Statistics indicate that about 500,000 UK citizens have already purchased a second home abroad. And according to Investors Chronicle UK, three out of six Brits who travel abroad are likely to secure a property in a foreign land. Indeed, with UK citizens’ apparent interest in buying second homes abroad, learning the fundamentals is necessary. The points below will provide a fair idea of what you must do to get it right.
Research the market thoroughly
Worldwide, the property market rises and falls. Due to this, the cost of a property goes through periods or seasons of increased and decreased purchases. Several factors account for this cycle, and if you love to learn more about real estate when you travel abroad, it is easy to access information on the internet. Unlike the global stock market, which affects trading in all countries, real estate differs from one nation to the next. Keep in mind that sometimes, sovereign states will restrict property ownership by non-citizens. This leads to the significance of the next point.
Hire a legal representative
There are several relevant legal-related questions you’d need answers to when purchasing real estate. First and foremost, do you have the legal right to purchase fixed property abroad? Secondly, under what conditions are you buying the house you’re interested in, in the foreign land? Hiring experienced legal representatives such as those found at Bannister Preston solicitors is the best way to get those answers. One of the worst transactions you can make as a foreigner is to get scammed out of your money for a non-existent property.
Even more detrimental is buying a house that already belongs to another or isn’t intended for sale. Without a doubt, these are situations others have experienced abroad when they fail to seek legal advice. Bloomberg News reported how UK investors lost millions of Pounds in a Singapore luxury real estate Ponzi scheme in May 2021. Indeed, nobody wishes to lose their hard-earned money. For this reason, it is imperative to stay ahead of the game by seeking legal counsel to represent your interests before making any financial commitments.
Have vital documents translated into a language you clearly understand
What is the official language of the country you’re buying a house in? Moreover, do you know if the country’s laws require that all sensitive documents be translated into various languages? If the land laws make it mandatory, you will find it helpful to have all critical documents detailing proof of sale (of the house) translated into English.
Your task now will be to find a translation service with an excellent track record for this job. Furthermore, this stage requires thorough verification to ensure the translation is the same as the original document. The language barrier can cause problems in any business transaction, but you will avoid them by taking the necessary steps. As a tip, try to avoid machine or computer-based translations as they could be inaccurate sometimes. That said, it’s best to go for professional translators for the best results.