Living in another country brings on visions of Italian villas, Hawaiian beaches, and the Australian outback. Many people fantasize about owning a home in another country. Madonna splits her time between Britain and the U.S. Johnny Depp lives in France. George Clooney makes his home in Italy, according to CelebBuzz.com. However, this is not a dream for only the very rich. Whether a person wants to live, vacation, or retire in another country, it is a fantasy that can become a reality.
Become a Detective
Buying a home outside your native country is a complicated process. You should take steps to find out everything you can about the real estate market in the country you plan to move to before you actually decide to buy. If possible, live in the country you have chosen for several months and make a list of the pros and cons using an app like inDecision, available from the iTunes store. Make sure you also talk to other people who live there about their experiences and take note.
How Will You Pay For It?
Your first considerations should be the cost of the property and how you will pay for it. Knowing the average cost for homes in the country that you are interested in will give you the best chance of negotiating a good deal. Since you are not in your native country, you will also need to check out options for paying for your purchase. Your options can vary from country to country.
In Hawaii, all offers to buy property must include documentation on the buyer’s ability to buy, according to HawaiiLife.com. If you plan to pay cash, you have to provide “proof of funds,” or a copy of bank statements showing you have the money required for the purchase. If you are financing, then you need a pre-qualification or a pre-approval letter from a lender that is licensed with the State of Hawaii. The same rules apply to United States citizens buying a home in a foreign country. U.S. mortgage lending institutions will not loan money for the purposes of buying a home on foreign soil. U.S. citizens have to obtain a loan at a mortgage lending institution in the country in which they are making the purchase.
Check the Laws About Buying Land or a Home
Check the ownership laws in the country. Some countries don’t allow foreigners to own property and others have restrictions on property purchases. For example, under normal circumstances, foreign citizens cannot purchase property in Australia without approval from the Foreign Investment Review Board (FIRB). The FIRB only provides approvals for specific property; you cannot get a general approval. Additionally, foreign citizens cannot purchase established properties; the dwellings must be new. No matter what country you decide to purchase a home in, you should hire a good lawyer and a real estate agent that knows the laws regarding foreign citizens purchasing property in their country. You should also buy title insurance to protect your finances.
Consider How Hands-on You Want to Be
You can overcome any problems with purchasing the home of your dreams with patience and persistence. Purchasing the property is only the first step. Living outside your native country can turn simple tasks and errands into a scavenger hunt that can take weeks and require a great deal of energy. Now that you’ve overcome the obstacles associated with purchasing your new home, it is time to organize your new life. You will need help with all kinds of things, from finding a local bank to tips on where to eat or buy groceries. You will also want to set your new home up as quickly as possible. If you decide to settle in Australia you can do some home decorating by adding objects you’ve brought from home or you can shop for furniture, pictures, candles and other decorations at Wayfair.com.au. Adding these personal touches will make you feel like your new home is truly yours.
