Buying Overseas: What You Need To KnowTuesday, May 02, 2017
Being a homeowner is a wonderful experience, but when you get the opportunity to buy a second property, it’s tempting to consider an overseas investment. Not only is it a dream to have a holiday home abroad, owning international property can work as a great investment. Whether you’re looking to upgrade your home away from home and treat it as a winter bolthole or see it as more of a business, it can help you to have a rough idea of what you’re doing before you get started.
Where To Buy
Firstly, you’re going to want to work out where it is that you’re going to buy. You’ve got a lot of options across Europe or other continents, but places like France, Spain or even Switzerland are often favoured by other Brits. Not only do these countries make great places to holiday year upon year, but they're also popular holiday destinations overall and will ensure you have a steady stream of customers should you wish to let out your new place for some parts of the year.
What To Consider
Aside from the location, you have a lot of thinking to do when it comes to the property itself. Do you want a flat or a house? Should it be remote or in a village location? Or even a city? Maybe you want to buy into a gated community? Regardless of what works best for you, now is your time to decide. You should also work on listing your requirements regarding regions, size and even local amenities. Then, when your search for the perfect property begins, you will have a checklist to work with and be less inclined to snap up the first thing you see.
How To Finance It
Then comes the matter of money. You may already have money available to buy your property with, or a mortgage figured out. But, if you’re yet to get to this part, you’re going to want to find financial experts that can help you access the funds you need. Your bank may be able to help you here, or you may need to speak to specialist brokers like Enness International that can deal with the details for you.
Should You Let?
When the finer details are all figured out, it’s time to consider your options. If you’re buying for investment reasons, you may already be thinking about letting out your new overseas property. But, if you’ve bought for your own enjoyment, it may not have been something you’ve considered before. Letting out your new international home may seem a little impersonal at first, but if you’re only going to be living in it for a few months of the year, it could be worth getting a little cash back by renting it out.
Protecting Your Investment
If the idea of letting out your property seems like too much hassle, don’t panic - hire a professional instead. Overseas property management can be made a lot easier by leaving it to locals who can help you out. That way, you won’t have to race over to your second home to sort out any issues or to greet holidayers as they come to stay.