Looking for a new home overseas? While navigating foreign real estate can be a daunting prospect, the best advice for buying a home can be applied to most international property markets. Read on to discover how to secure the best overseas property, whatever your destination.
Investigate building your home from scratch
Surprisingly, it can be more cost effective to purchase and build a home on empty land rather than buying an existing property. It’s normal to agree a price with a contractor upfront, sometimes as part of a land and property purchase deal. This way, even if the land price increases during construction, your costs stay the same.
Consider the location of the land
Another benefit of building your overseas property yourself is the potential for increasing its value. Look for land near water or in developing residential areas; you should get a good deal with either. Then, once built, your home will likely increase in value due to its great location.
Research neighbourhood property prices
If you do opt for buying an existing property abroad, investigate house prices in the surrounding area. If the local market has reached its high point, steer clear to avoid losing money on the property over time.
Know your property inside out
Estate agents won’t tell you about the dodgy plumbing or leaky roof. For any prospective overseas property, make sure the appropriate surveys are undertaken so you are aware of any building work required before or after purchase. Survey results will also help in price negotiations if any issues are identified.
Learn about the local area
Decide what you need out of your new neighbourhood and check your list against each prospective property or area of land. This could include:
- Local amenities
- Good international schools
- Low crime rates
- Access to public transport
- No planned developments that could impact house prices
Discover property hotspots
Research in property magazines or online to discover where house prices are predicted or starting to rise in your destination country. As developed cities expand outwards, many suburbs are undergoing rapid development. Invest now, and, market permitting, expect to sell at a profit when you repatriate.