This is a post by Ashley Williamson. Ashley is a freelance writer who currently writes on behalf of Property Turkey, a real estate company covering Turkey. When she is not working, she likes to travel and discover hidden, untouched places around the world.
There’s nothing better than settling in for a fantastic vacation with family or friends. Unless, of course, you do just that, but in a foreign country.
If you’ve been to Italy, Turkey or France, you might’ve fallen in love with the landscape, the cuisine, the culture and the people. So, rather than flying back and forth and spending loads of money on hotels and pricey restaurants, why not invest in a vacation home? There are a few things you need to consider before you attempt to buy one, however, and it’s always better to be prepared than to be regretful. Here are seven things to consider when buying your vacation house overseas.
Do You Like the Location?
It’s all about the country you pick, as well as the house you choose. Ensure your home is in a good neighborhood and close to local shops or attractions. If you prefer the quiet life, then go for something out on the water. Find whatever suits you and your needs.
Is It Rent-Worthy?
Of course, if you’re looking to rent the property out to vacationers when you’re not using it yourself, you need to research the local laws for doing so. This should be another factor in your decision-making process when choosing the location of your vacation home. Do people want to stay there? Is there a big enough market for tourism in the country? And do you have enough amenities to attract holidaymakers?
Sure, you might enjoy the quiet life without a television or access to the local nightlife, but there’s no guarantee that those who’d like to rent will feel the same. Try to cater to yourself as well as your prospective clients.
Does It Fit Your Budget?
Be realistic – which is sometimes easier said than done. In certain countries, you’ll run into high costs and might need to take out a loan to cover them. In others, you might find a complete bargain. Before you do anything, research the costs of buying overseas. There may be hidden fees and property taxes you aren’t aware of that drive your budget over its limit. Consider the deposit you need to make on the house, as well as mortgage agreements. Overall, planning is extremely important when it comes to your budget.
Will You Use It Frequently?
Just how much use are you going to get out of your vacation home? If you’re buying in a country you’ve only visited once and don’t plan on returning to very often, then this might not be the best option for you. If you’re confident in your decision to buy, be sure to check out renting laws with the aid of a lawyer, so you can make the most of your property when you’re not there.
Do You Understand the Laws?
Buy a built home rather than plain land. There are many country-specific laws and building permits to consider, not to mention the fact that you might end up with a home you don’t like since you can’t be there to supervise the construction process 24/7.
Property taxes, permits and fees are going to be a pain in your neck if you decide to go through with the building process. Invest in a lawyer who understands the foreign market and its laws, or you might end up paying legal fees simply out of ignorance. Prevention is better than cure.
Do You Know What You’re Getting Yourself Into?
It’s one thing to give the vacation home a look yourself, but another when you move in and find a termite infestation or some other nasty surprise. Get a hold of a good real estate agent who knows the house, the area and the country well. This way, you’ll know exactly what you’re getting yourself into.
Have You Done Enough Research?
Before you make your decision, get your hands on a buyer guide for the country of your choice. Check out what the weather is like across the board. For instance, in Turkey you can expect warm summers and mild winters, while in Canada, you’re in for a chilly time. It all depends on your preferences, but a fair amount of your time should be spent researching just what the country and its laws are like with regards to homeownership. It’s even worth researching what the laws are like in general.
Be sure to cover all the bases before you buy – when you’ve taken all necessary precautions, you can relax and enjoy your wonderful vacation home!