Buying a home abroad and starting a new life is the dream of many, but the idea of making it a reality can be daunting. We hope to help as many people as possible to fulfil this dream, by providing you with our top tips for purchasing an overseas home.
1. Set a budget
Calculate your finances and decide what you’re willing to sell, to add to your funds. Having a good idea of your budget will allow you to have a keen focus from the start, and avoid looking at unrealistic properties. You can also consider setting yourself a minimum budget, to save spending time looking at properties that don’t meet your criteria.
2. Decide on a specification
Don’t go into your home hunt blind – make a list of desirable features, to get you started. You may not know straight away the exact property you’re after, but you can build this list over time. Most property portal websites have a filter option, so you can efficiently narrow down your search results.
By writing a list of features you would like, as well as those you’d rather not have, this will also help to create a clear picture in your mind of what would make the perfect overseas home.
3. Choose a location
Most have a keen plan of which country they want to move to, but it can be difficult to decide on an exact area. An effective method would simply be to go on holiday to different areas and test the waters (both figuratively and literally!)
4. Do your research
You should do what you can to research the property market for the area that you are interested in. Getting an idea of what you can obtain for the budget you’ve set aside will help to compare your options. Thorough research will provide a definite idea of what’s available in that location.
5. Seek professional assistance
If you are looking to buy a house in a foreign country, the language barrier can be a problem, if you are not fluent in its native tongue. Look to purchase through a professional agency or reputable property developer, in order to ease such difficulties.
As is the case with most industries, looking at online reviews can help to find the right company for you. Consider looking for expat communities on social media as well, in order to gain recommendations and guidance from those who have already relocated.
6. Get your documents translated
It is never a good idea to sign any form of contract without reading it first, so you will want to get any that are not in English translated. When making a legal agreement between yourself and the seller, it is important that you are comfortable with what the documents state.
7. Protect your property
This final tip is more aftercare advice – make sure to get the right protection for your new home. Insure My Villa works with brokers overseas, in order to provide expats in their areas with an Overseas Property Insurance policy that is written in English, so as to reduce the stress associated with making that move abroad.