May 26, 2022
Buying property in another country can allow you to gain a secondary income should you choose to rent it out when not using it, as well as facilitate some great future holidays. However, before you actually purchase a property, it could be a good idea to really think through your decision and take the time to look for the right holiday home to suit your family and meet your needs.
The benefits of a realty broker
As with buying your main home, it may be useful to speak to a realty broker who can help to facilitate your move. Compass may be able to help you find a new home in a number of different foreign destinations. Having a knowledgeable property expert to hand may also be insightful if you are unable to make frequent trips to your country of choice. They may also be able to liaise with team members or affiliate companies within that area to better help with your search. You could choose a new property within a different country in the UK, or even further afield in continental Europe. By specifying to the broker whether you are after a flat, chalet, or standard house, as well as the number of bedrooms you require, you may be able to narrow down the results. Likewise, you might also be able to look for properties near a specific city, or simply with coastal views. This can help to prevent you from needing to click through a number of websites trying to find certain attributes.
Consider the cost of living
While you may currently have the money to buy a property abroad, especially if you plan to sell your current home and move out there permanently, you may need to consider the cost of living in the future. Certain destinations may be more expensive than others. For example, moving to North Macedonia may only require you to have around £8,484 per year to be able to survive, while the living costs in nearby Montenegro stand at £14,104. Even if you have the money right now, you may need to consider your future, especially when you retire, and whether life will still be affordable then.
Some of the countries in mainland Europe can get incredibly hot, especially during the summer months. While you may appreciate carpet in your current home, this may be less than suitable when using your property abroad. Therefore, you may want to check the flooring within any property on your shortlist. Tiles or stone flooring may help to keep you cool, which could prove to be invaluable when the temperatures increase. Although you could have these fitted yourself, it may make more sense to purchase a property with them already in place, especially if you don’t want to spend your first few visits surrounded by building works.
Buying property abroad can give you a nice place to go to when on holiday or even allow you to make more money. Before making an offer you may want to consider both your current and future finances, as well as how to make the place comfortable.