Top Five Things You Should Do Before Purchasing a Real Estate Abroad

Written by Posted On Tuesday, 23 May 2017 06:53
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Buying a house, a cottage or any kind of real estate abroad can be very exciting and overwhelming at the same time. You cannot physically be in the country where you want to buy a house, there is a lot of paperwork, questions and problems. Being organized during this hectic period of purchase will help you out a lot. We want you to enjoy the process instead of being frustrated so we prepared a checklist special for you. This checklist will serve as a guide for buying a property. Without further ado, let me present you the top 5 things you should do before purchasing a real estate abroad.

 

  1. Why exactly am I buying this property?

This might come up a little obvious but trust me, knowing exactly why you are buying the property can be a game changer. Do I want to buy a cottage, a residency house or is it an investment and I am going to lend it? These are some of the questions you need to answer. For instance, if you need the house for investment purposes, the location and current state of the house matter. On the other hand, if it is a cottage then it does not have to be in the center of the city. Identifying the purpose of your real estate purchase is actually very important for our next step. Which is…

  1. The Beloved Research

Your college professor was absolutely right - you will be doing a lot of research for the rest of your life. Buying a real estate, especially abroad, requires a good deal of research. First things first, you need to know the market and the only way to do so is research. Prices in France are different from England, Australia or Bali. As a potential buyer you have to consider the taxes of that particular country. Keep in mind that the prices in real estate tend to fluctuate and you definitely do not want to miss the perfect deal because you are not sure and you are not done with your research. Take my advice and start your research as soon as you can.  

 

  1. Real Estate Agent to the Rescue

If you are not a research type of person or you simply still have questions, real estate agents are there for you. Hiring a local real estate agent is very beneficial for two more reasons, 1) they know the language and can communicate with the seller, and 2) it is their job to find the most suitable offer for you.  

 

  1. Legal Representative

Hiring an attorney for real estate purchase is not a mandatory step. However, you have contracts, transfers and other types of paperwork and it is safe to have a professional do all these things for you. Let’s not forget that you are buying property overseas and hey, not all the countries have the same regulations. Google, our savior, is not the best help in this case. No one wants to be sued because of wrong paperwork so better be safe than sorry, hire a legal representative and avoid any further complications.

 

  1. Translate the Key Documents

Any legal activity abroad requires a ton of paperwork. Ownership certificates, contracts, and many more types of documents need to be translated. Thanks to the 21st century, your task is relatively easy in this case because there are professional translation services that can do the work even in 24 hours.

 

Final Thoughts

Even the hardest process can be simplified with carefully planned steps. As hard as buying real estate abroad may sound, it is not an impossible mission. Make the first step, identify the purpose of your purchase and the rest will follow. It is a very exciting trip you are taking and we wish you the best of luck.

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