5 Tips for Overseas Vacation Home Buying Success

The dream of owning a vacation home in some sun-drenched overseas location is one that majority of us share, and because real estate proves itself time and again as a solid long term investment commodity, many more people are committing to purchasing real estate abroad as an investment that they and their family can also enjoy and benefit from. 

When buying a vacation home abroad there are several key considerations to keep in mind to avoid some of the traps and pitfalls that can be associated with buying long distance and in an unfamiliar country. With these 5 tips for overseas vacation home buying success you can quickly cut a swathe through the research process and move towards securing the dream swiftly and securely. 

Tips In Real Estate Investing

Tip One – Learn the Rules and Regulations 

Different countries have different rules relating to the right of foreign citizens owning the freehold title to immovable property. Some widely publicized destinations don’t allow foreigners to directly own the land on which their property sits (Bulgaria) or more than one property (Cyprus) for example. Make sure you’re comfortable with the workings of the country you’re considering buying a vacation home in, and if in doubt seek professional advice about that country and the ambitions you hold for owning a holiday home in it. 

Tip Two – Good Investment/Bad Investment 

If you’re buying a vacation home with a hope that it will go up in value and be not only a family retreat but a great asset, know that real estate, just like any investment commodity, can go down in value as well as up. Furthermore, not all countries have a real estate economy the same as the one in your own country – a little research would be wise into the historic nature of the property market in your country of choice as well as predictions for its future. While such data is not a direct indication of how well your investment will perform it will arm you with more data to hopefully make your decisions easier. 

Tip Three – Title Deeds and Legalities 

Legal systems and the title, deed, registration process differ from country to country therefore know your legal rights and try to find out about the essential searches, surveys and title deed checks that need to be conducted before you should commit to buying your overseas vacation home. 

Never enter into any form of contractual agreement without the direct assistance of an independent lawyer and never accept someone’s word that a vacation home has its permissions and title deeds valid and up to date. Insist on seeing and checking all important facts and data before signing on the dotted line. 

Tip Four – Accessibility and Desirability 

If you’re thinking about making an income from your vacation home or even hoping to vacation in it yourself regularly, one of the most important factors to bear in mind is the accessibility of your vacation home. If your real estate is difficult to reach, with many miles to traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach. 

Tip Five – Enlisting Assistance 

Consider enlisting the help of a reputable real estate agent or an independent lawyer and if you want to make money from your vacation home, a property management service. Such professionals can save you time, effort and money and they can make the whole process of buying and owning a vacation home that much simpler. Make sure you take references, examine credentials and see qualifications before employing anyone to assist you however, and if at all possible seek recommendations because anyone who does a good job will always get good press!

When it comes down to it, buying a home overseas can be an exciting adventure to take on, but it’s important to do your due diligence in researching how to approach it. 

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