Our Tips on Buying Property Abroad
The property market in Poland is our
tip for rapid future growth as we consider the country to have the best prospects
of all current EU members.
There are a huge number of international companies, such as Tesco's and GSK, beginning
to set up offices, shops and warehousing in the country - this together with over
EUR70 billion of European funding earmarked for the country over the next 8 years
or so can only indicate the anticipated growth in employment, housing and infrastructure.
Together with our Polish partners we are currently busy identifying new opportunities
within the country and will soon be marketing off-plan developments in Poland throughout
our massive infrastructure of websites.
As we become more and more daring in our ventures of overseas holidays then the
great British public will continue to conquer new and exciting areas of the globe
in which to lay their foundations of a holiday home or indeed a permanent residence
Wherever you are thinking of buying abroad its always important to follow a set
procedure and conduct the right checks before you commit to anything. Be aware and
do your homework on the area and the country concerned.
Here are just a few tips to remember when looking to buy a property abroad:
1. Never sign a contract that you do not understand (for example - if it is in a
2. Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas.
They should be proficient in your chosen country's laws and processes and also know
the specifics involved in buying a property there.
3. Ensure you do not inherit a debt on the property before you purchase, which a
solicitor should be able to check - ie: If the developer has borrowed money to build
the development and this amount has been allocated against each plot as additional
security to the developer's bank.
4. Always give yourself a `cooling off` period if you see a `must-have property`
and are tempted to put down a deposit there and then.
5. If you are arranging finance on the property, ensure that this is stated in any
contract and you have an 'opt-out clause' if the loan is not agreed (which will
ensure any deposit paid is refunded).
6. Try to arrange your mortgage finance 'in principle',
before agreeing to purchase the property, or before signing any contracts and paying
over a deposit.
7. Arrange your mortgage in the currency that you
earn in where possible, unless you are going to receive rental income from that
property in the local currency and then this may be a possible alternative option,
dependent on the lender's criteria.
8. Think about combining your cash with friends or family: it could bring a Villa
with pool within your financial reach, rather than simply an Apartment.
9. Check with the Estate Agent or vendor
that you are aware of the costs charged by the legal and government authorities
for purchasing a property in your chosen country.
10.Open a bank account in your chosen country and ensure you get a Certificate of
Importation for the money you bring in from your home country.
11.Set up standing orders in a local bank account to meet bills and taxes. Failure
to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and
possible seizure of your property.
12.Remember that bills do not end at the asking price. Lawyer's fees, Taxes, Insurance etc must all be met in your host country and can often be more