How to Buy Property Overseas

Things to consider when buying a home abroad

Knowledge is key when buying in an unfamiliar country. Each country has its own language, processes and different types of professionals to deal with in the buying process, but there are some things in common to consider.

• First up, location. Think about climate, seasonality and how easy is it to get there. Can you fly there all year round? Do you want Anglo-immersion or to completely escape the sound of English voices? Will climate change impact your long-term plan?
• Research how the conveyancing works in your chosen country. Who does what? How do estate agents operate? How much do they charge and what other taxes and fees are involved. What rules govern foreign ownership? Do you need permission or are their limits on how/what you can purchase?
• Find a lawyer. This doesn’t have to be before you start buying but many people do find it useful to have someone in place for when viewing properties raises questions. Note the difference between a public notary role and a real estate lawyer, if applicable. You want someone who speaks your language, and to understand the questions you need to ask them. Are there local rules on short-term holiday lets?
• What happens about building surveys? Many other countries do not have surveys as part of the conveyancing process but that does not mean you don’t have one if buying a second-hand property.
• Seek financial advice. How much might you be able to borrow, if needed? Speak to a mortgage advisor before you give your estate agent your budget. What about your tax situation – how will moving to your country impact your financial situation?
• Know how you will transfer your funds when you are ready. There is no reason not to use a foreign currency broker to save you money. Have the chat before you start shopping.
• Read buying guides to get some ideas/info.