your finances before you travel abroad to search for your property and certainly before you sign any non-refundable sale agreement. Don't be hasty: Stay focused on what you originally had in mind. Stick by your objectives. See your chosen area at different times of the year to ensure that you like it whatever the weather. Give yourself a cooling off period to ensure you are making the right choice. Check the transport links and local facilities: People who rent property will want somewhere that is easy to get to and will often gravitate to those places with a nearby airport served by low cost airlines. A location in easy reach of shops, beaches and tourist attractions ensures rental success and ease of living. Talk to fellow investors: Speak to people who have purchased property in the area that you are interested in. If you are opting for a buy-to-let investment, you can learn a lot about rental success in your area and get a realistic idea of the likely income that will be generated. Allow for the extras: The cost of buying a property abroad - taxes, conveyancing, lawyers fees, agents fees and VAT - is much higher than in the UK, so you will have to ensure you have budgeted accordingly. Also ensure that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country. Check the taxation and inheritance laws: Ensure you understand the tax implications for when you decide to sell. You should also check the inheritance laws of the country where you are buying. In France, for example, your children automatically inherit your house and not your spouse. Weigh up risk versus returns: For example, some properties in Eastern Europe offer potential high returns but potential losses too. You need to be well informed and comfortable with the risk factor. Do your homework: Time spent researching the area while at home is much cheaper and more efficient than time spent overseas. Make a checklist of questions that can be answered when you arrive at your destination. Speak to the experts: Always seek specialist independent advice from English-speaking architects and surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there.
Don't let the sun go to your head and hand over your money before considering all of the advice and options available.
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