Things to Consider When Buying a Property Abroad
According to recent reports, around 300,000 UK residents buy homes abroad. Of the countries where they choose to purchase property, Spain is amongst the most popular.
If you are thinking of buying overseas, what are the main things that you need to consider before parting with your cash?
1. If you are buying a property abroad to use as a second home, you will need to think about how you are going to look after it when you are not there. For instance, will you get a cleaner and/or property manager to come in every so often to make sure that everything is in good shape and working order?
2. Everyone’s tax situation is different. How will owning a property abroad affect you from a legal and tax perspective?
3. If you are planning to move abroad permanently, you will need to plan how to build a new life for yourself and your family. If you have children, you will also need to think about schooling and any language issues.
4. Hopefully owning a property abroad will be a very pleasurable experience. However, it is advisable to have a back up plan in case things do not work out as you expected.
5. From a social point of view you need to think about the type of neighbourhood that you are buying into. Do you want to immerse yourself in local culture, do you want to be somewhere where English is widely spoken or do you want to live near other British people?
6. Do you speak the local language? If not you might want to consider taking a basic language course to help you feel more comfortable in your new surroundings.
7. How do you feel about the local habits and customs and do they fit in with your lifestyle. For instance, in Spain most people don’t eat until around 10 pm which means that restaurants are fairly dead at a time when we would expect them to be busy in the UK.