Whether it’s a desire for diversity in an investment portfolio, a permanent move abroad or getting ready to put the kids through university, many people are drawn to purchasing property overseas. But before you buy a dream home in a new location, it’s essential to understand the local laws and potential additional costs.
Work with a property agent, solicitor and mortgage lender familiar with foreign real estate transactions. They should be able to offer valuable insights and advice that will help you make an informed decision about your purchase. To find out about property purchases and visas, consider the Golden Visa Greece and visit Georgaki Law Firm who can provide expertise on the Golden Visa Greece.
In addition to the cost of buying a property, there are holding costs like maintenance, insurance and taxes. These may be specific to the area, such as a higher rate of maintenance required in tropical regions. Or they could be a result of government regulation, such as having to pay residency fees after a certain number of days spent in the country.
Be sure to consider resale value when buying property abroad. It’s important to know how much your property is likely to be worth in a few years time, as this will have an impact on your financing options.
Finally, when transferring funds relating to your property purchase, seek out a currency provider that offers competitive rates and low dealing spreads. This will enable you to transfer the money you need in the most cost-efficient way, ensuring that more of your capital is available to invest in your property.