It’s a dream many of us hold: a great property abroad. Perhaps you’d like to be in a rural idyll in Switzerland or overlooking a beach in Croatia or in the heart of a bustling metropolis like Berlin; it’s all possible!
Before getting into the nitty-gritty of all this though, you’ve first got to decide on a country in which to buy a home. You’ll already have a shortlist in mind: perhaps you like the sound of Spain, France or Italy. Before diving in though, think about why you like the idea of living in these countries. If it’s the fantastic climate and mouthwatering food, then open your mind to other options you may not have considered yet- for example, Portugal or Turkey.
However, if you’ve got your heart set on a particular country- let’s say Italy- then it’s time for some serious research. Nothing can beat a field trip to the country to see where you’d like to live. The South will have different characteristics to the North, the cities clearly have different living conditions to a country village.
It’s essential that you fall in love with a place and that you can truly imagine yourself living there. Once you’ve found a place you love, check out property prices. There will be real estate agents who can speak English and there are websites with excellent information for property all over the world particularly aimed at expatriates.
It’s a cliché but no less true for that: you must research thoroughly before even thinking about buying a property abroad. Only once you have research the specific market, should you even start thinking about financing your purchase. Remember that there will be different rules as to mortgages and legal requirements in different countries; it’s well worth checking with a UK-based accountant and solicitor for any advice as to tax rules and ownership issues before committing any finance to your purchase