It’s enough of a hassle buying property locally, with so much red tape to have to navigate. Worse yet, it takes quite some time for the property you purchase to finally hold the official status of belonging to you, but for the most part all of this associated due diligence is every bit as necessary because the whole process of buying and selling a property involves the transfer of ownership of some serious value and assets.
Now, think about how it must be going through the whole process when you’re buying a property abroad! There are different laws to contend with and different rules and regulations to abide by. There are different ownership laws as well in some instances and there’s the small matter of pretty much every process forming part of the exercise bearing added costs. Bank wires take longer than usual transfers for example and chances are you’ll most definitely have to get some sort of legal services to form part of your property buying exercise abroad, something which naturally comes with additional costs in itself.
So there is plenty to consider if you are indeed planning to purchase property abroad, but if the thought has already entered your mind then the likelihood is that you’re prepared for all the extra challenges you’ll be faced with. It’s simply a matter of being prepared and so the suggestion is that it’s not impossible – correctly so too.
First check out the actual property market
To get a good grounding on the various elements which will come together to make up the process of buying property abroad, first check out the property market itself. By way of your budget, you should be aiming for those properties which are up to 50% less than what you have to work with, but this often ranges from 25-50%. It’s very important to consider this because what it correctly implies is that if you have a total budget of $1,000,000 for example, this doesn’t mean you can afford to buy a property abroad that’s listed at $1,000,000. I’m sure you’re aware of that with regards to how it works similarly in the local market, but there’ll be a lot more added costs when you’re taking your property-buying quest abroad.
Map out the legal terrace
Perhaps the most important piece of the puzzle is that of mapping out the legal terrace and unfortunately what this ordinarily means is that you’ll be dealing with some government officials, both in your own native country and in the country you wish to buy property. These days there are comprehensive guidelines posted on the websites of the appropriate government departments dealing with such issues as foreigners buying and selling property and they often even have a list of legal representatives which are officially earmarked to hold the capacity to oversee the whole process.
So basically you need to find out how much the compliance surrounding your desire to purchase your property abroad is going to cost you and then add that to the cost of the property you want to buy. The total should still come up under your total budget because they’ll be some additional costs as well.