When it comes to buying a property abroad, it’s worth putting in the groundwork in the UK first...
As the dark mornings and winter nights drag on, so thoughts of warmer climes and holidays inevitably enter one’s mind. But why wait for summer when you could own your very own place in the sun that you could visit whenever you fancied?
More than 260,000 people in the UK own a property abroad in territories ranging from France to the more far-flung corners of Florida. But where to begin? Well, as with most things nowadays, the internet offers myriad sites all aimed at the would-be buyer – but before you buy a ticket to your dream destination there are a few things to bear in mind.
A reliable place to start is Gov.co.uk. This British government-backed site offers tips for UK residents when buying abroad and includes such topics as arranging a mortgage; using a translator; buying off-plan and crucially, what to do should something go wrong.
“Successful purchases require a great deal of research, several visits and a certain amount of soul searching,” says Jelena Cvjetkovic, associate director at Savills International Residential. According to Jelena, it’s important to start your search early and if possible head over to your desired location during the winter months when access to the property should be easier. “In spring and summer, suitable properties are more likely to be occupied by owners or rented out, making viewing arrangements more difficult. Also, if you like the property in winter, you are bound to love it in the summer when gardens are in full bloom and swimming pools in action,” she adds.
Research is crucial and glamorously shot images on the web should not be relied upon. It is worth checking out nearby areas to see what’s in the vicinity – no matter how pretty the pictures of your would-be purchase, it won’t be half as pleasant if you later find the local tip or power station was just out of shot.
It’s also a good idea to talk to other people who have bought in the area. Lizzie Forde from Banstead has recently purchased a one-bedroom apartment in the Spanish resort of Calahonda in Andalusia. She and her partner looked at 19 different properties before making a formal offer. Lizzie says: “We took a lot of advice from friends who have had a property in the area for a long time. They also helped us to find an English-speaking solicitor too, which made everything a lot easier.”
Would-be buyers should also be aware, points out Jelena, that every area has its own “idiosyncrasies” and that you must be realistic in your needs and wants and not be swayed by just sun, sea and sand. For example, while spots in Europe, maybe just a short flight away, you also need to consider airport transfer times as expensive taxi rides or car hire to more remote spots can soon mount up, making your investment less worthwhile.
Finally, Jelena says it’s important to consider at the outset how you will want to use your home. Would there be the opportunity to earn a rental income in the future? And if you are looking at rental options have you done your research on local taxes and charges as well as those at home? And while this may sound a little daunting, when it comes to property it’s always better to be safe than sorry.
For more information, visit: gov.uk
