A Killer Guide To Buying Property Abroad
It doesn’t matter whether you’re looking to move away or want a holiday home because an overseas property is the one. Thanks to a house outside of the country, you can enjoy awesome vacations. Plus, there are the investment benefits that you can’t find at home at the minute. It’s a no-brainer as long as you take the right precautions because safety always comes first. With that in mind, here are the tips to consider before signing on the dotted line.
Get A Local Guide
Don’t worry what people call them because the syntax is irrelevant. They might be a property agent, estate agent, online estate agent, or broker, but you don’t care. All you care is that they lots of local knowledge and are trustworthy. Of course, licensed realtors are the best people to ask because they tend to fit into this category. The trick is to find one that is on your side, which isn’t easy. If you’re lucky, a friend might make a recommendation, in which case, you’re good to go. The unlucky people have to research everything from financial history to customer satisfaction. Don’t forget to look into their success rate, too.
Don’t Sign A Contract You Don’t Understand
It sounds obvious, but foreign language contracts are going to be an issue. For obvious reasons, the agreement will be in the national language, which can cause problems. If you don’t speak the tongue, you need to find someone that does before signing on the dotted line. Also, ask them to translate it into English so that you can get a second opinion. Until you have the English version in your hand, there is no need to sign anything. People that try and force your hand are looking to pull the wool over your eyes.
‘Opt Out’ Finance
What on earth is ‘opt out’ finance? In layman’s terms, it’s a clause in the contract that allows you break the agreement if a loan is rejected. The average person will need help from a lender, but lenders won’t guarantee a thing. What they will do is say that everything looks fine, and then they can pull the rug from under your feet. When this happens, there is no need to continue with a deal that you can’t afford. By opting out, you have the safety net you need in case the loan doesn’t go through in time. The other party might disagree, but they shouldn’t when you explain the reasoning. If they can’t see your point of view, tell them that you’re not interested.
A country might have a law that forbids foreigners from owning land. Thailand is the prime example. The way to get around this law is to give the deeds to a national. However, you need to ensure that they are trustworthy before you make such a deal. Lots of foreigners have lost everything in Thailand because a deal went sour. Laws might not affect the deal, but they should make you think twice.
A little bit of research goes a long way with overseas property.