Three Essential Experts Needed To Buy A Property Overseas
Always get trusted, expert and experienced help when buying a property overseas. We suggest three essential experts who help you avoid the pitfalls.
For most of us buying a property is a huge commitment, with a lot of things to consider and buying a property overseas comes with an additional level of complexity. You are unlikely to have the necessary expertise and experience to understand the property market in our target country. You need to find people on the ground who can help you through the complex process of understanding property prices, yields, purchasing / selling processes, and more.
This will probably include:
– Local estate agents, realtors, or others who buy, sell, and rent property — these will be your “front line” people when it comes to finding, buying, or listing property.
– Property management businesses — if you are going to be renting out property, either for short-term vacation rentals, or longer-term rentals, you will need a property management business.
– Finance providers — you may need mortgage providers or other specialist lenders.
– Lawyers or attorneys specializing in property — you will need to follow certain legal processes and get contracts in place, so the right solicitor is essential.
– Other property services — you might want to hire price appraisers, surveyors, developers, or others depending on how you are going to manage or develop the property.
– Market researchers — for real insight into the property market, a market research service could be useful.
– Tax Specialist — owning an overseas property, either as a holiday home, investment or primary residence, generally there will be some sort of obligation to pay taxes
In addition to local expertise, you will also want to get a good International Currency Transfer Specialist in place, we can help with that. You should also speak to your Financial Adviser to understand any potential issues, fees, payments, or opportunities.
Of the list of experts above, the three key experts you will need to find and safely buy your property are the right Property Agent, International Currency Transfer Specialist, and an Independent Lawyer.
It is critical that you sort out these three professional services early in your property buying journey to ensure you have the right support and guidance at every stage to help you avoid the pitfalls and any issues that may arise.
Property Agent
Finding the right property agent can be a daunting task, especially when sometimes there can be so many to choose form. Online research will provide some idea of the areas covered by an agent and any area of focus e.g. beach front properties above 500,000 Euros. Personal recommendations from friends and family can also be a great help in finding the right agent.
A good property agent specialising in the area you are considering will first take time to understand and assess your requirements in detail, your “must have’s”, “turn-offs”, areas of compromise and budget. Their help will make your search and the buying process more effective and less time consuming and stressful. Especially, during your viewing trips to the region.
International Currency Transfer Specialist
Most of us turn to our high street banks for help when making payment for our overseas property. However, high street banks are normally more expensive and can be slow – not ideal when you need to get a deposit paid quickly to secure your dream property.
A fast, safe and secure way to your payments to the right account on time is by using an international currency transfer specialist, such as Hawk FX, trusted by our clients to ensure their property purchase payments are hassle-free.
A dedicated currency transfer expert who has been working in both the currency and overseas property industries for many years, will provide jargon-free guidance and support at every stage. Your personal currency transfer expert will first understand your requirements and timescales and work closely with you to ensure you don’t lose money to poor exchange rates, bank charges and adverse currency market movements.
An Independent Lawyer
Getting as much information and advice as possible from a properly qualified independent lawyer about the property law in the country in which you are looking to buy is essential.
They provide guidance and undertake several activities on your behalf, for example, checks for any mortgages accrued on the property, the property’s compliance with building regulations and many more checks to ensure your dream does not become a nightmare.
Making sure that legal advice is independent is also critical, saving you money and heart ache. Using lawyers connected with the developers or agents can often create conflicts of interest to the detriment of the buyer. So, it is essential that you instruct a reliable and independent English-speaking lawyer to protect your interests.
We hope you have found the information above useful. If you have any questions or need assistance finding a trusted professional to help you with your overseas property purchase, please do not hesitate in contacting the team at Overseas Property Forum on +44 330 0575 990 or email info@overseaspropertyforum.com.
