Property is a serious purchase, and buying a property abroad can be a daunting task. Distance, language and legal differences may all seem like obstacles to securing your perfect home away from home. But it need not be as difficult as you imagine. With the right planning and a little help, you can transition smoothly into your new abode. Here are some important considerations when looking for that perfect property.
Consider your needs
Buying abroad is exciting, but before beginning your search, take a moment to consider your needs. Are you looking to purchase a holiday home, or will you be relocating? The size and scope of your property will depend on how you intend to use it.
Although it may be tempting to buy that charming farmhouse in need of repair, a smaller apartment in the city may be more practical as a base if a business requires you to commute throughout Europe. Likewise, a modern flat in a high rise might not be the best choice for your family’s relocation, even if it does possess stunning views.
Also, consider your investment goals. Are you content to slowly build equity, or do you want a property that will yield quicker returns via improvements or rental income? By taking the time to list your needs and goals, you will be able to search more efficiently to find the right property.
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Focus on the right market
If you plan to buy a property to let, it’s crucial to hone in on the right market. Make sure to anticipate the needs of potential renters, be they long-term tenants or holiday guests. Research comparable rental rates in the area to learn which types of properties and what neighbourhoods will give you the best returns for your budget.
There are also tax implications for long-term or short-term lets. A full analysis can provide you with critical insight before you buy.
Location is key
Urban, rural, or somewhere in between? Your ultimate location will depend on your needs and investment goals but may be narrowed down further based on other considerations. For relocation, consider things like commuting distance to work and schools. For a holiday home, you will want close proximity to the activities your family enjoys, whether it’s museums and cafés or hiking and fishing.
Think local
The purchase process, property taxes, renovation costs and timelines are all different depending on where you choose to buy. Factor these in when deciding on things like a key-turn versus a fixer-upper. If you do decide to renovate, know that patience and cultural sensitivity will help move your project along more smoothly.
Engage an expert
The best way to choose a property abroad is with advice from an expert. Global Citizen Solutions is on hand to carry out full market intelligence, provide cultural insights and facilitate the purchase and other administrative procedures. We work with you every step of the way to ensure you obtain your perfect property abroad.
