IDEAS

    How to Find your Dream Home Abroad

    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.

    Find your Dream Home Abroad
    Find your Dream Home Abroad

    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: –

    1. 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.

    1. 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.

    1. 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.

    MikiMo
    I have spent the past 15 years in the travel industry. Today focused on promoting different ways of traveling, I'm in the process of creating few travel websites, which will be launched shortly. I have a great passion for travel and the travel industry. My goal here atTtripOutlook is to connect to other proffessionals in the travel industry and to exchange experience.

    Related Stories

    Discover

    How Hotels Can Survive the Coronavirus

    2020 has been a year of social hardship and uncertainty. Coronavirus is an airborne...

    Shakespeare Ugly Stik GX2 – What to Look for...

    For any fishing enthusiast when thrown the name ‘Ugly Stik’ they would immediately know...

    3 Basic Survival Skills You Need To Learn

    Outdoor adventures are a nice hobby, but every once in awhile, something unexpected happens...

    Want to Make Your Travel Dreams Come True?

    Consider These Three Simple Tips Vacationing regularly, whether solo or with family and friends, is...

    Camping Essentials

    Here’s What You Need to Pack for Your First Camping Trip Traveling is always a...

    12 Useful Tips on How to Keep Yourself Warm...

    Tent camping is a great family outdoor activity around the world. In fact, the...

    Popular Categories

    Comments