Tips for Buying Your First Home

Tips for Buying Your First Home

The following contribution is from another author.

Property overseas represents a great investment opportunity. No matter whether you are buying for the purpose of moving overseas or because you want to make a profit, you need to purchase with care. With that being said, read on to discover some useful tips that will help you out.

Use a specialist company – First and foremost, the most critical piece of advice is to use the services of a company that specializes in property in the country you are moving to specifically. Nowadays, with more and more people buying properties in different countries, there are many companies that have villas for sale all over the world. If you use this sort of business, you won’t get the expertise of someone with specialist knowledge in the country you are interested in.

Never sign a contract you don’t understand – Don’t make the pivotal mistake of signing a contract that is in Turkish, Mexican, or any other language, when you don’t have a clue what it states. Instead, make sure two contracts are provided, i.e. one in the language of the country you are moving to and one in English. You should then get your solicitor to go through the translation to make sure that it is accurate.

Don’t skip the survey – A lot of people view the survey as a waste of money. After all, you already have so many other things to save for! However, you could end up with a disaster on your hands if you don’t get a survey carried out. This will alert you to any potential problems, whether it is pest control, structural issues, damp, or something else.

Check suitability – It is important to make sure the property is right for you. You not only need to think about your needs today but your needs in the future. Let’s say you are looking for a place to rent out. Great, pick somewhere popular with high rental yields. But, what if you intend to move there in a year or two? Is the place right for you? Can you imagine yourself living there?

Factor in all expenses – One of the biggest mistakes people make when buying a property abroad is underestimating the costs that are entailed. Firstly, you are going to have the full price of the property to fund. Then you will have more than this: you will have everything from insurance, to local taxes, to lawyer’s fees. The best thing to do is add 10 per cent to your budget to be sure.

As you can see, there is a lot that needs to be considered when it comes to purchasing property in another country. Nevertheless, if you follow all of the advice that has been presented above, you will be able to make sure that you find the perfect property for you, no matter where in the world you are thinking of moving to.

 

Author

Eric is the creator of At Home in the Future and has been a passionate fan of the future since he was seven. He's a web developer by trade, and serves as the Director of Communication and Technology for a large church in Nashville, TN (where he and his family are building a high tech home in the woods).

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