If you’ve always dreamed of buying a property abroad but don’t know where to start, here are some things you need to consider ensuring you have the best possible chance of finding that dream property:
- The Search
Don’t limit your search to one particular area or region. Keep an open mind and explore a wide range of options. There are loads of places to look for overseas property for sale.
Building developers often market their properties through the media or on their own websites to buyers in the UK. Check out the company’s reputation and try to visit a development and speak to residents before signing anything.
Another search option is to visit estate agents while you’re in the country. Local expats are good people to connect with though for an accurate picture of life and property ownership. For help from Gloucester Conveyancing, contact www.montpellier.legal/conveyancing-solicitor/gloucester-conveyancing/
- Permanent Residence
You’ll need to make a decision at some point as to whether you intend to live in the property permanently or let it out for part of the year. There is good profit to be made from renting out the property, but it doesn’t come without the usual associated risks. You’ll have to factor in costs such as maintenance, cleaning and building fees.
- Local Taxes
Remember to factor in the cost of local charges and taxes, especially on rental incomes. You could be liable for tax in both the UK and the country where you buy your property. Agreements are in place though meaning you won’t pay the same tax twice. Taxes you will need to consider include capital gains, inheritance tax in some countries, local equivalent of council tax and additional costs including mortgage and lawyer’s fees.