Resale Overseas
5 steps to owning an overseas property
No matter where you decide to buy, there are a few simple rules to follow that can make things go smoothly.
- Research
- Get your finances sorted
- Visit the country where you want to buy a property
- Get expert advice
- Stick to your budget
If you are considering buying a property abroad, it is important to do as much research as possible. The internet is usually the best place to start, check out the rest of our site for up to date information on overseas property markets. It may be useful to make a list of countries that interest you rather than trying to research everything. When you decide on which countries, you can then decide which region in each country appeals to you. This cuts down on the amount of research you need to do and allows you to concentrate on the areas that really appeal to you.
There are several different options open to Irish investors when it comes to financing an overseas property. Many Irish people tend to remortgage (release equity) in an Irish property in order to release cash to buy an overseas property. It is also possible to take out a mortgage in many foreign countries. This option is particularly popular in EU countries such as France. If you are buying in a non-euro country, do bear in mind that currency fluctuations will affect your monthly repayments.
It is essential that you gain some level of familiarity with the area in which you want to buy a property. Many overseas property agents offer inspection trips, however if you prefer to do your own thing you may prefer to visit properties on your own and talk to your agent when you return home. It is important not to fall in love with the first property you see. Use the same criteria you would when making a purchase decision back home - does the property represent good value, will it appreciate in value, can it be rented out, etc.
Every country will have its own laws and regulations regarding the purchase and sale of property. Therefore it is important to deal with an experienced agent who can find a good solicitor to act on your behalf and advise you on paperwork and legal aspects of the purchase process. Kalmarproperties.com can provide you with all the advice you need in order to make an informed purchase decision.
Once you have decided on the region you wish to buy in, set a maximum price that you can afford to pay and stick to it. Once you have decided on your budget we will find you a property that suits your requirements.