2) Factor in regular travel costs needed for visiting your second home when you establish your budget. Keep in mind any extra visits you might have to make occasionally to organise repairs and renovation for example. This sounds so obvious but sadly many people are caught out and find that they cannot holiday in their new home as often as they like: or worse still - once they move abroad they find they cant get home for visits to the family etc. Budget wisely and dont get caught out!

3) If you intend to rent out your second home you must declare this income to the tax man in your country of residence Im afraid! Furthermore it may be necessary to declare it in the country in which the new house is located depending on the double taxation agreements in place between the two countries. Make sure you seek solid tax advice before making any concrete buying decisions.

4) If youre intending to let out your property make sure you know how much its going to cost to have an agent manage both the day-to-day running of your property together with organising the rental side of things for you. Youll need a good agent to make sure your best interests are always protected especially if youre not going to remain resident in the country the property is located in.

Factor these extra costs into your budget or reduce them from your projected rental income to get a realistic idea of the income potential of your property. Remember youll still need to pay a management agent during any weeks and months the property remains unoccupied.

5) Consider the local tax implications of buying, owning and selling your property as property and land tax in some countries can make UK stamp duty and council tax pale into insignificance. In Northern Cyprus for example tax rates are not currently excessive but they are subject to change, therefore always get up-to-date tax and fee facts and figures from your estate agent furthermore, make sure you check the figures with a local lawyer or accountant.

6) Make a will to cover local inheritance tax laws and make sure your overseas property is also detailed in a will held in your country of residence. Specialist legal advice should always be sought when you hold property in more than one country as inheritance laws not only differ greatly depending on the country, but certain local inheritance laws can completely contradict and invalidate your main will.

7) Factor the legal bills that you will incur when buying, renting or selling your property into your overall budget. You can be charged all sorts of extras like notary fees, valuation fees, translation fees etc., and if you factor them in you shouldnt get any nasty surprises.

8) Be aware of the legalities of any contract you enter into. Find a reputable lawyer, get key documents translated, and know that ignorance is never a valid excuse! Not understanding the language in which your key legal contracts are written is a problem, dont ignore the problem! Dont blindly sign on the dotted line; its your responsibility to get informed.