4 Things to Consider When Buying a Second Home Abroad

Taking the plunge and buying a second home abroad might seem like a daunting prospect with so much to think about and consider. If you’ve set your sights on a beautiful villa in Spain to see out your retirement years there’s plenty of important decisions to be made before you pack your bags and leave your old life behind.

Here’s four tips to make sure buying a house abroad is as straightforward as possible.

1. Why are you buying this second home?

It’d be easy to lose sight of the bigger picture but consider why you are buying this property as it will tailor your decision making process. Is the property for you to live in? And, in which case, has it got all the mod-cons you need or does it require any structural or cosmetic work done to it? Also, will your friends and family be coming to visit? If so, how many bedrooms will you need? Are you going to rent the property out initially before retiring there long-term? If you’re renting it out, you may want to consider the exact location or local amenities making it more attractive to the rental market. If you’re going to be renting the property, who will show people round and who will clean it if you are living far away? Just by taking these points into consideration can you start to clarify what sort of property you are after so the actual purchase goes as smoothly as possible.

2. Do your research

Research always pays off when it comes to making a big purchase and they don’t come much bigger than a second home. If you’ve got a clearer plan of the house you want, you need to visit the actual location to get a feel for the place and surrounding areas. It’s worth visiting the property several times (at different times of year if possible) to find out what it’s like. You’ll also need to understand your rights to live in that country and check that you definitely have the finances to commit to such an investment. Keep tabs on the property prices and use a reputable local property expert to help you along the way. You also need to think about tax, insurance, survey fees and using the right solicitor.

3. Exchange rates

With such a big purchase the last thing you want to do is lose money with hefty exchange rates. This is the time you need to think about how you pay for the purchase. It may be that you have to transfer money from your UK bank account but your bank may have poor exchange rates or higher charges. Look out for companies which specialise in foreign currency transfer which help you shift money abroad at far more economical rates than your bank.

4. Use a translator

If you’re not fluent in Spanish or the native tongue of the country you are moving to, it will help in the long term to use an interpreter. This will help you understand any official documentation relating to the purchase. If you already have a lawyer, they may provide a translator to help you. It’s also worth thinking about a guide to give you get better advice on the areas which you are interested in. Sound local advice goes a long way on the continent.

Just by using a few handy tips and taking your time over a purchase means the big move need not be so daunting and you can look forward to your new life in the sunshine.

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