As more and more of us go overseas on holiday – and with increasing frequency, it is not surprising that we are seduced by the life we see. The easy pace, the warm climate, sun, sea and sand, olive groves and vineyards, afternoons spent drinking the local wine in a Continental cafe, eating alfresco and often at a fraction of the cost at home.
But committing yourself to buying a home overseas or even living there is a far cry from just visiting. Millions of British people may think to themselves 'wouldn't it be lovely to live here'. But often, turning your dream into reality without the nightmares suffered by others is a long tedious and expensive process.
It is nowhere near as simple as buying a home in the UK, and not just because of language and cultural differences.
Buying a home abroad can fulfil all your dreams. It can be affordable. An overseas home can make us money. And we can make a profit. But not always. For many buying a home overseas can prove to be a nightmare instead of the perfect dream. Prices can plummet, legal problems can mean that you are faced with massive maintenance bills, huge tax liabilities or even be stranded overseas while ill and with no means to get home.
Just as buying a home at home, you should take your time and go through all the usual legal checks, evaluate your finances and look at all aspects of your new home, from transport to hospital and education facilities to future planning proposals. You are unlikely to be familiar with the different tax and legal regimes overseas even if you do know the language. And most importantly you must decide whether you really want to make such a commitment. It is not unknown for those moving abroad to come back within a few months because they cannot cope with the isolation of living in a foreign country, the language problems or even the cost of living there.