Things to consider before buying abroad
Before buying, consideration should be given to the reasons for your investment in property abroad, which are typically:
- As a holiday home
- For yield and capital growth, through buy-to-rent
- To make money
- As a retirement home
- To make a permanent move
- Holiday Homes
Firstly, as a holiday home, key points need to be taken into account, such as location (town, countryside, resort, hotspot, or off-the beaten-track), location (away-from-it-all, in the thick of things, in among the locals, or in an ex-pat community), location (near the coast, near to an airport, close to amenities/sports facilities, with a private swimming pool, or with communal facilities).
Buy to Let Abroad
If you want to buy to let abroad, the same things need to be taken into account, but pitched more at the requirements of tenants. Tourists are generally looking for good weather prospects, comfort, opportunities for sport and leisure activities (winter/summer), attractive places to visit, proximity to airports, bars and restaurants, with scope for entertainment for children, and things for adults to do in the evenings. There are rental possibilities for all kinds of properties, but some are more attractive than others, to wider groups of possible tenants - for example, a property with a pool, and access to local amenities could prove more popular than a hideaway half way up a mountainside.
Retirement or Permanent Property
Requirements for a retirement property or a permanent move will probably be more low-key, with some of the attractions of a holiday or rental home becoming not so appealing. Privacy, peace and quiet, access to health care, and to everyday facilities could be more important. Residential and taxation status also need to be taken into account.
