Are you one of those people who dream of living in a holiday home abroad? Here are some tips to keep in mind if you are serious about buying a holiday home.
The first thing to consider is the location of the property. There are different challenges to face depending on where you are buying. Below are the common things to watch out for in some of the most popular property locations among British investors.
Buying in Spain
Data from Currencies Direct reveals that sales for houses in Spain increased 84 per cent last year, making it a go to place for Brits when looking and buying for a house overseas.
Be careful who you buy from in Spain. It’s very common to hear stories of dream holiday homes being bulldozed by local authorities in that country, because they were all developed on protected land.
If you don’t want your dream house to be turned to dust, then conduct an investigation on your developer as soon as possible. Find out how long have they been operating for business, their specialties, and what people are saying about their other projects. Don’t be shy about asking your developer for these information. If they are legitimate developers, then they’ll be happy to answer all your queries.
Buying in France
Finding a good notary and solicitor is a big part in buying property for sale in France.
A friend of mine who bought a house there 15 years ago said that buyers shouldn’t be afraid of hiring a notary in France, since they are a neutral party that could help them in their transactions. In fact, he has developed a good working relationship with his notary and that person’s been giving him advice on how to sell the same property investment years later.
Hiring solicitors, on the other hand, is very crucial so that you’ll have someone look out for your interest. Look at it this way – the process is being conducted in a place where you are unfamiliar with the customs and, most probably, their language. If you have a local who can guide you through these processes, then the whole thing won’t be as puzzling and hard as you may first assume.
Buying in Italy
Like in Spain, there are a number of illegal developments going on around Italy. To help you sniff out the good ones from the bad, go find and hire a good solicitor.
Getting all the proper documents and proof of ownership is also very important in this country. Keep in mind, the entire process of securing these items may take a few months to finish. One of my clients, Miriam, took a total of six months from the time she paid the deposit to complete the necessary documents.
However, for as long as you have a good solicitor, then the waiting time is all worth it. Otherwise, the whole process may take even longer when you try to get things in order on your own.
The next thing to take heed of is the exchange rate. Remember that a small change can impact your entire budget. For example, if the value of the Pound dropped from the time when you first made an offer up to the time the deal was completed, then you must prepared to pay more than your initial offer. To avoid this disastrous situation, make sure your contract specifies the exchange rate at the time a deal was reached between both parties. In that way, you are locking the exchange rate at a fixed price, which will prevent you from getting surprised by conditions outside of your control. Happy house hunting!