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Buying a Vacation Home Overseas


Buying a Vacation Home Overseas

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									                     Discover 101 Amazing Real Estate Tips and Secrets

                        Buying a Vacation Home Overseas
With the British and American economies in quite a strong position many more Americans are
considering putting some of their hard earned cash into buying a vacation home overseas and
apparently one in three Britons has their sights set on buying a holiday home in the sun.

If you dream of owning a sunny villa in Italy, a cottage in Scotland or maybe a beachside
apartment in the Caribbean, here are five essential tips to consider when looking for real
estate overseas.

1) Research Your Location

You may already have a favourite destination in mind and be visualising your life lazing by a
swimming pool overlooking the Mediterranean Sea…on the other hand you may be interested
in shopping around to find the best countries in which to buy a vacation home and make an
investment into property.

It’s wise to do a fair amount of research into any new destination and cover everything from
foreign ownership of real estate rules, property taxes, the political and economic stability of a
destination and also the investment potential a given country offers. With this information in
hand it will be easier to make the right decision about which location suits your lifestyle
objectives, budget and long term investment plans.

2) Employ Assistance

Finding a realtor able to assist with your search for the perfect vacation home could save you
time, effort and even money in the long run – although most realtors take commission from any
sales they make of course! But a local agent will understand the dynamics of their property
market and be able to quickly and efficiently track down real estate bargains that match your
vision for your vacation home overseas.

Be aware that in some countries real estate agents neither have to be licensed nor qualified
however and so take a recommendation if at all possible and tread carefully.

3) Manage your Money

If you need to raise a mortgage to pay for your vacation home you may need to re-mortgage
your home or raise finance in your home country to fund the purchase because in many
countries it is difficult for non-residents to get a mortgage and in some of the emerging
property markets around the world there is no possibility to get a mortgage.

When transferring money overseas beware of fluctuating exchange rates that can devalue
your lump sum significantly and make the difference between you affording your dream home
and affording a poor second best. There are professional companies available who can help
those buying property abroad to deal with fluctuating currencies…look into your options.

4) Title Deeds and Legalities

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                    Discover 101 Amazing Real Estate Tips and Secrets

Legal systems vary from country to country as does the land registry system, and in some
countries title deed transfers are not registered at all which can make it difficult to prove who
owns property. Make yourself aware of the legal rights that you will have as a property owner
in a given country and find out about any assurances you can get that you own the freehold
title to the vacation home that you have bought.

Never buy real estate overseas without the aid of a good lawyer, check their credentials and
ensure that any contracts or agreements you sign are translated into your mother tongue and
that you check the wording carefully before you sign!

5) Protect Your Assets

Once you make the transition from house seeker to vacation home owner you will want to
keep your real estate assets well looked after. If you are only going to be vacationing in your
home overseas occasionally consider having a management company look after your home
when you are away.

Ensure a property that is to be left for periods of time is well secured because even in
countries where there is very low crime a beautiful home left standing empty can become a

Get insurance to cover the value of your home and contents and make sure someone regularly
checks that your property is in good order, that the weeds are not growing over your veranda
and that your swimming pool is clean and ready for when you next take a holiday in the sun.

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                     Discover 101 Amazing Real Estate Tips and Secrets

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