Overseas Property Purchase - Avoid the Pitfalls

If you are planning to buy a dream holiday home, buy-to-let investment or even move lock, stock and barrel, this checklist could help you avoid the pitfalls and save time and money in the long run. So take the time to carefully consider:

Do you really prefer the town or country?
Do you want to be inland or on the coast?
Do you want to be isolated or in the thick of the action? (Most people prefer to be within no more than an hour's travel time of a town and, if buying inland from coastal resorts, within 10 minutes of the beach).
Do you really want a renovation property? Who will be overseeing the work?
Will you really be using your holiday home as often as you dream of?
If you wish to rent out your property, who will your renters be? Is there a good management agent in the area?
How much do you stand to make from your property's rental? Don't forget to factor in property advertising costs as well as management fees.
Is there a glut of similar properties for rent in your area? How many months each year can you expect to rent out your property?
How much outside space do you want/can you maintain?
Who are your neighbours and how close do you want to be to them?
Is there any other construction planned for the area?
How close do you want to be to shops, bars and restaurants?
Where's the nearest public transport and how often does it run?
How close are you to the nearest airport? How much are flights to your chosen location?
How far is it to sports facilities, golf, tennis, swimming etc,?
How good are the local health and social services?
Arts and entertainment - what's available in the area?
How much are similar properties in the area you choose? Are you buying at above or below market value?
Have you done your sums? Be fully aware of all costs, taxes and payments due, particularly with off-plan purchase. And ensure you will be able to pay the final installment should you be unable to sell on prior to completion.
Do you have a good lawyer with an excellent command of English and the native tongue? This will help you deal with any the unforeseen regulations in your country of choice.
Are you losing money with currency exchange on the day of transfer of funds? This can be avoided by choosing a professional money exchange broker.