Real estate abroad: how to buy without risk?
In an ideal world, buying real estate abroad would be as easy as ordering lunch in a restaurant. Probably, someday the technology of buying a house abroad on the seashore will advance. Also, all issues related to legislation, taxes, money transfer, visas, insurance and relocation will be solved automatically. But today we have to rack our brains and solve these issues. To help us a little with this could only experienced consultants or the Internet, which aggregates such useful information through specialized websites, such as worldrealestatedirectory.net.
Buying a house usually starts with an impulse solution. It is caused more by emotion than by economic and practical calculation. Blindly ignoring the logic and facts when buying a house can ruin all the joy of buying real estate abroad.
The consequences can be the most serious. Ask those who bought newly built real estate in Spain and only then discovered that in the package of documents for their house on the sea there is no Habitation License. That document issues the city administration at the end of the construction of housing. Оnly if there is that document for the house, you can tie in utilities, leas it. And only then the house is considered a legal structure. Moreover, the absence of Habitation License may be the signal that something is wrong with the legality of the structure. Subsequently, authorities can demolish the house.
At a minimum, mistakes made when buying a property abroad will cause you a headache because of the need to somehow resolve issues with the law, the stress of uncertainty and money costs. But this is not at all what you planned to get, buying real estate abroad for recreation or investment.
Hunting for real estate abroad by the sea
Of course, it’s nice to browse the websites of real estate agencies and look at their real estate offers abroad. There you can find beautiful photos of popular house types, convenient navigation, all information is available on one page. And, as a rule, you will choose a house on the sea in the country which you already visited.
And definitely, you should visit the territory where you want to buy a house on the sea, explore the best places, feel the atmosphere – whether you want to live here, look at potential neighbors and infrastructure, assess security, etc. However, the vacation time is not the best for such a study. For this period the locality and residents in the resort city can significantly change. It is better to organize a special tour of real estate at the time of the year that you plan to spend in your apartment or a house.
The worst thing you can do is make a choice in favor of the first object that the real estate agent showed you. Of course, that house may seem ideal to you – you have nothing to compare it with.
But without a thorough study of the housing supply market in that region, it is not worth negotiating a deal if you want to get the best house on that coast for your money. At least, look on the Internet what other offers of the real estate there are on that coast.
How to avoid scams when buying real estate abroad?
You should always deal with several real estate agents in the region. So you can see a large number of objects and choose the house that suits you. And, in addition, avoid the typical traps of agents when they show the buyer a few mediocre houses, and then bring them into a house that looks better than the previous ones and the buyer, of course, makes a choice in favor of the last house, thinking that he is lucky.
If you are participating in a tour an agent organizes, then keep in mind that
the company trains sellers to sell you at least one of the apartments or houses shown. So do not sign any preliminary agreements until you return home and calmly think about everything.
Lately, there have been a lot of people who buy real estate abroad without checking it personally. Especially often people buy real estate in Bulgaria this way. That is a real estate purchase with a very high risk.
The only way to avoid disappointments is to ask your agent to send you as many pictures of real estate. He could also send you pictures of the location where the house is. You should also, of course, collect all available information on the Internet. Especially important are the opinions of people who have already bought an apartment or a house in that location.
In all countries of the world the process of buying the real estate is similar.
There is always something like a certificate of ownership. It sometimes comes in combination with the form of a “house book”, which describes who and when owned that housing. In addition, there is always a contract of purchase, sometimes in several stages. This often takes place in two stages. First, the owner and the buyer sign a preliminary contract. At this stage, the buyer often pays a deposit to the seller. At the second stage, after checking the real estate for lack of debts and heirs, they sign the final contract.
Of course, people usually want to personally look at the housing they are buying. But in case of buying real estate abroad, this rule for some reason does not always apply. Emotions and a desire to quickly fulfill the dream hurry people buying a house abroad. However, it is better to carefully inspect the housing, taking with you a specialist – a builder. So that later you do not have to rebuild the basement, change the roof or the wiring.
The deal is usually made by a local notary. He doesn’t have to take care of your interests or give you explanations on local legislation. Therefore, it is better to call your lawyer for making the deal and advising on it. It is, also, better not to trust the choice of a lawyer to an agent who sells you housing. In that case, there is no guarantee of their independence from each other.
Anyhow, be prepared that as a result of making the deal and payment of fees to lawyers and notaries, the value of the purchased property abroad can grow by 10-15%.
You can decide that buying a real estate abroad is a complex and dangerous thing. But if you competently prepare and surround yourself with competent advisers in the spheres of law and construction, you are unlikely to make mistakes. In that case, buying a house abroad can be an event that has changed the life of your family for the better.