Buying a home abroad: some tips
August 2, 2017
Are you going to move abroad and you would like to purchase a house in your new country? Are you familiar with the local housing market? Do you know the taxation system in your destination country? Which taxes should you pay for your new home as an owner? Before embarking in such a major decision, it’s important that you make sure buying is the best decision and that you have the right information from the right sources.
To begin with this process, here some tips:
1) Buying or renting
First things, first. Do you really need to purchase a home? Will it be worth the investment? If you are planning to relocate abroad for a relatively short period of time, it’s definitely better to focus on renting.
However, renting is also advisable for people planning to stay in the long run. Discovering the city, getting to know the neighbourhoods, checking the amenities available… All these are important at the moment of deciding where to live, and will allow you to make a better and more informed decision. Moreover, after some months living in the city, you will have already some contacts, who might also be able to guide you during your purchasing process.
2) Budget and taxes
It is always good to be reminded that buying a home involves much more costs than just “purchasing a property”. Have you thought about leaving some money aside for the initial deposit? Are you familiar with the legal fees that you might have to pay for setting up the purchase? Do you know how much are you willing to spend monthly on repaying your mortgage?
3) Currency fluctuations
In which currency are you planning to pay your new home? Will it be the same one as in your new destination country? Be aware that exchange rates can alter dramatically from the time you agree to buy to the time you actually pay for your property.
4) Expert advice
Translations, local regulations… buying a home in your new country is not an easy task and counting with the help of a local advisor can save you a lot of worries. Search for someone with experience working with foreigners and familiar with how local regulations apply to newcomers.
Do you have more questions? Contact your local Crown representative