Important steps to take before buying property abroad

Prospective overseas property investors have been offered some advice by financial website This is Money on the essential steps that should be taken before making an investment.

Research is an essential precursor to buying a property abroad, the website states, with the internet providing the perfect forum on which to do this.

Gain as much information as possible about the country you are interested in and seek the opinions of people who may have already invested in overseas property there.

There are obviously significant financial factors to consider before buying a property abroad and it is highly advisable, This is Money recommends, to have all finances organised beforehand.

A popular method of financing the purchase of a home abroad is to remortgage a house in the UK, owing to the fact that all borrowing is in one place and homeowners can use the currency they receive wages in to make their repayments.

Paying a visit to the country you are interested in is a necessary step in order to get to know the area and doing this without an agent is also advisable, as is approaching the purchase of any home you are interested in with caution and care.

Expert consultation from an objective, reliable solicitor can be highly beneficial, the website explains, as this can inform you of all issues such as taxes, fees, insurance and local laws.

The final piece of advice offered for potential overseas property buyers is to set a maximum price you are willing to pay for a property and do not exceed it, if you have an offer accepted ask for regular updates from solicitors and estate agents and if you have any of your own obligations to fill, do so promptly and carefully.

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