4 Things You Need to Know About Buying Property Overseas

buying property overseas

We’ve all been there–you’re soaking up some sun on vacation and think “ahh I wish I never had to leave.” The allure of living in paradise is one many people dream of.

The good news is that this doesn’t have to be just a dream. It’s becoming easier than ever to buy foreign properties.

However, there are still some major differences between buying property overseas and buying property in America. You’ll want to make sure you do your research to get a good deal.

Do you want to know more? Keep reading to discover 4 things you need to know before you buy that house in paradise.

1. It’s Not Always Easy to Buy and Sell

You may think the housing market is a pain in America, but just wait until you try to buy and sell a home in other countries.

If you don’t have citizenship in your country of choice, you’ll have to see if you can even buy a home. Many countries have laws or restrictions about foreigners buying property. This can make it harder, or even impossible, to get a home–so do your research before you set your heart on one country.

Things aren’t always easier when it comes time to sell that house, either. In some countries, it can take months or even years to sell your home.

2. Hire a Local Attorney

Once you start doing research on the laws surrounding buying a home abroad, you may begin to feel overwhelmed. This is why hiring an attorney in the country you’re house hunting in is a good idea.

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They’ll know more about the rules and regulations that will affect you and can help you navigate them. While it may not always be possible, finding an attorney who specializes in foreign home-buyers is the best route to take.

3. Ask for Specifics

It’s always important to take the local’s standard lifestyle into consideration when house hunting abroad. Sure, you may have stayed at a luxury resort full of American amenities, but that doesn’t mean that’s how the locals live.

Always ask for specifics on the house your buying. Being told that a house has a “good” water heater isn’t enough. What’s considered good to the locals may not be what you consider good. So ask for the size or product info, so you can do your own research.

This may not be as much of a problem when you look for house and land packages in Sydney or other first world countries, but it never hurts to get more details.

5. Don’t Buy on Promises

Alright, so let’s say you’ve looked at a few homes abroad and one really sticks out to you. However, you know the roads in that area are terrible to drive on and are filled with potholes. The local relator may try to soothe your nerves by saying, “the town is planning to fix the roads in a few months.”

But, you can’t let these problems go away because you were told they’ll be fixed in the future. Maybe the local realtor was misinformed, maybe the city will change their mind, or maybe fixing the roads means dealing with loud construction noises and closed roads for 3 years.

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What to Know When Buying Property Overseas

If you’re thinking of buying a house abroad, you may feel in-over-your-head. But don’t worry! Just follow our guide to buying property overseas to ensure you make a good purchase.

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