Vacation rental 6 mins read

How to buy your first vacation property abroad

By April 8, 2019 April 10th, 2019 No Comments
How to Buy Your First Vacation Property Abroad

Kristin Savage nourishes, sparks and empowers using the magic of a word. Along with pursuing her degree in Creative Writing, Kristin was gaining experience in the publishing industry, with expertise in marketing strategy for publishers and authors. You can find her on Facebook and Twitter.

 

Taking the decision to buy property abroad is a tough one and will require plenty of consideration before the final decision is made. Depending on the part of the world you’re looking to buy the property on and the type of property you are looking to purchase, you will need to have certain criteria in mind.

In order to make this easier for you, here are some tips which will help you find and buy your dream vacation house without having to worry too much about the process.

 

Know what you’re looking for

When you are still in the first stages of considering buying a property abroad, you will need to consider a few things in order to make sure that you are looking at the right place in order to make the right final decision.

The very first thing you should be certain about is the location you would like to purchase a vacation house at. You might love many places around the world but sooner or later you will have to decide on which one has just stolen your heart and can truly help you feel relaxed and happy when you visit.

Along with choosing the right place, you will also have to choose the type of property you would like to purchase. There are many different factors you can take into consideration regarding this fact. For example, you should think about how often you will be visiting and whether you will be having family or friends over so that you can decide on whether you would enjoy a bigger house more than a smaller one.

Whether the house will be furnished, close to the sea or have other benefits will greatly depend on your budget. It is also a good idea to visit the place of your choice and look at houses in person, instead of looking at them online. This will help you make sure that the property is exactly what you wanted and dreamt of.

 

Do your research

Depending on the location you chose and the type of property you wish to buy, you will also need to do some research in order to know what to expect in advance. For example, in certain places around the world and if you’ve picked a house close to a very central part of a city, it is highly likely that you will have higher bills to pay at the end of each month.

The cost of living can vary, and while you might be able to purchase a property at a bargain price, you might come to find that furnishing and keeping up with bills and repairs might end up costing you a lot more than it should.

Another thing that you should take into consideration is how the weather can affect not only your living expenses but also your and your property’s safety. Certain locations around the globe might be gorgeous and dreamy but they are also prone to earthquakes and hurricanes, so this is definitely another thing you should be on the lookout for while making a decision.

 

Work with a professional translator

One of the problems many people who think about purchasing a vacation home abroad is that they don’t speak the native language of the country. It is definitely essential to find a professional translator or translation service you trust in order to make sure that you and your finances are being safe, every step of the way.

If you don’t know any translators in your area online, you can always use platforms such as PickWriters, which will help you choose the right legal translation services for your needs. Even if you find that you are somewhat fluent in the local language, you will never be able to read the small letters of an agreement, especially if they are presented in certain legal terminology.

 

Seek legal advice before anything

No matter what type of regulations exist where you come from, it is highly likely that the country you will be purchasing your property at will have completely different rules.

For example, one of the things you might not consider at first is that inheritance laws in that country might not be the same. In order to make sure that the future generations in your family will have access to the house, you might need to work on writing and translating a will which will include the property.

Another thing you will have to be informed about is tax liability. In simpler words, tax liability refers to any foreign tax rules you might not be aware of and which could bring potential and unnecessary financial frights your way.

You should always make sure to work closely with your translator and solicitor in order to stop such problems from developing.

 

Think about your exit strategy in advance

Last but not least, it is also a smart move to think about what you can do in case you stop wanting to spend time at your vacation house at some point. Depending on where your property is, you might have issues when it comes to finding a new buyer and this can take anywhere from a few months to a few years.

Taking into considerations factors such as the local market, financial situation of the residents and also the interest of other international buyers will help you develop an idea of how you can react so that you don’t get stuck with a house you no longer wish to own.

 

Finding the vacation property of your dreams

Taking all of these tips and ideas into consideration will definitely help you get a better idea of how it is to buy your first vacation home abroad. If you put enough thought into it and make a safe and calculated decision, you are most likely to enjoy your new property for many years to come.

Where would you like to purchase your first vacation property at?