5 Tips for Overseas Vacation Home Buying Success
Owning a vacation home abroad in an exotic location is a commonly shared dream – and for those serious
about making their dream come true here are the five main things to remember when buying property
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The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us
share, and because real estate proves itself time and again as a solid long term investment commodity, many
more people are committing to purchasing real estate abroad as an investment that they and their family can
also enjoy and benefit from.
When buying a vacation home abroad there are a number of key considerations to bear in mind to avoid
some of the traps and pitfalls sometimes associated with buying long distance and in an unfamiliar country.
With these 5 tips for overseas vacation home buying success you can quickly cut a swathe through the
research process and move towards securing the dream swiftly and securely.
Tip One – Learn the Rules and Regulations
Different countries have different rules relating to the right or otherwise of foreign citizens to own the
freehold title to immovable property. Some widely publicised destinations don't allow foreigners to directly
own the land on which their property sits (Bulgaria) or more than one property (Cyprus) for example, and
some countries are less economically or politically stable than your own which can mean that real estate
related rules and regulations may change in the future. Make sure you're comfortable with the workings of
the country you're considering buying a vacation home in, and if in doubt seek professional advice about
that country and the ambitions you hold for owning a holiday home in it.
Tip Two - Good Investment/Bad Investment
If you're buying a vacation home with a hope that it will go up in value and be not only a family retreat but a
great asset, know that real estate, just like any investment commodity, can go down in value as well as up.
Furthermore not all countries have a real estate economy the same as the one in your own country – a little
research would be wise into the historic nature of the property market in your country of choice as well as
predictions for its future. While such data is not a direct indication of how well your investment will
perform it will arm you with more data to hopefully make your decisions easier.
Tip Three - Title Deeds and Legalities
Legal systems and the title deed registration process differ from country to country therefore know your
legal rights and try and find out about the essential searches, surveys and title deed checks that need to be
conducted before you should commit to buying your overseas vacation home. Never enter into any form of
contractual agreement without the direct assistance of an independent lawyer and never accept someone's
word that a vacation home has its permissions and title deeds valid and up to date. Insist on seeing and
checking all important facts and data before signing on the dotted line.
Tip Four - Accessibility and Desirability
If you're thinking about making an income from your vacation home or even hoping to holiday in it yourself
regularly, one of the most important factors to bear in mind is the accessibility or otherwise of your vacation
home. If your real estate is difficult to reach, with many miles to traverse and complicated and expensive
plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation
involves getting away from it all and escaping every day life, a vacation destination and home should be
easy and affordable to reach.
Tip Five - Enlisting Assistance
Consider enlisting the help of a reputable real estate agent, an independent lawyer and if you want to make
money from your vacation home, a property management service. Such professionals can save you time,
effort and money and they can make the whole process of buying and owning a vacation home that much
simpler. Make sure you take references, examine credentials and see qualifications before employing
anyone to assist you however, and if at all possible seek recommendations because anyone who does a good
job will always get good press!
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