When you love to travel, you’ll often find yourself jetting off to all kinds of locations around the world. Even all kinds of locations around the country! Because travel doesn’t have to take you out of the country – there’s just so much to see here too. But sometimes, planning a big trip can be kind of crazy. You often need to do a ton of research before you book and before you leave. And it can feel a little intense. All of that research can put you off before you’ve even started. Because you know you need to do it if you’re going to get the most out of your trip.
So, you don’t always feel in the mood to plan and book a big trip. This is usually when you’ll opt for a staycation instead. It’s easier, you don’t have to plan too much, and you can head to somewhere that you already know. But it can also be a little boring! And this is why investing in a property abroad is often a good idea. If there’s an area in the world that you know you love to see, why not consider getting a more permanent residence there so you can always just book a flight and go there whenever you like? If that sounds like something you’d love to do, here’s how to do it.
Travel a Little
The first thing for you to look at doing here, is to make sure that you have traveled enough. Now, some people will want to pick a location because they fall in love with it. But, what if you travel to another location after you’ve bought and then you wish you’d waited? So before you make and decisions, it’s handy to travel around a little first.
Shortlist Your Locations
When you’re starting to get serious about looking, you’ll want to know where you’re going to look. So come up with a shortlist of your ideal locations. Some of these can be places that you’ve visited and loved, but you may even want to add new places to explore if they are locations that you’ve always wanted to live in.
Consider the Different Cultures
As part of the above, you will want to think about choosing different areas. Maybe you want to compare beach properties with city apartments? Just to make sure you choose the right spot. But not only that, you’ll want to keep the culture in mind of the countries you’re looking at. You will want to make sure that you like the food, the people, the weather, and everything else before you buy.
Work out Transport Costs
Another big factor is to take the costs of travel into consideration. If you buy a place overseas and then you’re always put off going there because of the flight costs, it will be a little silly. So, instead, make sure that you’re looking for the cheapest flights, the regularity of the flights, and the average times. This can help you to cut down your choices.
Look for Properties in Each Area
Now you can start to look at the properties that are available. Because it’s easy to get an image of what you want in your mind, but you have to know that what you want actually exists. So start to think about the different properties that are available in the locations you’re interested in. Because they are overseas, they may not be the same as what you’re used to, so it’s good to do some research.
Decide What Kind of Property You Want
After having looked around, you’ll see that there are different kinds of properties available. And they can vary drastically by locations. So you may want to make a decision based on the kind of place that you want. Maybe you’re looking for a penthouse for sale or would you prefer a beach cottage? Choosing the style of home you ideally want can help you to make your final choice.
Work out Your Budget
Then, you need to decide how much you’re going to spend. Ideally, you’ll know how you can afford your vacation home in the first place. If not, you may want to consider savings options or look for funding with a mortgage. Either way, you need to know what your maximum budget is.
Pick the Right Real Estate Agent
Once you’ve got a budget, it’s important to look at real estate agents that are available within the area and that can liaise with yourself or perhaps with an agent in your home country if you’re selling your property too. It’s worth it to compare real estate agents in order to get an understanding of which one is going to be best for your needs and requirements in a property. Once you’ve shortlisted them, it’s good to meet them in person ideally but at least speaking to them over the phone or via video conference.
Go for Viewings
Now, you need to start looking at viable options. And this is so important. Never buy without looking first! Viewing property overseas can seem daunting, but it’s so important if you want to make sure that you’ve got the right place. So schedule a range of viewings so you can compare offerings, prices, locations, and get a feel for what you want.
Confirm the Requirements
When you’ve found the perfect property, you need to make sure that you know what you’re getting with the real estate agent. Don’t agree to buy and then be shocked at extra costs or confused because you thought you were buying more than you actually are. Make sure that everything is completely clear before you sign on the dotted line. This is always a good way to make your final choice.
Get Your Money Sorted
Then, you need to make sure that you have all of your money in order. For this, you may need to arrange for savings to be moved around, or you may need to get a mortgage. Just make sure you know how you’re going to fund the purchase, and that you’re organized with your money to get it to the owner on time.
Make the Purchase
All that’s left to do now is to actually make the purchase. So, make sure that you have all of your identifications and paperwork that you need with you, and take it to the meeting. Make sure that the money is arranged, that any legal fees are covered and that you have surveys carried out if need be. Also ensure that you have any insurances that you need to protect you too.
Do Any Renovations
Now, before you decide to start using the property, you may want to consider doing some renovation work. Maybe the property is looking a little worse for wear? Then it’s in your interest to renovate it before you start using it. You could even add value to the property this way. Or, if the interiors are simply not to your taste, making changes will just mean that it feels much more like your own.
Consider Hiring It Out
And then, you may even want to think about hiring out your property when you are not in it. Sure, this can be tough if you want to book spontaneous vacations. But, if your property is only booked up every now and then, it won’t be a problem. Or, you could look to save space for your family to visit each month. But, this is a great way to get some money back on your investment, and ensure that it’s not left empty for long periods of a time.
So there you have it. If you’ve always thought that it was going to be super hard to buy a property abroad, now you know that it’s not. As long as this is something that you really want, you can get it. You just need to make sure that you’re focusing on the right areas, that you’re doing all of your right research, and that you get organized with all of your paperwork and plans. So, are you ready to invest in your first property abroad?