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Top tips on buying overseas property

Monday, 6 March 2006 12:00 AM

Buying an overseas property has all the pitfalls you are likely to encounter in your own country, with the added stress of an unfamiliar system.

Many buyers of overseas property let the excitement of a place in the sun get the better of them and fail to properly build up a picture of their buying environment.

Therefore it is no surprise that 'doing your research' is the number one piece of advice for overseas home buyers.

According to Mike Hayes, editor of Homes Overseas Magazine, when you find that perfect property, you may have to move quickly to secure it.

By doing research, using magazines, books, property exhibitions and websites, you can put yourself in a position to make a quick decision.

Mr Hayes also recommends taking advice from an independent solicitor, well versed in the property laws of your chosen country, and from an independent financial adviser, well before even beginning your search.

Agents and developers will often offer the services of their own legal representative, but these should be avoided.

Buyers of overseas property should also be sure as to what they are looking to buy - whether it is a holiday home, an investment property or somewhere to retire to.

The amount of time you plan to spend there, how others in your family feel about your plans, and whether you should retain a bolt-hole in the UK are all factors that will affect your final choice of property.

When buying a new property, Mr Hayes recommends that buyers insist that the agent or developer offer a guarantee that the construction work will be completed as agreed.

That way, should the company run into financial difficulties, or go bankrupt, you will be able to reclaim money already handed over.

Overseas property buyers who pay attention to currency will also reap dividends, he says.

Brits who bought South African homes at 19 rands to the pound are sitting pretty now the rand is back to 11 to the pound.

Talking to a currency expert will help you to decide the best time to invest in a particular country.

Top five tips on buying a property abroad

  • Do your research
  • Take independent advice
  • Think through all your options
  • Get a bank guarantee
  • Talk to a currency expert

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