- Home » Expat News » Ensuring the best outcome when investing in an overseas property
Ensuring The Best Outcome When Investing In An Overseas Property
Published: | 9 Sep at 6 PM |
Want to get involved?
Become a
Featured Expatand take our interview.
Become a
Local Expertand contribute articles.
Get in
touchtoday!
For expats buying a home overseas, it’s often a daunting prospect due to language difficulties and lack of knowledge of property laws applicable to non-citizens.
Emigrating on a permanent or semi-permanent basis often includes buying a property in the new country of residence, but it’s a challenge for new arrivals who don’t yet know their way around property laws and the correct procedures. As a result, the first priority should be to seek legal advice from a totally independent property specialist with no ties to any other person involved in the deal. In addition, the chosen lawyer should be fluent in English – a tricky requirement outside either English speaking countries or those with English as a recognised second language. It’s vitally important that all aspect of property purchase laws as they apply to foreigners are understood.
Buyers are also urged to ensure a new property has been built to conform with local laws and has the correct licenses as well as ensuring the price agreed is correct and includes everything as agreed. It’s a sad fact that many expats who’ve invested in homes overseas have been caught out by shady developers and their legal advisors, with some developments qualifying as scams and Ponzi schemes leading to the loss of expats' life savings. Especial care should be taken when buying off-plan, particularly in Southeast Asian countries, and assuming your seller will deal honestly with the transaction simply because he’s Western is perhaps not the best idea.
One infamous case began in the late 1970s and hit hard on around 1,000 British investors who’d been persuaded to buy properties in Cyprus via Swiss franc mortgages, with the currency touted as being stable and interest rates lower than mortgages taken out in other currencies including sterling. The 2008 world financial crash caused monthly payments to soar along with the Swiss franc and the value of the properties fell to half the original purchase price. At the present time, the word ‘recession’ is being banded about with, unfortunately, some good reason due to trade wars, Brexit, general economic uncertainty and world politics, leaving expat property investors unsure of their next move.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
RECENT NEWS
How To Feel Confident And At Ease When Speaking Dutch
Albert Both, from Dutch language school Talencoach, gives his advice on how to get confident speaking Dutch - even befor... Read more
Why Stress Isnt The Enemy Of High Performance But A Gateway To It
Most of us grow up thinking about stress as something to avoid, manage or eliminate. Especially in high-achieving envir... Read more
Permits And Visas For Artists And Creatives Working In The Netherlands
Are you heading to the Netherlands for a creative project? Make sure you know which type of visa or work permit you will... Read more
Understanding False Self-employment In The Netherlands
As an expat working as a freelancer or sole trader in the Netherlands, it is important to understand the concept of fal... Read more
How Reframing Your Business Model Can Revolutionise Your Marketing
As a business owner, you know that marketing is an essential part of a successful business. It makes sense that that's w... Read more