So, you want to by a house across the pond? Or how about in the islands? Or even as close as Canada?
There are just a few things to keep in mind when looking to purchase real estate abroad.
- Research! Research! Research!
There are many different real estate rules when it comes to purchasing in different countries. Some countries require that you invest a certain amount of money into their country annually. Some countries, such as Switzerland, restrict foreign ownership completely. Some countries will only allow cash purchases for property. It's important to know what is required in advance.
- Don't Rush
Read the news and keep informed about the economic situations across the globe. This will help you find the best deals as well as know the market trends in the area that you are searching in. By having this information you will know what countries are experiencing a dip in real estate and you may be able to get in on the deals.
- Get Legal Aide
Getting the advice of someone that knows the laws in both countries and speaks both languages is HUGE! This will help in making sure that every legal matter that may come up will be addressed in your best interest. In addition, the chances of getting scammed becomes very slim.
Keeping on top the real estate markets internationally and knowing what the market trends are in the area can make the experience of purchasing real estate in another country exciting as opposed to terrifying!