Buying real estate abroad can be quite a challenge, but it all depends on which country you choose. There are several things you have to know before you decide to buy a house in a foreign country.
Living abroad can have many advantages. There are nearly 4,000,000 Americans living in foreign countries. Low cost of living, good climate, and low real estate prices are just some of the advantages of living abroad. However, some countries are not too friendly towards foreigners who want to buy property there. Thailand property law is not foreigner-friendly at all. Switzerland is another example. To find out more about property laws of different countries, visit the World Properties website.
Visit the Travel State website to learn more about the country where you want to buy a house. It is important to know about the country’s economy, political stability, safety and environmental issues.
Some countries have a lot to offer to foreigners, but when it comes to buying a house, the situation is completely different. For example, Thailand is a great country to visit and live, but property laws are very strict and restrictive, when it comes to foreign citizens.
Get Some Help
You will need a good real estate broker – and a good lawyer. It will be wise to talk to people who already live in the country where you want to move to. Find out as much as you can about the standard of living, real estate trends, and foreign investments in the country.
You need to know what you can afford. Let’s say you will only pay cash. In some countries, mechanisms like mortgages don’t work in the same way as in the United States. In other words, transferring property in some countries can only be paid in cash. Here are several examples: Eastern Europe, Mexico, Spain and Greece.
In case you can’t afford to buy a house without a mortgage, perhaps you should think about Hong Kong, Singapore and South Africa. However, you will need to give at least 40 % in advance.
Find out as much as you can about the “customs” of the country where you are planning to buy a house. In some countries, you cannot bribe people, but in others, “gifts” are considered normal.
According to Homes for Sale Overseas, the best property investments countries overseas include Spain, Cyprus, France, Italy, Netherlands, Ireland, Austria, Germany, Czech Republic, Hungary, Luxembourg, Slovakia, Finland, Sweden, Portugal, Latvia, Estonia, Lithuania, Poland and Romania.
For more information on buying real estate overseas, visit