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Advice on Owning A Property Abroad

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									                                                 Presented by Daniel Toriola


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                          Frequently Asked Questions About Investing In Property Abroad
                                                             By Craig Broadbent



   For many people, buying a property abroad is an exciting proposition, but it can also be a little
daunting. Here are some of the most commonly asked questions:

Where do I start?

If you’re thinking about buying a property abroad, then start by doing some research on the internet.
There’s lots of advice on this site alone, so take the time to read about the searching and buying
process before you begin looking at properties.

How can I finance my property abroad?

There are several ways you can buy your new property. These include re-mortgaging your UK
property; applying for a mortgage in the country where you’re buying; using savings or cash released
from your pension; and clubbing together with family or friends.

Should I go out and visit the country?

We would always advise that you visit the areas where you are thinking of buying a property abroad.
It’s useful to visit outside the main tourist season, so that you can see what the resort or area is like
when it’s quiet. It’s also important that you view the properties you are interested in, so that you are in
the best position to make a decision.

What about the legal stuff?

The law governing the sale of property varies from country to country. It’s vital that you hire a qualified,
registered solicitor in the country where you’re buying who can guide you through the process. If you
have friends who have bought property, they may be able to recommend one to you. Your estate or
property agent should also have a list of recommended solicitors and notaries.

How do I rent out my property?

In most cases, you can hire a local agency that will handle all the rental administration, including

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                                              Presented by Daniel Toriola


advertising and bookings. In addition, they will usually clean and maintain your property. Compare
several agencies for service and charges before you commit. Alternatively, you can rent out the
property by yourself, which is harder work, but means that all the income is yours.

Where’s a good place to buy for investment?

There are several countries where property prices and costs of living are low, and where experts think
that buying now will make money later on. It’s always best to get professional advice if you’re planning
to buy a property abroad for investment, so talk to an expert about property in Bulgaria, Turkey, Croatia
and the Czech Republic if you’re interested in your return on investment.

HolidayHomeNow has been set up to provide useful, practical information for those people researching
and looking into buying a second property or holiday home abroad. For more information have a look
at their website http://www.holidayhomenow.com




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                                                                                                       Page 2
                                              Presented by Daniel Toriola


                                            Advice On Owning A Property Abroad
                                                        By HolidayHomeNow



 Owning a property abroad comes with legal and financial responsibilities. Just as the ownership of
your UK property comes with responsibilities attached, so does your new property abroad. As a home
owner in a foreign country, you need to make sure that you are abiding by all the relevant legislation.

Tax

Tax issues can be complicated for people owning a home in the UK and a property abroad. Tax will be
levied on you in both countries, and you will have to check that you are not being taxed twice for the
same thing. For example, any rental income you earn will be taxed in the UK, and whilst this might not
be much, you will have to watch that your income from your property abroad doesn’t push you into the
higher tax band. In addition, check that you’re not also getting taxed on this income by the country
where you bought your property. Many countries have a double-tax agreement with the UK, which
means that you only pay the tax in one country. Check whether this applies to your property abroad,
and speak to our tax expert if you have any other questions or concerns.

Legal

There will be some legal responsibilities that come with ownership of a property abroad. For example,
what arrangements have you made for the sale of the property in your will? The legal implications of
selling the property or registering new owners after your death may be costly. You should check this
out when you are buying your property abroad, and make sure that your will is updated accordingly. In
addition, there may be local legal requirements of you as a property owner and you should check these
with your estate agent or solicitor to make sure that you’re always on the right side of the law.

Tenants

If you are renting your property abroad, you have a responsibility for the safety and welfare of your
tenants. Your property must be in good order, and fixtures and fittings should be checked and
inspected regularly to ensure that there is no danger to people staying in your home. This is not only
good landlord practice, but it ensures that you comply with local tenancy regulations and that you avoid
costly litigation should anything go wrong.

Owning a property abroad is a fantastic experience, but it’s one that comes with its own
responsibilities. Take them seriously and you will be able to enjoy many years in your new home.

HolidayHomeNow has been set up to provide useful, practical information for those people researching
and looking into buying a second property or holiday home abroad. For more information have a look
at their website http://www.holidayhomenow.com




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                                               Presented by Daniel Toriola




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Advice On Owning A Property Abroad
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