Buying a property requires careful planning and numerous considerations on your part – and doubly so if you are planning to buy real estate property abroad. With a significant portion of your life savings on the line, you want to be absolutely certain that you are following the right protocols and making sound decisions to ensure a stress and problem-free acquisition of your prospective property.
Falling in love with a grand villa in a quaint European countryside or a luxurious beachfront property in a tropical island halfway across the world is easy. Acquiring them, on the other hand, will require some due diligence on your part. While it may feel like an overwhelming challenge, especially if you’ve never dipped your toes in the international real estate market before, there are several actions you can take to help turn your dreams into reality.
Make sure you know what you truly want
If you’re planning to purchase abroad, two of the fundamental questions you should ask yourself are “why?” and “what for?” Having a concrete idea of what you want your property to do for you will not only streamline your decision making, it will also open up quite a number of options for you.
Are you planning on moving abroad for good or are you just looking for a place to stay for extended vacations? What are the pros and cons of acquiring your own place abroad versus simply renting out a villa in Monte Carlo, for example?
Carefully consider what you need in your life now and in the future before finalizing your decision.
Learn as much as you can about the country you’re eyeing
Information is one of your greatest allies in the real estate game and doing even just a little research can go a long way. Beyond looking at what’s available for purchase, take the time to learn about the country’s real estate market, their rules and regulations regarding property ownership, along with their norms and local culture.
Having an idea what you’re getting into will help you create a better plan and a more solid approach to your real estate hunt. Knowing potential problems and issues beforehand is also good as you can try to look for possible remedies and fixes for them should they ever arise.
Don’t make the already difficult process of purchasing property harder. Learn as much as you can even before committing to a listing.
Establish a budget
Properties are huge investments and the cost of purchasing one is a great stressor for a lot of people. Having a definite budget can help ease the tension you are feeling and will be helpful for you in the long run.
Knowing exactly how much you are willing to spend on a real estate property allows you to focus on listings you can afford. This will save you countless hours online or the effort of talking to people about listings that are way over your budget.
It will also help your real estate agent crawl through their network to find homes for sale within your price range. Especially if you’re buying luxury real estate, a well-connected agent can show you unlisted or off-market properties that suit your needs and wants.
Learn about the resale value of the property
Unless you are one hundred percent sure that you’re not coming back to your home country, make it a point to learn about the resale value of properties in the area of the country you’re moving into.
Whether you’re buying a home or a commercial space, it is best to know if the properties you’ve purchased have market appeal and hold any resale value. Knowing the resale value of a property abroad is your safety net from financial loss just in case something happens and you need to fly back home.
Work with an international property expert
When it comes to buying property abroad, it’s always a wise move to have an international property expert by your side. Even if you’re buying your second or third piece of real estate outside the country, representation is still key. Your agent will always know more about what’s happening on the ground, the status of current and future developments, and possible changes in the law that will impact your purchase.
Moreover, a reputable real estate agent or developer can make sure that you’re not only getting the best possible listing but also that you’re doing everything above board as well. Having someone who knows the rules governing foreign ownership means that you’ll always have your i’s dotted and your t’s crossed when you sign your name that real estate contract. Working with an international property expert means you can stop worrying about the technicalities of buying your dream vacation home or your new permanent address abroad.
Don’t let the process of real estate hunting and acquisition dampen the exhilaration and excitement you are feeling about moving abroad. While it may seem challenging, there are a lot of steps you can take to make it as problem-free as possible.
In the 10 years we have been in the business, we have cultivated long-term relationships with our clients. Our extensive real estate listings include Monaco real estate like apartments, penthouses, villas, single-family homes, and offices.
Contact us today to get started.