Thursday, 19 July 2012

Planning crucial to buying home abroad, expert warns

It is crucial people considering making international money transfers to purchase a property abroad do not let their enthusiasm for the move stop them from carrying out all the necessary processes to plan for their investment, an expert has warned.

Clare Nessling, director at overseas mortgage specialist Conti, noted that the eurozone's ongoing problems can offer an opportunity for canny buyers who assess the situation correctly.

Writing in Every Investor, she noted that traditional locations such as France and Spain are seeing a drop in prices, made even more pronounced for UK buyers because of the exchange rate between the pound and the euro.

However, Ms Nessling reminded investors that cutting corners in search of a bargain is a mistake, especially given the various criteria for purchasing homes that can apply over different countries.

It is vital to be fully aware of all the clauses contained within a contract, something which can be made easier by hiring a bilingual lawyer who can help analyse a document like this, she added.

"If required, you can also consult valuers, surveyors or architects. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there," added Ms Nessling.

Furthermore, investors should conduct "thorough research" about nearby transport links and other amenities, as this can sometimes be overlooked when coming across a home that initially appears to be perfect.

"And consider the property off-season - many resorts are seasonal and practically shut down when the tourists return home," the expert warned.

She concluded that thoroughly checking what extra fees may need to be paid when purchasing a home can help save investors some cash in the difficult economic climate currently prevalent.

Lindsay de Feliz, marketing manager at Expat Focus, recently suggested that expats should learn the language of their new country as soon as possible.

Posted by Eleanor Ward

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