10 Home Purchase Abroad Tips For Success

Are you seeking your little corner of sun drenched heaven on earth? If you are youre certainly not alone!

Many Northern Europeans, Americans and Canadians are looking overseas for investment real estate or for a holiday bolt hole and if youre considering buying a second home in the sun, a home from home abroad or an investment property overseas and you're in a hurry to get started, these top 10 home purchase abroad tips for success should set you off in the right direction.

1) Legal Advice

Legal systems differ from country to country so never assume that you understand how exactly the entire house purchase process is going to work, and never expect things to necessarily go exactly your way!

To be assured of the fact that your personal interests are being looked after and that you, your money and your property are 100% secure, legal and legitimate its essential to seek independent legal representation in the country youre considering buying property in.

This is especially true if youre buying property in a country where you do not speak the language. You will be putting your name, signature and bond to contracts and legally binding documentsand however pleasant and helpful the real estate agent or vendor are its in your own best interests to make sure you have a local lawyer whos in your pay representing you at such times.

2) Build Times

If you buy off plan or youre self-building or renovating abroad you need to factor contingency into your overall time planning. Weather, seasonal pressures, holidays, availability of essential building materials the list of factors that can adversely affect the build time of a house is almost endless!

Your builder may confidently assure you that your property will be completed by a given date, and yet, depending on where in the world youre buying your property, the completion date is likely to always be delayed! Its just one of those things.

3) Setting a Realistic Budget

Another factor, like time, that can often spiral a little out of control is the budget. Often were told that we should add an extra 10 - 20% on to any purchase price for fees and taxes; thats all very well, but actually you have to factor extra money into your budget for things like visiting your second property abroad during and after the build phase, extras like light fittings, curtains, kitchen and bathroom upgrades, the application for and connection of vital services, removal costs and/or furniture purchase costs, satellite TV installation, air conditioning or heating installation, car rental.

If you have a set budget limit its important to sit down and work backwards including all the potential extras and fees and then see exactly how much is left for your property purchase. Dont be caught out and seduced by the sunshine, set budgetary limits before getting on the plane!

4) Ongoing Communication

If youre buying a brand new property abroad either off plan or during its build phase make sure you have some way of keeping in touch with the developer or managing agent. Ask in advance about how often you will be kept up to date with progress, whether they can email or send you regular visual updates and what level of ongoing communication you can expect for them.

Buying property is a very big commitment financially and emotionally its important youre not left in the dark, sitting back home wondering how on earth your investment is coming along. Sort out your lines of communication before you sign on the dotted line and make sure youre entirely comfortable with how the process will work.

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