{"id":12614,"date":"2019-06-01T11:11:01","date_gmt":"2019-06-01T18:11:01","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12614"},"modified":"2019-05-16T09:57:39","modified_gmt":"2019-05-16T16:57:39","slug":"the-dos-donts-of-buying-property-abroad","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/the-dos-donts-of-buying-property-abroad\/","title":{"rendered":"The Dos &#038; Don\u2019ts of Buying Property Abroad"},"content":{"rendered":"<p style=\"text-align: justify;\">There\u2019s no denying that buying a property abroad can be a confusing, stressful and sometimes frustrating process. Mistakes can be extremely costly, and can as a result land you in both legal and financial trouble.<\/p>\n<p style=\"text-align: justify;\">Of course, it\u2019s not all doom and gloom and there are many positives to purchasing a property abroad, it\u2019s just important that you do plenty of research and seek the help of an experienced professional when it comes to making the transaction. Interested in buying a property but feel overwhelmed when it comes to navigating such a minefield? These dos and don\u2019ts will help you along the way &#8230;..<\/p>\n<p style=\"text-align: justify;\"><strong>Do Select Your Location Wisely<\/strong><\/p>\n<p style=\"text-align: justify;\">It\u2019s important that you make rational decisions when purchasing a property, and don\u2019t let your emotions take over and guide you. Sure, you might have found the villa of your dreams, but is it in a desirable area? Are there regular and affordable flights? It\u2019s worth checking out a flight scanner to gain a better understanding of the associated costs.<\/p>\n<p style=\"text-align: justify;\">If you plan to rent your property out to holidaymakers, then it\u2019s wise to stick to popular, or upcoming holiday destinations. Spain, Portugal and France are three always popular choices, or perhaps somewhere up and coming such as Montenegro where properties are still relatively cheap in comparison.<\/p>\n<p style=\"text-align: justify;\"><strong>Do Seek Legal Assistance<\/strong><\/p>\n<p style=\"text-align: justify;\">Language barriers and time zones can cause a world of confusion and make for a messy property buying process. You don\u2019t want to be left facing any legal issues or costly mistakes, this is why it\u2019s vital to seek assistance to ensure all legal checks and processes are successfully completed and the correct contracts are signed.<\/p>\n<p style=\"text-align: justify;\">It\u2019s also a good idea to complete a survey before proceeding with the purchase, although surveys aren\u2019t as frequently carried out abroad as they are in the UK you should have a solid understanding of the property\u2019s condition including any potential structural issues. The last thing you want is to complete on the property and discover it needs a new roof!<\/p>\n<p style=\"text-align: justify;\"><strong>Don\u2019t Forget Tax<\/strong><\/p>\n<p style=\"text-align: justify;\">You might find that you\u2019re stung with a few fees and surprise payments during the buying process and at least one of these is bound to be tax related. You should research any tax payments that will need to be made such as purchase tax, and tax on rents.<\/p>\n<p style=\"text-align: justify;\">Although you may feel clued up, it\u2019s always best to seek independent advice when it comes to tax, as different countries have different rules and laws that need to be adhered to.<\/p>\n<p style=\"text-align: justify;\"><strong>Don\u2019t Underestimate Market Research<\/strong><\/p>\n<p style=\"text-align: justify;\">The common theme when buying a property abroad is that research is absolutely key to a successful purchase. You need to undertake plenty of market research and consider market factors and trends including price growth, rental yield, days on market and vacancy rates.<\/p>\n<p style=\"text-align: justify;\">This is particularly important if you\u2019re buying your property as an investment with the intention of renting it as a holiday villa or apartment. This is where it\u2019s a good idea to speak to a financial planner and estate agent to help you decide whether the property is a good investment.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/the-dos-and-donts-of-buying-property-abroad\/98754256\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Dos and Don\u2019ts of Buying Property Abroad<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s no denying that buying a property abroad can be a confusing, stressful and sometimes frustrating process. Mistakes can be extremely costly, and can as a result land you in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/the-dos-donts-of-buying-property-abroad\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12614","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Dos &amp; Don\u2019ts of Buying Property Abroad &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/the-dos-donts-of-buying-property-abroad\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Dos &amp; Don\u2019ts of Buying Property Abroad &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"There\u2019s no denying that buying a property abroad can be a confusing, stressful and sometimes frustrating process. 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