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How to Step on the Property Ladder - Abroad
Buying an overseas property can be an exciting adventure. Before you start, make sure you’re clear about your motivation to buy – is it to purely for an investment or do you want it for a holiday home? Do you want it as a place to relocate to or for your retirement? The answer to these questions will help you focus on the type of property and its location.
Step 1. Get Ready Spend some time on the Net researching the country and region where you are thinking of buying. You will be met with a host of different websites offering a bewildering array of properties. At this first stage you will have a basic choice of whether to buy a ‘new build’ sometimes termed an ‘off plan’ property or a resale – a pre-owned property. New builds are in the process of construction which may take anything from 18 –24months from the first brick to the last lick of paint. Resales are available now and can be yours as soon as the legal and financial processes are complete. Step 2 – Get Steady Before you book an inspection flight, it helps to get an understanding of the buying process for overseas property. The standard buying process calls for a first initial payment to take your chosen property off the market. Then approximately 30% of the agreed purchase price will be required within 30 days. Contracts are signed at this point and you will be committed to purchase the property. The balance of 70% will be paid either when the legal process is complete on a resale property or when the construction is finished in the case of an ‘off plan’ property. Step 3 – Go! Although some investors buy over the phone if the figures stack up, most of us want to fly out to see properties before we part with our hard earned money. Expect to see a number of different properties which meet your budget. Also make sure that independent legal advice is on hand and overseas mortgage help is available if you need it. Ask the developer to show evidence of building licences and planning permission. It’s wise to check whether you can get your new property listed for rental. Rental yields are crucial to many who welcome this income to meet running costs. Property maintenance is another area to explore – it helps to have someone reliable who can sort out any minor problems when you are back in the UK. If you want to explore any aspect about buying abroad please give Steve Bridger of Property Ladder Abroad a call on 0800 804 7293. www.propertyladderabroad.co.uk www.businessinberkshire.co.uk/property
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