While reports of a potential crash in the Chinese housing market may have been premature, they highlight the significant decline that has defined the global economy in recent times. With property prices falling throughout the world, there are growing concerns that we may be forced into a further period of recession during 2015.
Despite this, there is still a huge level of demand in the international marketplace. This is because while the rate of growth may have declined during the last two financial quarters, this has arguably made price points more competitive and enticed a wider array of buyers. Whether buying a home abroad makes long-term financial sense for British citizens has yet to be seen, but is certainly remains a viable proposition in the existing marketplace.
How to Source and Purchase your Dream international Home
If you are interested in buying a home abroad, however, you will need to be aware of the associated pitfalls. Purchasing a property can be difficult enough at the best of times, without factoring in the complications posed by international law and dealing with third party agents. With this in mind, let’s consider the following steps towards sourcing and buying your dream international home: –
- Align Location with Budget
The world of international real estate is exciting, and it is easy to get carried away when sourcing potential homes. Your choice of markets and individual homes must be aligned with a carefully conceived budget; however, as otherwise you run the risk of either wasting your time or committing to a mortgage agreement that cannot be repaid. So before you target the worlds’ most lucrative and prosperous markets, be sure to create a realistic budget and factor in costs such as mortgage repayments, maintenance and potential resale value. Once your budget is confirmed, strive to be as conservative as possible and aim for the lower end of your expectations. This will create a financial contingency in case you incur any issues.
- Use Online Resources to Source Potential Properties
With the finances in place, the next step is to target individual markets and homes. There are some excellent resources that can help you to target the most suitable properties, with the Property Rescue dream home finder tool one of the most innovative. This creative and easy to use tool allows you to enter a budget threshold and specific country, before creating a detailed listing of the most suitable homes according to your criteria. If you are new to the international market, this can be a breathtakingly simple and effective way of starting your search and refining your selection criteria before making a commitment.
- Valuation and Legal Advice
In some ways, the hard work really begins once you have initiated the process of buying a property. From achieving a deal that offers value for money to finalising contracts, this is a process fraught with complexity and costly delays. To help avoid these, one of the most important steps is to request an independent valuation that appraises the property and takes account of issues such as subsidence, structural faults and wiring defects. This ensures that you pay a fair price for the home, and ensure that you retain as much of your budget as possible for repairs. Beyond this, you should also partner with a reputable legal or conveyancing firm, as this will help to expedite the completion of the transaction within a given time-frame and help you to overcome any potential pitfalls.