How to Buy a Holiday Home Abroad by realestatetips4u

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How to Buy a Holiday Home Abroad

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                       How to Buy a Holiday Home Abroad
The thought of owning a second home in the sun or a ski lodge or mountain retreat where we
can escape whenever the mood takes us is of course a commonly held dream.

And with the simplification of re-mortgaging facilities, the affordability of home loans and the
growth in underlying equity many of us have enjoyed on our principal residences, there
couldn’t be a better time to turn that dream into a reality than today.

Here’s how to buy a holiday home abroad and avoid all the common traps and pitfalls that
people can fall foul of.

First things first you need to decide whether it make sense for you to release the equity that
has built up in your principal residence to buy a property overseas, to raise a mortgage on the
overseas property or to pay for it in cash.

Unfortunately there is no straight answer to this dilemma! The answer will lie somewhere
among your own personal circumstances, your ability to afford an extension on your home
loan or an overseas mortgage, the country in which you’re buying abroad and whether or not it
offers good investment potential. However, there are two simple facts that the majority of
financial advisers and mortgage lenders agree upon and these may help you make your
decision: –

1)     taking the money that has built up in equity on one property and using it to buy another
property is probably the most sensible thing to do when releasing equity
2)     over the medium to long term real estate as an equity class is one of the most
consistent returning investment mechanisms.

The next issue relates to which country you should buy your holiday home in. You may have a
very positive idea of which country you would most like to spend your holiday time in – if you
have a country in mind it’s probably a country you know well and have had enjoyable times in
before.

If on the other hand you’re unsure and are looking abroad for a holiday home as an investment
property in an emerging market or a market with strong room for growth, you should draw
yourself a shortlist based upon what you’re looking for in a holiday home – i.e., if you want a
European beach house with 300 days sunshine a year you’re more likely to look at the
Mediterranean region rather than the Ukraine or the UK!

Whichever country you’re considering, do research into the laws relating to foreign freehold
ownership of real estate in that country and on the projected prospects for the property sector
over the medium term – all this sort of information is available on the internet.

Once you have a country in mind you need to set yourself a realistic budget – realistic in that it
is an amount you can afford and also that it is an amount that will buy you a quality property
abroad. Going back to the Mediterranean region in Europe for a moment, those with a large
budget could acquire a decent property on the Spanish coast, those with a small budget could



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                     Discover 101 Amazing Real Estate Tips and Secrets

only acquire substandard or renovation property on the Spanish coast but could purchase
something far more substantial in the interior of Spain. Think about the amount you can afford
and then look at the country you’re interested in – where will you get the most for your money?

Always employ independent legal representation to assist you in any transactions you enter
into abroad. You may not fully understand the language or legal system of the country you’re
buying your holiday home in so you need a lawyer who does! Furthermore you need a lawyer
who is working solely for you and not representing your interests together with those of the
vendor or property constructor as well!

Get any contracts or papers you sign officially translated into English before signing, have any
promises made or deals verbally brokered written into the contract, make a will that includes
your new property purchase and don’t rush into a decision because pressure is being put upon
you or because your time abroad to organise everything is short. The world will not run out of
holiday homes for sale in our lifetime. If you keep your wits about you and remember the
golden rule – i.e., if something seems too good to be true it probably is – you’ll be just fine!




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