With the cost of living increasing in the UK, many Brits are upping their sticks and moving to somewhere hotter and cheaper.
If you often daydream about buying property abroad, you’re not alone! Whether you’re considering a move to a country with better weather or simply want to invest in a holiday home near a beach, read on for our top tips when buying abroad.
How to decide on the place?
If you’re moving abroad, the first thing to decide is where you want to move. If you want great weather, somewhere like Spain, Portugal or Greece is highly suitable. Although moving has been made slightly more tricky due to Brexit, there are an estimated 360,000 Brits living in Spain, so it’s a viable option if you should so wish.
Or, if you’re thinking about investing, Japan or the US are good places to look.
- Think about tax
It’s important to be aware of the tax implications of moving to another country, especially if you already own a property in the UK. If you do, you will have to pay extra stamp duty for the privilege.
- You’ll need a good advisor
Having a good advisor is vital to help you set up a new life abroad. Helping with so much more than the paperwork, a local advisor will be able to give you expert insights into the region and common pitfalls. If possible, look for a local lawyer who is familiar with domestic property law and speaks multiple languages.
- Visit the property in person
Although it’s miles away from your home, it’s best to have a look at the property in the flesh to avoid being mis-sold the dream.
However, with traveling comes the risk of having an accident, even if you are careful! As such, it’s good practice to always make a note of who to contact if you get injured abroad.
- Know the risks
Buying property abroad is exciting, but it’s also risky. As such, it’s important to beware of the risks. From thoroughly checking the paperwork to confirm you have all the necessary permissions to ensuring you’re not pressured into buying from a hard-selling developer, it pays to be careful when you’re hunting for a home overseas.
- Consider your finances
Finally, it’s important to ensure that you are financially able to move abroad. This is especially so if you’re moving to a notoriously expensive area. However, with some careful budgeting, most people should be able to move abroad if they want to.
Although moving abroad can be daunting, it’s also incredibly exciting! If you’re not sure where to start, simply follow the above tips and you’ll be setting off on a new adventure in no time at all.