It is widely accepted that investing in real estate is one of the best financial decisions you can make. Of course, it is slightly more challenging to make the right decision when you plan to invest in a property that is located in a foreign country. You might not know the local real estate laws; it might be more challenging to sift through listings. There might be some unexpected legal expenses in the country you plan to move. For this reason, we will discuss which questions to ask an international real estate agent before you start planning your relocation.
In essence, if you play your cards right, investing in international real estate can be an excellent decision. However, you can do some research yourself. As it is a common misconception that one can solely rely on online information. Luckily, a good real estate agent can guide you and help you in the process of acquiring an overseas property. So, let’s dive in.
Be sure to find out everything you need to know before purchasing property overseas.
Why should I buy an international property in the first place?
Now you might be thinking, 'If it's not that easy to purchase a property abroad, why would I even bother?. But, there is really no reason for you to get discouraged. Yes, some things are different and slightly more challenging. But this could be one of the best real estate investments in your life with the right assistance.
Most people decide to go into buying a home somewhere abroad. Either because they want to live there or to make a profit from selling or renting the property.
You want to live or retire somewhere abroad.
As the living expenses in the US constantly rising. Some people wonder if spending their retirement in their hometown is a financially precarious prospect. In line with this, people are rushing to invest in international real estate. So that they can live or retire somewhere comfortably when the time comes.
And this makes sense for several reasons. You will be able to look forward with meeting new people. Learning about the local culture or language. Exploring new landscapes and cities in the vicinity of your chosen destination. What is even more attractive from a financial point of view. You will be able to save lots of money on housing, groceries, and even health care. That depends on which country you choose to move.
Many people choose to spend their golden years abroad.
Do You want to earn money?
If you do not plan on spending more than a few months in the property, you could consider making some money on the side by renting the place while you are away. On the other hand, property appreciation in certain foreign countries is growing faster than it is in the US, which means you will be able to make a good turnover by buying, remodeling, and finally, reselling the given property.
Whatever your incentive may be, there are some things you need to ask an international real estate agent before you decide to invest in overseas property. So, before you start worrying if you should put your home on the market before or after you move to your new house abroad, take a good look at the following list.
Is it legal for an ex-pat to own property in the given country?
Although it may sound strange, certain governments do not allow foreign nationals to own property on their soil. So, be sure to hold your horses before you call your mortgage broker - you might not be eligible to purchase property at all.
In some cases, you might be able to go around official regulations - some countries stimulate foreign investment in the form of trusts and corporations rather than individual investments. This means you might be able to get a hold of your dream property if you establish a business front to purchase it legally.
In any case, an experienced international real estate agent will know what the best course of action is. Ask your agent if they know a local lawyer or accountant who can give you more information about the local laws and regulations.
Ask an international real estate agent to recommend you a good lawyer.
In fact, hiring a lawyer in the country where you intend to move to is good advice for anyone who wants to move abroad, regardless of the target country. This way, you will have a professional legal advisor that will be by your side if anything goes awry.
Essentially, you need to take care of several things, such as which international moving company you should hire to make sure everything goes well during the big move. Having a safeguard to counsel you on the legal and financial matters related to moving to another country will make relocating a whole lot easier.
An international real estate agent will let you know what you need to do.
- Are there any tax laws I need to know about?
Be sure to ask your international real estate agent about the tax considerations. They can be different depending on your country of origin, your credit, the type of property you are planning to purchase, whether you intend to live there or rent it to other people, etc. It is impossible to sum up, the variety of tax laws out there. For this reason, the council of your international real estate agent is an invaluable source of information.
All in all, we hope you have found this list of questions to ask an international real estate agent useful. As you can see, buying property abroad can be challenging, but it is not the reason to give up on the idea. Essentially, investing in international real estate is just the matter of being well-informed and willing to dive into the adventure. Good luck!