10 Top Tips for Buying Property Abroad

So you’re thinking of buying property abroad, but where do you start? These ten hot tips will help you sort out your thoughts as you weigh your different options.

1. Before you start looking for a property, decide what you want to buy and why. Do you want a small apartment for city breaks, a villa close to a beach for beach holidays, a property to rent out or a property purely for investment purposes?

2. Once you’ve decided what kind of property you want to buy, try not to be swayed by estate agents. They may come up with great ideas of why you need a certain property, but do try and keep your original intentions in mind.

3. Try and buy property in areas that are popular with both tourists and the local market. If you’re going to rent out your property, this will provide more rental scope than purely relying on the tourist trade.

4. Look for areas that are located close to current hotspots. The hotspots themselves can be expensive, but the nearby areas are often more affordable, but can still cash in on the benefits of the hotspot.

5. Always visit the location you want to buy in and the actual property or development site. Although it may be tempting to put a deposit down after seeing a fantastic ad online, you need to check it first to ensure it lives up to the claims.

6. Include buying expenses in your budget from the outset. These differ considerably depending where you’re purchasing your property, but may add as much as 10% to the price you pay.

7. Use reputable real estate agents and always seek independent advice from a qualified solicitor and surveyor.

8. Bear in mind that buying off plan property is usually a considerably cheaper option. Depending on the development stage, you may also get the chance to choose fittings, so it could be a way of getting a more personalised property. Many off plan developers will have a finished pilot unit to show you even before the development is complete.

9. To make your money go further, consider purchasing your property with other family members or friends. Don’t forget to consider in advance how you’ll share the property, or whether it could accommodate everyone at once.

10. If you don’t understand something in the contract, don’t sign until you’ve got clarification. This is especially so when the contract is in a foreign language.