What Matters When Buying Overseas Property?
For anyone trying to buy property overseas, you might just find that the challenge in getting the property signed up is more than you would have expected. For example, it’s very common for purchasing a home abroad to become a major expense for you to need to deal with, especially if you don’t take into account the sheer volume of risks that exist. Some of the most common pitfalls that you should look to research further or discuss include:
- Financial protection from the Financial Conduct Authority does not apply with overseas sales, so you don’t have the same protection as you would by buying domestically.
- Always take independent advice who is outside of the deal, the estate agency and the developer themselves.
- Also, ensure there is someone involved who is fluent in both your language and the language of the other party, too.
- Be sure to look at currency fluctuations if there is an exchange rate fluctuation of 20% or over, then you must be informed of this as it could make it harder to meet repayments later.
- Read into the taxation laws of the nation you are buying a home in, and make sure that you can account for all of the tax in both the country you are buying in and the United Kingdom.
The above pitfalls all represent easily made mistakes when buying property in a foreign nation. Keep this in mind, and you can avoid some nasty surprises!