Whatever category you fit into, you naturally want to avoid the potential risks of foreign investment. Language barriers can lead to miscommunication with potentially unreliable agents and being so far from home, it’s easier to make the mistake of investing in the wrong area. To avoid the risks, here are some need-to-know tips for buying a house abroad:
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Buy at a time that’s favourable for your currency: According to recent data the strength of the pound has improved the buying prospects of Britons considering buying a house abroad.
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Choose a destination that suits your personality and the lifestyle you aspire to: Just as avid snow skiers are unlikely to invest in a sunny patch of desert in Dubai, there’s not much point in buying a city penthouse if you’re looking to get away from the bustle of big-city life. Every country offers a range of landscapes and atmospheres. This is one reason why Spain has been such a popular destination for Britons. The sun-soaked country offers something for everyone: from beaches, mountains and lakes in the North to the wine farms of the South. Spanish, Basque and Catalan regions make for a historically-rich and vibrant culture and year-round festivals and events, ranging from La Tomatina to Semana Santa.
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Know your market: Property markets vary from place to place so knowing what stage of the growth cycle your prospective house abroad is in, is essential to making a smart investment. Expatica empasise this in their tips on buying a house abroad. They explain that “some countries prevent or limit real estate ownership by foreigners, so you will want to make sure that you have the legal right to purchase real estate in that country, and under what conditions you can do so, before handing over any money in order to avoid scams or disappointment.” Fortunately sources RightMove indicate that “buying a property and living in Spain is straightforward if you are a national from another EEC (European Economic Community) country.”
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Seek professional guidance: When venturing into a foreign market there’s perhaps no better advice than to tap into local knowledge from industry professionals. As the Expatica article goes on to explain: “Such professionals typically have an obligation to see that you are properly informed about the details of the purchase. They will also usually make an effort to complete the deal and assure your satisfaction with it.” Travelling and experiencing the region for yourself is important before making your investment, however, you’ll go a long way by simply working with the right people.
If the lush coastal region of Costa Blanca and property in Calpe holds some appeal, get in touch with Grupo Esmeralda. With their extensive experience as real estate professionals who manage the largest portfolio of property in Calpe, Grupo Esmeralda are leaders in the local real estate market.