Five Tips to Buying Property Abroad
Use an Estate Agent
Buying directly from an owner can sometimes make for a great deal. However, if you’re unfamiliar with the foreign property market or struggle with the local language, buying through an estate agent or from a reputable property developer can provide useful guidance and help you avoid a number of pitfalls. Professional agents typically have an obligation to see that you are properly informed about the details of the purchase. They should also make an effort to complete the deal and assure your satisfaction.
Hire a Legal Representative
It is advisable to obtain the services of an independent lawyer when entering into a property deal. A lawyer’s advice can be invaluable if legal wrangles occur.
Have your Documents Translated
Before signing any documents relating to a potential purchase, make sure you have them professionally translated. It’s essential you that you understand everything you’re signing your name against, in words you clearly understand.
Save Money on Mortgage Payments
Once you have read, understood and agreed to the terms of the purchase, you’ll need to make arrangements to pay for it. When transferring funds denominated in your domestic currency, you’re likely to want a better foreign exchange service than the one offered by your high street bank. This applies whether you’re paying in full, making a deposit or setting up mortgage payments.
Local banks typically provide foreign exchange services that involve wider margins on exchange rates, higher fees and limited transaction sizes, making them a bad deal for you. Usually, it’s better to change your money and possibly set up regular payments through a currency transfer service.