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A PLACE IN THE SUN
Amanda Lamb's Top 10 Tips For Buying Abroad
About to take the plunge and buy something abroad? Whether you’re shelling out in Sharm El-Sheikh or on a budget in Bulgaria, follow A Place In The Sun’s expert’s top tips
1 Get Organised
Be clear how you are going to buy your place in the sun – will it be off-plan or a resale, and are you going to visit your country of choice or go on an estate agent inspection trip, or maybe organize one yourself?
2 Money, Money, Money
Early on, think about how you are going to pay for your place in the sun. Will you be remortgaging or downsizing your UK home, dipping into your savings or will you be taking out a mortgage? This is important because buyers who have organized their finances early on are in a stronger position when negotiating the purchase of a property.
3 Where In The World?
There are now over 50 countries in which significant numbers of Brits have bought overseas property so the choice has never been greater from Brazil to Bulgaria, Canada to Cape Verde.
But remember they are not all the same. Some are at a very early stage of development (such as Albania), others are emerging (Egypt and Morocco) and others are very mature markets (Spain (above) and Portugal). So you need look into what a country offers. For example, properties might be cheap in Slovenia, but is the electricity supply reliable?
4 Off To A Good Plan!
Off-plan properties are a popular way to buy overseas property particularly among investors – mainly because the property can be worth more than they paid for them by the time it’s handed over. But remember that acquiring an off-plan property can be more hassle than a resale and you never quite know what you’re getting. Buy off-plan by all means – but only in an area you have visited and a country you know well.
5 An Inspection Trip Calls
Many agents and developers offer buyers subsidised inspection trips to see the properties they have for sale. These are a useful way to see, smell and feel a location or country, but remember that the sales pitch can be intense and it’s not a free holiday. If possible, always insist you bring along a friend or partner with you.
