The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us share. Real estate proves itself time and again as a solid long term investment commodity. Because of this, many people are committing to purchasing real estate abroad as an investment that they and their family can enjoy and benefit from.
When buying a vacation home abroad there are a number of key considerations to bear in mind. Considering them will help to avoid some of the traps and pitfalls associated with buying long distance and in an unfamiliar country. With these 5 tips for overseas vacation home buying success you can quickly cut through the research process and move towards securing the dream swiftly and securely.
Tip One: Learn the Rules and Regulations
Different countries have different rules relating to the right. Some widely publicized destinations don’t allow foreigners to directly own the land on which their property sits. Some won’t let you own more than one property. And some countries are less economically or politically stable than your own. This can mean that real estate related rules and regulations may change in the future. Make sure you’re comfortable with the workings of the country you’re considering buying a vacation home in. If in doubt seek professional advice about that country and the ambitions you hold for owning a home in it.
Tip Two: Good Investment/Bad Investment
If you’re buying a vacation home with a hope that it will go up in value, know that real estate, just like any investment commodity, can go down in value as well as up. Furthermore not all countries have a real estate economy the same as the one in your own country. A little research would be wise into the historic nature of the property market in your country of choice as well as predictions for its future. While such data is not a direct indication of how well your investment will perform it will arm you with more data to hopefully make your decisions easier.
Tip Three: Title Deeds and Legalities
Legal systems and the title deed registration process differ from country to country. Therefore, know your legal rights and try and find out about the essential searches, surveys, and title deed checks that need to be conducted before you commit to buying your overseas vacation home. Never enter into any form of contractual agreement without the direct assistance of an independent lawyer. Never accept someone’s word that a vacation home has its permissions and title deeds valid and up to date. Insist on seeing and checking all important facts and data before signing on the dotted line.
Tip Four: Accessibility and Desirability
If you’re thinking about making an income from your vacation home or even hoping to holiday in it, one of the most important factors to keep in mind is the accessibility of your vacation home. If your real estate is difficult to reach it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach.
Tip Five: Enlisting Assistance
Consider enlisting the help of a reputable real estate agent and an independent lawyer. If you want to make money from your vacation home, a property management service should also be considered. Such professionals can save you time, effort and money. They can make the whole process of buying and owning a vacation home that much simpler. Make sure you take references, examine credentials, and see qualifications before employing anyone to assist you. However, if at all possible seek recommendations. Anyone who does a good job will always get good press!