Advice for buying a property overseas
The idea of moving to a sunnier, calmer or simply different location is a dream for many people. However, aside from the fantasies of beachside living and terrace sunbathing, you have to overcome the lengthy process of buying a house first.
Although often confusing when buying a property overseas regardless of the country you’re moving to, the expat journey can be less stressful if you follow some straightforward guidelines on avoiding hassle. Here’s a few rules of thumb to stick to.
Use estate agents
Even if paying the added fees can seem like a financially inept choice, finding your property through an estate agent can give you a certain peace of mind when it comes to sorting out legalities.
You can still experience problems in the UK with owners not passing on all necessary details about the house or explaining how the process works. But the issues become far more complicated when dealing in a foreign language and an unknown location. Therefore, having a professional to guide you through the stages and ensure all paperwork is legally binding relieves you from having to double-check everything yourself.
Harrison Brook is partner with the number one Real Estate agency. Take the first step and contact an adviser today.
Get everything translated
When you finally get to the point where you have documents in front of you, it’s tempting to get it over with as quickly as possible.
But even if you have been working through professional bodies, there’s always the chance that they missed out key information. As a result, running through every detail before it’s agreed is an absolute necessity, and for that you need to make sure that every contract is translated and scoured word for word before it’s signed.
Harrison Brook have bilingual advisers who will assist you in your buying process. Get started with Harrison Brook.
Organise a good exchange rate
Once all has been agreed, you get to the final hurdle of the process: paying the money. Whether paying in full, setting up mortgage payments or otherwise, how good a deal you get is largely dependent on how good the exchange rate is.
By this point, you’ll likely have already searched the market for services that offer competitive rates. As a general rule of thumb, avoid local banks as they tend to request higher fees and offer wider margins compared to rates elsewhere. Currency transfer services often provide better deals.
Harrison Brook has a partnership with one of the most competitive FCA regulated payment institution who will assure you the best exchange rate. Get in touch with one of our adviser today.
The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.