Many of us have a vague dream of owning property overseas. Perhaps it’s the lure of sunshine and space and a more relaxed pace of life, or perhaps it’s the attractive property prices and the realization that a dream home could be yours. Turning that dream into reality is perfectly feasible, but it’s not a venture that you should ever rush into. Going on holiday, falling in love with a property and buying it may work out, but the chances are there will be problems down the road. Careful research, which enables you to work out exactly what you are looking for and where you want to look, is likely to yield much better results. Here are some suggestions to get you started.
Spend time on internet research
Well before you pack you bags and head off in search of a house you should spend a substantial amount of time getting to know property markets online. Most countries have a real estate platform where you can look at local properties for sale and rent, for example Rightmove in the U.K. or Fotocasa in Spain. Researching property online will give you a sense of how prices vary and will enable you to narrow your search before you visit the area in person.
Get to know the expat perspective
Ex-pat chat groups and forums are a great way to get a different perspective on the area you are considering. They will give you an outsiders’ view of the location and raise considerations that you might not find addressed on official websites and estate agents’ posts.
Use Google Maps
The property you are looking at may be great, but are there potential problems which have not been mentioned by the estate agent? Google Maps will enable you to look at the street view and explore the area. You’ll be able to judge how busy the roads are and whether there’s anything nearby which might prove a problem, such as a bar or nightclub.
Research and compare prices in different areas
Researching internet property platforms will help you decide on which country you are going to look at, but that will still leave you with a huge range of choice. You should be able to find recent data on most countries’ national and local house prices. If you visit the official website of the notaries, in France, you’ll get a breakdown of the national property picture as well as forecasts of future trends. In Portugal, the platform Imovirtual publishes a monthly report on house prices in each municipality, so, for example, in June the most affordable municipality was Guarda.
Be clear about the purpose for which you are buying the property
It may be unbelievably cheap, it may be unbelievably beautiful, but is it the right property for you? So many foreign property purchases are made in a transport of delight and so many of them are later regretted. Do you intend to live in this property permanently? Can you maintain a large garden? Can you afford the maintenance or restoration? What will it be like to live in this property in winter? These and many other questions need an honest answer before you commit to the purchase.