Buying a property overseas can be very daunting. A quick read up on a few essential tips could make sure you choose the best area, have the correct legal representation, and most importantly, pay the right price at the right time.
Investigate
Although this seems obvious, our first piece of advice is to properly investigate both the market and your property choices thoroughly. Every country has different processes, laws, taxes, and legal costs, so making sure you are carrying out your own research into your chosen destination is extremely important. Global property prices also tend to fluctuate dramatically, so purchasing properties in the right areas and at the right time could save you a lot. It is certainly within your best interest to visit the area more than once, both in and out of season to be certain on your destination choice. Once you are sure, carry out the essential checks on your property with the help of professionals. A proper valuation is critical to paying the right price for your dream holiday home.
Seek Proper Legal Advice
For what it would cost you, getting the right legal representative can be key to purchasing an overseas property. You should immediately employ a property lawyer that speaks both English and the local language, as well as having no connection to the sellers or estate agency. This would keep your best interests represented and give you a deeper understanding of local markets, as well as the ability to translate any key documents. These lawyers will have a breadth of knowledge on any laws that may restrict your buying and travelling abroad, which could save you from any disappointment further down the line. A mortgage broker is also very important to help structure the lending you may need if necessary, where rates and processes differ from country to country. They can also properly instruct you on tax you will be liable to pay, both in the UK and your chosen destination.
Payment Method
Selecting the best payment method could save you up to tens of thousands depending on the price of your property and the time you purchase. Go Xchange offer extremely competitive, transparent, and secure exchange rates, guaranteed on the same day. Not only do we save you money over high-street banks, but we can give you a great indication on market movements, with the ability to offer forward contracts and market watching to help protect your money from adverse currency fluctuations. We have considerable experience in dealing with clients purchasing overseas property, and we are happy to give a number of referrals so you can see first-hand how we can help you on your property buying journey. Moreover, you could opt-in to benefit from our Privilege Rewards Programme, and build up points to spend on flights, events, and experiences in your chosen destination with our sister company, Go Privilege.
For more information on how we can be of assistance, get in touch with the team on 020 3908 4660, or email us at info@goxchange.co.uk.