According to a recent report from the Telegraph, the UK has seen a rise in buyers looking for properties overseas, with citizens hoping to secure a bargain as the strength of the Euro continues to fall against the pound. Notably though, the report also told how ‘buying an Italian property, for example, now saves £26,041 compared with January 2014’. Such figures do put some substance into the rationale behind wanting to buy abroad, as these significant financial incentives can go a long way in the property markets.
It’s not only the Italian mainland where buyers can get more for their money though. In a post from Safe Store for instance, they have outlined a few impressive examples of properties across the continents you can find for a budget of around £250,000. Yet, while such deals are not to be sniffed at, is it wise to simply look overseas for the sake of saving money?
When investing in any large venture like property you need to fully consider the risks involved, to weigh-up whether or not this is the right move for you. Equally, purchasing property abroad also has specific aspects you need to look into before you sign on the dotted line.
Factors to Consider
Exchange Rates
While the buying picture might appear quite rosy in the current climate in terms of the strong pound, this is by no means is the be all and end all. If, for example, you’ve agreed to buy a property at the top of your budget and your currency rate drops, you can face the difficult situation of having to pay more than you thought.
Language Barriers
Should you travel abroad to agree terms, you may be asked to sign a contract which is written in the country’s native language. While this might seem legitimate and the other parties may claim the separate translation you have is reliable, it is still worth having this verified by your solicitors at home.
Know the Location
Don’t forget that this isn’t like going on a holiday. The excitement of moving to a new country, combined with the positive images and stories you may encounter about your chosen area can cloud your judgement. Pay a visit to the area first to learn about the culture, the people, what amenities are on offer and any potential for building work and extensions.
Seek Advice if you need it
Finally, should you have your heart set on moving abroad but feel unsure about some of these factors then be sure to seek professional and expert advice. Established estate agents, solicitors and developers will want to take you on as their client and will be able to answer any questions you may have to ensure your overseas move becomes a reality.
