The following page contains general advice for purchasing
a property abroad regardless of the location, followed by a selection
of guides specific to each country. There are three main points
to consider when planning any overseas property purchase;
Location
Law
Costs
The first and most important factor to consider
is the location in which you would like to purchase a property,
this decision can be made on the basis of many aspects. If you
are buying the property as an investment to be let out to holiday
makers it may be unwise to choose a secluded property in a remote
location, however if you are looking for a relaxing place for
your own use to get away from the hustle and bustle of city life,
seclusion may be exactly what you are looking for. The location
you choose will have even more bearing if you are looking to re-locate
to your new home in the sun, there are many considerations from
work and schools to hobbies and past times; it is no use buying
a villa in the south of Spain if you plan to take up skiing.
The second factor that must be considered is the
local law, firstly are you allowed to own property in the country
which you desire. Until a few years ago foreigners were not permitted
to own property in Dubai for instance, however now foreign investment
is encouraged and owning a property there entitles you and your
immediate family to a residence visa. There may also be other
laws concerning the purchase of property in your chosen country
from laws relocating to the purchase procedures to those relating
to inheritance laws. Another important legal matter to consider
is what happens if you pull out of the sale at any point; you
may find that it becomes very expensive to back out after agreeing
to purchase.
The third factor to consider is costs involved.
The cost of the property its self will not be the only one to
consider, there are the legal fees as well as any other fees relating
to the local system. One example of this is in France where the
buyer not only pays the Notaire's fees but also pays the agents
fees for marketing the property. This is an area to look into
very carefully as hidden costs can jeopardize the whole buying
process and having to pull out due to unexpected costs can turn
out to be expensive.
These points must be considered when buying any
property overseas regardless of the country in which you are buying,
however this information is only meant as a guide and professional
legal advice must always be taken before embarking on any overseas
purchase.
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