10 Tips and Tricks That Can Help You Purchase a Luxurious Dream Property in a Foreign Country
When you look to buy property in your own country, you’re usually looking for the most practical aspects. For example, if you’re looking to buy a home, you need it to be close to work, have good schools around for your kids, and more practical aspects to make your home and work life as comfortable as possible. Buying property in another country is a bit of a different story. You still need practical reasons, of course, but you may be looking for a more dreamy place to spend vacations at.
Buying property is definitely one of the biggest steps in your life and it gets a little more tricky when you’re looking to buy something in a foreign country. There’s no need to worry about that anymore though because we are here to help. We bring to you 10 of the most helpful tips and tricks that can help you purchase the luxurious dream property that you always wanted in a foreign country. Read on to find out more!
- 1. Decide on Your Budget
- 2. Choose the Country that Suits You Best
- 3. Make a List of Priorities
- 4. Use Reliable Websites
- 5. Compare Property Prices
- 6. Take Your Time
- 7. Ask as Many Questions a Needed
- 8. Make Sure the Paperwork Is Perfectly Legal
- 9. Get All Necessary Papers in Your Language
- 10. Check Out Building Services
1. Decide on Your Budget
The first step you must take before starting your research is to decide on the budget you can afford. Doing that will help you understand what your options are when you start searching for places to buy.
You will know which areas you can afford and which ones you can’t, and what types of homes you need to look for.
2. Choose the Country that Suits You Best
Some countries have extremely strict rules when it comes to foreigners buying property. These rules can add many limitations to your purchase, and you may find yourself unable to buy the dream home you want. Mexico, for example, is one of the more difficult places for foreigners to purchase homes for many reasons. One reason is that they have very strict rules when it comes to payment, and another is that a huge part of Mexican land is owned by the government.
There are, however, some countries that facilitate purchases. One example is Singapore. Singapore is easily one of the most beautiful places in the world, a place where many people would love to live. The process of buying Singapore property will impress even real estate specialists because it’s not complicated at all. A lot of houses there look amazing, with lots of beautiful scenery and tourist spots to match. Of course, they also come with a price.
But you’ll certainly find your dream house abroad, no matter your budget. If you don’t want to stay in the heart of a metropolis like Singapore you might find some incredible houses in the Caribbean for instance that are extremely affordable.
3. Make a List of Priorities
Before you start searching for properties to buy, make a list of what’s most important to you in a house and rank the items on this list. Start by writing down the main reasons why you need a home abroad. Figure out the things that would be absolutely necessary for this property and go from there. For example, whether you prefer a small apartment with a gorgeous view, or you want a bigger place with a studio or workspace.
Check the type of neighborhood you prefer, and which commodities are the most important to you. This list will help you narrow down your search and easily be able to see what you can skip and what is more of a deal-breaker to you.
4. Use Reliable Websites
You may find numerous pages on the internet that have listings to check, but can you trust them all? Obviously not, but there are still plenty of websites worth using.
When you start your research, make sure to check out which sites you can trust and which ones you should avoid. You can determine this through checking customer reviews and your attorney’s help. Check for signs that prove these listings are real and legitimate.
5. Compare Property Prices
Prices can vary for many reasons and it can be unclear why one house is so much more expensive than the other even though they both seem very similar.
It is helpful to check out the prices of the units and buildings around the same area and the neighboring areas, so you can make the right final decision.
6. Take Your Time
Rushing is one of the most common mistakes that people make when they buy a residential unit. Taking your time to check out homes and weighing your options will help you get the best deal.
This will also help you avoid paying so much more than what the property is worth when you could have paid the same price for a much better home, or gotten something similar at a much cheaper price.
7. Ask as Many Questions a Needed
Don’t hesitate to ask any and all the questions you need answered. Ask people in the neighborhood about everything you need to know, the realtors, your lawyer, and anyone you think has helpful answers.
Remember that you have to learn everything about the place to make the right decision.
8. Make Sure the Paperwork Is Perfectly Legal
This is one of the trickiest parts of the real estate market. Especially when you’re buying in a foreign country.
The legal permissions and paperwork can be confusing, but you have to make sure that everything is right, and that there’s nothing unclear about your contract that may get you in trouble, or make you lose your new place.
This is why it’s especially important to hire an attorney who understands the country’s laws very well.
9. Get All Necessary Papers in Your Language
You must be able to understand everything on the contract and the permissions you are signing.
Don’t settle for having someone translate things orally. Make sure you have the hard copies in your language or a language you’re fluent in.
10. Check Out Building Services
Before you finalize your purchase, you must make sure that all the essential services are available and working properly.
Pay attention to the gas if the building has it, water strength, check every electrical socket and light source, and it might not seem very necessary but it’s also important to check for a place with a good phone and internet connection.
Make sure you know who to call for repairs when needed and that you won’t need to pay a fortune to fix hidden issues.