Purchasing foreign property? Here’s all you need to know

There are lots of reasons why you may find yourself looking to buy property abroad. Perhaps you’re moving away to a new country and you need to buy a family home for you and your children to live in. Maybe you’re considering buying a second home, either to use as a holiday home or to rent out to others. Whatever your reasons for buying property in another country, there are lots of hurdles to jump across. Here are some of the main challenges that you might face as an international buyer – and what you can do to mitigate them.

Visiting first

To many would-be international buyers, picking a location may at first seem like the most enjoyable part of the process. Whether you’re visiting idyllic parts of rural France or heading off to the Caribbean, it’s something that many people might relish the thought of doing. However, in reality, it’s something that can turn out to be quite stressful if it’s not done properly. In most circumstances, a person who wants to buy a foreign property should really consider going to see it in person first – even if that’s costly. While looking at a property on the internet may seem sufficient, the potential for breakdowns in communication can be high, especially if a language barrier is involved.

Carrying out checks

When you buy a property here in the US, it’s standard practice to have checks carried out to ensure that it’s in good condition and that it’s habitable. The same also applies for a foreign purchase. You should determine that the building is structurally sound, for example, and you should also confirm that utilities such as electricity and water run to the property correctly. If necessary, you may need to pay an interpreter or third party to do this on the ground on your behalf.

Paying for the property

Once the process is completed, your next job will be to settle the bill and transfer money to the vendor. Unless it turns out that the vendor is also located in the US (which is unlikely), you’ll probably have to factor fees and exchange rate losses into your purchase price. The best thing to do is to find money transfer bureau in New York: located in an international finance hub, they are well placed to help you get a good deal on your currency conversion – and can also be on hand to answer any questions that you have.

Buying a property abroad may seem like a hassle, but it’s one that’s worth it for the investment potential and the permanent holiday home opportunities that it can offer you and your family. While it may seem to be a bit of a drag, following all the right steps is essential. From ensuring that you put the property through the same rigorous checks that you would an American property to making sure that you visit it first before buying, there are lots of ways that you can make sure the process goes smoothly.

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