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 abroad.
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!