Choosing the right estate agent when considering purchasing a property abroad is your first and most important decision. With Roffeys International Homes you can be assured you are dealing with a reputable agency, as all our Guild International Member Agents adhere to a strict Code of Conduct, as well as being regulated by FOPDAC (Federation of Overseas Property Developers Agents and Consultants).
There can be many hidden pitfalls when buying abroad, the most obvious being the background and legality of the development company from whom you are purchasing. By extension, the deeds and documentation relating to the property itself need to be legally sound. Through Roffeys International Homes, Guild International Member Agents will offer you the very best in legal advice, as well as recommending companies for mortgages and insurance
If you follow some basic guidelines the whole procedure, from searching, to viewing, buying and moving in,
can be enjoyable, but to avoid making decisions on impulse we recommend you plan ahead.
Some Points For You To Bear In Mind....
- Be sure of your reasons for doing it – are you planning a lifestyle change, a retirement, or are you looking for a holiday home, and if so, are you planning to make it available for rent?
- Check the local property market generally – is property selling and are values going up or down?
- Decide whether you want an apartment, a villa, or a house and do you want a large private garden or communal grounds?
- Set yourself a budget and allow approximately 10% for ‘extras’.
- Check if there are regular flights at reasonable prices throughout the whole year.
- Do not sign any documents you do not understand and always use a solicitor who understands the law of your chosen country.
- Consider whether you will require a structual survey.
So what about destinations – where do you buy?
When buying abroad, British people have traditionally favoured destinations such as Spain, Portugal, France, Italy and the USA.But now, rapidly increasing numbers of buyers are considering other locations such as Cyprus, Dubai, Morocco and South Africa. Given that prices tend to rise when countries achieve full EU membership, the beauty and charms of parts of Eastern Europe are also now well in focus and becoming popular.
These ‘emerging markets’ as they are sometimes referred to, are attracting buyers because of their lower prices, although care should be taken as these countries are not usually proven markets.
Funding your overseas purchase
For many buyers, borrowing funds to purchase their property
abroad may be the way forward to getting on the overseas
property ladder sooner rather than later. The easiest way to
fund your purchase is to remortgage an existing UK property,
providing your lender agrees to this.
Alternatively, you could obtain a loan on your property in a foreign currency but bear in mind, changes in the exchange rate may increase the Sterling equivalent of your debt. Remember, whichever path you decide to take, we’re here to help you make the most of the various options available.
