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Essential Things to Consider While Buying Property Overseas
Have you ever caught yourself daydreaming of retirement in rural Italy
or Jamaica or rehabbing a beachfront property in Costa Rica or Jamaica? Despite what you've
seen on House Hunters International, purchasing real estate
abroad is not always a simple feat. In addition to the normal real
estate considerations like size, location, and price, you also must
navigate a market and legal process that's likely foreign to you.
Nevertheless, you can ease the process by keeping a few tips in mind.|
Lean on local professionals
First, contact real estate brokers in the area. They can familiarize you with the market and help you find the best deal. Secondly, contact a local lawyer to help you deal with legal matters specific to the area you're considering.
Consider your tax liability
Every country has its own tax laws. Some may require you to repay the inheritance tax, title transfer tax, land tax, or even the stamp duty at the time of purchase. You may also be liable to pay additional taxes in your home country. These potential costs need to be added to your budget, so you are financially prepared and don't face any legal penalties.
Securing financing will likely be your biggest hurdle in purchasing real estate abroad. If you aren't paying cash, securing a mortgage through a foreign bank can mean a potentially high interest rate. To get started, obtain an "Agreement in principle" before making any purchase, as it will safeguard you if you can't secure a loan.
Bridge the language barrier
Language barriers can easily lead to miscommunication and delays in the home-buying process. Even worse, you could pay a higher price or lose a deal entirely. While it's possible to overcome this issue by learning the relevant language, it'll be far more effective to hire a broker or attorney fluent in both your native tongue and that of your new host country.
STOP!!! Call or Email, us First before proceeding on your own, for a free consultation you will be happy you did; it does not hurt to call us verses not knowing the unknown for your investment capital. We are priced at a reasonably low price in serving your monthly or yearly needs, and assist you in making the right choice for your hard earned money.
Contact Name. Mr. Alexander (Professional Real Estate Global Agent)
Email Address: email@example.com