Buying a house abroad should be an exciting prospect, not something that causes you stress. However, if you make some of the common mistakes that go along with buying a house abroad then there is every chance that you will end up with a lot of issues and you might well regret your decision.
Avoid the mistakes we’ve listed in this article for your best chance of a successful move.
1. Choosing The Wrong Location
If you don’t do your research on the location then you might end up disappointed with the decision you’ve made. If you’re moving locally, you will probably have an idea of all the important things like what the area is like. If you are moving a long way away, you need to do your research. Everything from establishing what public transport is like to working out the crime rates and how safe the area is.
Even if you are moving a long way away, we don’t recommend making a move unless you spend some time in the area.
2. Choosing The Wrong Property
Like choosing the wrong location, it’s possible to choose the wrong property. If you partake in a house viewing online, for example, you might be surprised by the condition or size when you eventually arrive. This is why it is important to do your research about what you need and find the right property for you by visiting and viewing before making an offer.
3. Refusing The House Checkup Before Buying
Most countries have some form of house checkup or survey that takes place before you buy.
Make sure you have a house checkup carried out by an independent and trustworthy party before buying. Air conditioning repair can be expensive if you are buying a home and you find that the existing system isn’t working or doesn’t have long left. This is just one of a long list of things that might show up on a checkup.
The need for heating repair, structural problems, mold and mildew might show up on a checkup, and might make you think twice or even be able to renegotiate the price.
4. Not Doing The Maths
There are so many financial considerations that you need to consider when you are buying any house, but buying abroad can be even more complex. If you don’t do the maths on your purchase then you might end up with some nasty surprises. For instance, if you incorrectly calculate the exchange rates when exchanging large sums of money.
Make sure you have budgeted for every aspect, including any local taxes that have to be paid when buying a property abroad.
5. Not Employing The Services Of An Independent Lawyer
Always ensure that you are working with an independent lawyer who will have a responsibility to be neutral rather than representing the seller. Language barriers can make the legal aspects of buying a property abroad even more complex, but you can employ a lawyer to make sure you don’t get conned.
The key is finding someone yourself, rather than work with a lawyer who has been recommended by an agent or owner. They might be working together. Always make sure the contract is put into a language you are happy with. This might cost extra but you absolutely must be cautious about this.
6. Getting Overexcited And Hasty
Let’s face it, mistakes are made when we get overexcited and lose the ability to think clearly about things. This is one of the top reasons why people make mistakes when they are buying a house.
Make sure you keep a level head and take your time, even if you feel like there is pressure or you are excited to move as quickly as possible. For instance, if an agent tells you there are other parties interested, it is very likely that they are just trying to rush you into a decision.
It’s hard not to get excited about the move, but rushing things is when you inevitably make poor decisions. It’s easy to get wrapped up in the process and get carried away, but make sure you take time and give yourself the chance to make an informed decision rather than acting on impulse alone.
7. Forgetting House Insurance
In your home country, you probably have a comprehensive level of cover for your home, and you should ensure you get the same for your new property. This means that if anything goes wrong, you have a level of protection for the house, and you can claim against the insurance. You might need to do some research to work out what the insurance required entails. Different countries have different processes and coverage levels.
Get your insurance in place as you are buying the property so that you don’t find costly repairs or natural disasters cause you issues.
Buying a house, or any form of property, is a serious financial decision. It’s definitely made more complicated by the fact that you want to buy abroad, but this doesn’t mean you should rush things. In fact, it is all the more reason to take your time and do your research to ensure that your house is not just ideal for you, but that it has been checked by a third party, and that all your finances are in order before you settle down in a new country for your future.
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