Home away from home – buying a home abroad
September 11, 2014
When thinking about upping sticks and relocating abroad, one key consideration is being able to secure somewhere to live in your new home country.
A recent survey has revealed Spain has topped the charts as the most popular destination for Brits to buy property abroad, despite the recent turmoil in the Spanish property market, piping the traditional favourite France to the post.
The survey also found that 51 per cent of those buying a holiday home will stay resident in Britain, with emigration an option in the future, while over one third plan to emigrate for good.
Purchasing a property overseas is a big commitment so it’s vital that a life abroad in your chosen community and country suits you.
Tick those boxes
Make sure your new home ticks all the boxes. If you’re moving with children, schools and child-friendly facilities may be a top priority.
Relocating for work? Check that your new home is a commutable distant from your new workplace, with easy access to transport links.
Don’t forget to plan for the future too – your move abroad may be permanent or for just an extended period of time. This could determine the size of your new property - will a one bed apartment be big enough? You may need to consider a town house or villa instead as a long term solution.
The legal stuff
Before you take the plunge, research the legal processes and costs involved in buying a property in your desired destination. Your solicitor will make sure the legal nitty-gritty is correctly completed.
Remember to check your finances, ensure you can maintain both your lifestyle and property, be prepared for any additional costs that may crop up.
Taxes and fees vary from country to country, it may be worth setting up an account with the local bank so your fees are paid with ease. Banks abroad may not be so lenient with missed payments.