Guidelines for anyone looking to buy overseas property in 2024

If buying a property overseas is your number one goal for 2024, you’ve come to the right place.

In this article, we share guidelines for anyone looking to buy overseas property in 2024.

Where to start?

First of all, you need to decide where you’re looking to buy property overseas. If you can narrow down your destination to a town or city, it’ll make the search a whole lot easier.

Once you’ve done that, decide how you expect to use your property. Will it be a holiday home shared between family members or a place to emigrate to when you retire?

Once you’ve done that, you can put together your support team.

Here at Home Search Overseas we recommend three “Golden” contacts to buy overseas property safely and securely. They are:

  1. An estate agent
  2. Currency specialist
  3. Real Estate Lawyer or Solicitor

It’s important to get advice from trained professionals as the buying process differs from country to country, and your UK estate agent/lawyer/tax specialist cannot advise you on overseas matters.

Once you’ve started the basics with your plans to buy property overseas and you’ve got your support team together, you can begin your property search – how exciting!

Will you be looking for a villa on a beautiful Greek island or a country farmhouse in Portugal or a village home in Italy? There’s so much to choose from.

Once your estate agent has a pretty good idea of what you’re after in your overseas property, it’s time to schedule a viewing trip. It’s your chance to get familiar with the area you’re buying in and to view the homes your estate agent has lined up for you.

When you’re about four months out from completing your purchase, it’s a good idea to open a bank account in the country you’re buying in. You’ll need it set up for when you move in, and it makes a lot more sense to bill your regular payments to a local bank account rather than an international one – it’s cheaper too!

Three-month countdown

By now, hopefully, your plans to buy property overseas are falling into place. Depending on your nationality, work status and specifics of your relocation, now might be a great time to reach out to:

  • Removal services
  • Visa and residency specialists
  • Tax and finance experts

If you’ve found a property, great! If not, perhaps it’s time to book a second viewing trip.

Once you’ve found the home you want to buy, we advise you to make an offer, talk to your currency specialist about forthcoming transfers and payments, and (if needed) get the property surveyed.

Offer accepted

Once your offer has been accepted, you’re on the home stretch! Once that’s happened, the following steps remain:

  1. Sign the reservation contract
  2. Sign the deposit contract (make sure it’s in a protected scheme)
  3. Make your final payment
  4. Contact necessary utility companies to ensure they’ll be connected when you move in.
  5. Sign the final contract

By now, the majority of the work is done, so take a moment to congratulate yourself on making it this far! All that’s left is to wait for the call from your lawyer to let you know the property is yours and when it’s available for you to move in.

Start your journey here with Home Search Overseas…we are here to help you every-step-of-the-way.

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