Buying Property Overseas

There has been a phenomenal increase in interest, publicity and actual purchase of overseas properties over the last 8 years. In the last 5 years we have also experienced massive increases in UK house prices.

This combined with relatively inexpensive coverage of low cost airline destinations has meant many Brits have had excess equity in existing homes and easier access to consider purchasing an overseas property and perhaps even living abroad.

Many of us may have been on foreign holidays and compared overseas property prices with those in the UK upon our return. Such considerations used to be piped dreams. However, now they can be a reality more easily.

The number of Brits who owned properties abroad four years ago totaled 170,000. Whereas, presently there are more than a million Brits who own second homes in just France and Spain, with Office for National Statistics figures confirming that approximately 200,000 Britons travel overseas each year looking for a property to buy with the intention of staying in the property for a minimum period of a year.

There are several questions you ought to consider should you wish to buy an overseas property

• You need to consider your budget, that is, what amount are you able to spend. Is it a mortgage or need a mortgage or finance?
• How important is location for you? Is it a beach side property you are seeking, a country home or a town house?
• Do you wish to use the property for personal holidays or just as investment or do you wish to do both?
• How important is access to the property, i.e., is easy and cheap access to the property important for you?
• Are you going to need to work in the vicinity of the property?
• Are you going to need to find schools for your children in the vicinity of the property.
• What size of property are you interested in purchasing? Would a one bedroomed apartment suffice or do you need a villa or a 4 bedroomed town house?
• Is the property of your choice rentable? It may be important to rent out the property in order to meet your mortgage payments?

Legalities involved in buying a property overseas

Purchasing a property overseas can be quite straightforward. Nothing is that complicated provided you follow instructions and employ the services of a reputable, reliable legal representative from the UK or from the country your property is in.

This will put you at ease and ensure that everything runs smoothly.