If you are considering investing in property overseas there are a few things you should always check out beforehand. Every country has its own laws and regulations in regard to foreigners buying property and it is worth looking into these details before settling on any particular country. However if you have set your heart on buying property in Cyprus or Turkey or somewhere similar you have spent the past 5 years visiting, then take care to hire a reputable lawyer who is experienced in foreign real estate.
Buying a second home is an expensive decision to make so be clear as to why you want to buy rather than rent. Everyone has their own reasons, whether you plan to use it for your retirement, use it as an investment to protect your children’s future, or you want a holiday home to take the family every year, consider renting a property long-term and weigh up the pros and cons of each.
You should always do your research before buying any property. It is not advisable to buy a property without taking a look at it first, visit the country and check out the different areas to get a feel for the place. If you are intending to rent the property then you need to take note of the transport links and facilities in relation to the location of the property. If it is to be your retirement home check what facilities are nearby to keep you busy.
Finding a good property agent to help you search for a property can be difficult, especially if it is an overseas agent and you don’t know anything about them or their reputation. Check out reliable and established agents online, ask around and see if friends can give a recommendation before making your choice.
It is worth getting a survey done on the property you are intending to buy. This might not be necessary legally, but it will put your mind at ease that there is no serious structural damage to the property that could cost you a lot of expense in the future.
Ensure you employ the services of a lawyer who is knowledgeable and has experience dealing in the country you are intending to buy your second home in. To invest in a property in Cyprus might differ widely from buying a property in another foreign country. A lawyer should be aware of the legal issues and be clear as to what their fees include. Your lawyer should also be able to advice you about taxes to be paid and how to pay them to avoid penalties for late payments.
You will need insurance if you are planning to buy a property abroad. There are different types of insurance, buy-to-let will cover for damage incurred by tenants or if they don’t pay the rent, holiday home insurance will protect the property if it will be left empty for long periods. Always let the insurance company know exactly what purpose the property will be for otherwise your insurance will be void.
Cyprus and Turkey are ideal locations for overseas investment or as a place to retire. Although prices are increasing each year there are properties that can still be found near to the coast at affordable prices. Both destinations are easy to reach with a number of airlines offering inexpensive fares from the UK and Europe and flight times only 2/3 hours. If you are considering buying a property overseas always do your research before handing any money over and make sure to visit the country and meet some of the locals. Employing the services of a highly regarded and honest real estate agent with know-how in investment properties in the country is vital.