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Tips for Buying Property Overseas

If you’ve been viewing lots of beautiful houses and have finally found the perfect place, you may be keen to put a deposit down, get the keys and start decorating. However, when you’re buying a property abroad, it’s important to do your research to ensure you know exactly what the overseas purchase process is like, and are aware of any obstacles that may come up.

Know how much you’re paying

When you’ve found your dream home, it can be easy to get caught up and put your offer in without researching what other costs you may have to cover. Research how much tax, service, and property fees are so that you can ensure you’re prepared, within your budget, and can eliminate shocks later on. It’s also worth knowing how much the property will cost to run on an annual basis and any fees you might be responsible for. It’s also worth speaking to a currency broker to discuss the exchange rate.

Remove language barriers

A crucial thing to consider when you buy a property abroad is whether you have all the correct information. Misunderstandings can be a common problem when there’s a language barrier, so make sure you eliminate that possibility by having a lawyer fluent in both English and the native language. It’s a good idea to ensure your lawyer is independent of your developer, the seller, and your estate agent to ensure there’s no crossover. If you choose to use a British lawyer, it’s worth checking that they have the qualifications to practice both in the UK and abroad and have some experience in practising in the country you’re looking to buy.

Watch out for extra costs

Can you imagine buying a property and then finding out it comes with extra debt? In some countries, if a person buys a property and it has a debt attached, been used as collateral for a loan or anything else, this debt can be transferred to the new owner. Checking the title deeds to confirm there are no debts on the property or outstanding bills can help give you some reassurance that your property’s a good investment.

Consider your mortgage fluctuations

If your mortgage requires you to pay in another currency, you could need to transfer money overseas on a regular basis. Exchange rate movements can have a massive impact on the amount you spend and can ultimately impact the amount you pay and how affordable the repayments are. If you’re looking to buy a house abroad, speaking to a currency expert at FC Exchange can help you understand how to make regular, cost-effective international money transfers, and discuss how you can lock-in an exchange rate for up to two years.

Pure Portugal do not provide legal help or advice to anyone, neither do we accept payment or financially benefit from legal services. It is necessary that you always source your own lawyer/solicitor independently and ensure you find someone you are happy to work with.

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