There are numerous reasons to want to buy a property of your own abroad. Not only could it provide you with a personal space to sit back, relax, and soak up the sun, but it could also help to diversify your investment portfolio.
If you are considering purchasing a place in a stunning location, read this starter’s guide to buying property abroad.
Consider Your Property Requirements
Before you arrange house viewings at your desired destination, you should identify your property requirements. For example, you must ask yourself:
• How many bedrooms you will need
• If you will require a garage
• If you want a garden or balcony
• If you’d prefer a house or an apartment
You must then confirm which features are non-negotiable, so you are not tempted to compromise when viewing various properties.
Choose the Best Destination
It is important to find a property at a destination that will make you feel right at home. For example, if you want to immerse yourself in luxury, style and comfort when in your holiday home overseas, you should consider investing in one of many beautiful Marbella villas for sale, which will offer stunning views and impressive interiors. It will ensure you buy a stunning home away from home.
Think Carefully About Your Lifestyle
Never select a property based on aesthetics alone. To ensure you’re 100% happy with your chosen destination, you must think carefully about your lifestyle. For example, if you want to relax in a quiet, idyllic spot, you should avoid selecting a property close to the hustle and bustle of a town and opt for a holiday home that’s a little more off the beaten track.
Find the Right Mortgage Deal
You will be happy to discover that securing a mortgage for a property overseas is relatively straightforward. For example, you could hire a specialist broker for help finding a mortgage with a bank overseas, and the rates are often much more competitive in comparison to UK banks.
Identify Your Property Requirements
If you don’t intend to live at your overseas property twelve months of the year, you might want to turn it into a holiday home during your absence, which could help you to quickly and easily pay off your mortgage. If this is the case, you will need to seriously consider the location, as you might secure a higher occupancy rate at a busy area that is close to many restaurants, bars and attractions. Plus, you will also need to consider the most popular tourism regions for both peak and non-peak seasons.
Review Transportation Links
If you intend to regularly fly from the UK to your overseas property, and vice versa, you will need to review the transportation links. For example, if you are considering investing in property in Spain, you’ll more than likely be able to take your pick from direct flights to popular Spanish destinations, such as Marbella. However, you might want to avoid destinations that require long-haul travel and minimal direct flights.