Buying a property overseas – is it right for you?
This may sound an obvious and somewhat silly question, but why do you want to buy a home overseas? Make sure you have really thought out your reasons for taking such a big step. Remember, buying a home overseas can be a costly and lengthy process and, as the recent residential property price slump across most world markets has proved, it can leave you nursing serious losses. However, demand is increasing again and this, combined with comparatively low prices, means that now is possibly the ideal time to buy.
Even if you are retiring or going to live or work aboard, you do not have to buy immediately. It is often best to try before you buy – that way you will be sure that you really know what you are letting yourself in for.
It may sound negative, but in some cases you may be better off not buying at all as the outgoings on your property – not just initially but year after year – could finance luxury holidays for the rest of your life.
However, nothing can beat the feeling of having your own home, somewhere you love to retreat to, with familiar surroundings, the kitchen, bathroom and furniture you want, the garden or view you have always dreamed of and a place you can be proud of and invite your friends and family to visit.
But before you make the first move, ask yourself the following questions:
- Can I really afford to buy overseas?
- Can I afford to lose financially?
- Will my family be happy?
- Am I prepared to learn the local language?
- Can I cope with and do I have time for the hassle?
- Am I prepared to integrate?
- Do I really like the country and the people?
- Could I cope with being ill abroad?
- Is it best to buy?