Despite the fact that buying a property almost never comes cheap, there are some places that give you more bang for your buck. Considering the UK’s average asking price for a home which is around £316,100 in the Southern part of the country and even higher in the Northern, the fact that more and more Brits are looking for a property outside of Great Britain is not surprising at all.
The most popular monthly searches for property abroad include such beautiful countries as Spain, Portugal, Italy, Bulgaria, Turkey and some others. Each country offers some wonderful property options for reasonable prices. What is more, there are numerous other benefits associated with owning property abroad.
1. When you own a property abroad, you are owning a second home. It does not matter what are your preferences, you are always able to find a home of your dream in a country with suitable climate, landscape, and culture.
2. You can retire in your second home, often for a pittance. Nevertheless, your expenses always depend on a country you choose as your second home, so choose wisely.
3. Owning a home abroad makes you truly local, so if you ever dreamed of getting some unique cultural experience, it is a good way to make your dream come true.
4. You can benefit from currency diversity. When all your investments are in pound sterlings, your future fully depends on the fate of the national currency, while owning home abroad allows you to avoid the situation when your investment future is at the mercy of a single economy.
5. You can actually earn an income abroad, especially if you buy a property for a low price and possible returns.
6. Trips to visit and manage your investment property abroad allows deducting travel costs from your taxes.
7. You can secure your future making a hard asset. In contrast to stock assets, the value of your property will never go zero.
8. If you decide to buy a farmland somewhere abroad, you can fully enjoy the world’s agriculture bloom.
9. Owning property abroad allows you to enjoy the advantage of international asset protection. It is not a secret that offshore assets are more protected, so there are few chances someone could claim for your house situated somewhere abroad.
10. Owning a property in many countries is a guarantee of getting a residency visa, allowing you to have another place on earth where you can hang your hat.
These are the main benefits of owning property abroad. Nevertheless, before you decide to invest your money in some charming house facing the sea or mountains, make sure you are familiar with tips for buying property abroad. These can be very helpful.
1. Make a research and always follow local laws on buying and renting local property.
2. Remember, that any deal has to be proved in the written form, so always ask for written confirmation of what has been agreed.
3. Always check the seller or developer.
4. Make sure that the deeds to the property or land have not been offered as collateral for any loans.
5. Make sure that the owner of a property you want to buy does not avoid any liabilities such as utility bills, local tax demands, etc.
6. Check if there are any issues you should be aware of. You can just talk to other property owners to find out if there are floods, lack of water or electricity supplies, etc.
7. If you are buying a property from the developer, ask to show you some completed projects to make sure that there were no problems.
8. Make sure that the developer has no problems with such utility issues as water supply, sewage, electricity, etc.