If you're thinking about buying a property abroad, then start by doing some research on the internet. There's lots of advice on this site alone, so take the time to read about the searching and buying process before you begin looking at properties.
How can I finance my property abroad?
There are several ways you can buy your new property. These include re-mortgaging your UK property; applying for a mortgage in the country where you're buying; using savings or cash released from your pension; and clubbing together with family or friends.
Should I go out and visit the country?
We would always advise that you visit the areas where you are thinking of buying a property abroad. It's useful to visit outside the main tourist season, so that you can see what the resort or area is like when it's quiet. It's also important that you view the properties you are interested in, so that you are in the best position to make a decision.
What about the legal stuff?
The law governing the sale of property varies from country to country. It's vital that you hire a qualified, registered solicitor in the country where you're buying who can guide you through the process. If you have friends who have bought property, they may be able to recommend one to you. Your estate or property agent should also have a list of recommended solicitors and notaries.
How do I rent out my property?
In most cases, you can hire a local agency that will handle all the rental administration, including advertising and bookings. In addition, they will usually clean and maintain your property. Compare several agencies for service and charges before you commit. Alternatively, you can rent out the property by yourself, which is harder work, but means that all the income is yours.
Where's a good place to buy for investment?
There are several countries where property prices and costs of living are low, and where experts think that buying now will make money later on. It's always best to get professional advice if you're planning to buy a property abroad for investment, so talk to an expert about property in Bulgaria, Turkey, Croatia and the Czech Republic if you're interested in your return on investment.
