Owning a holiday home or investment property in another country can be extremely beneficial for a number of reasons. When choosing to invest in a property overseas, it is important to consider all the legal and financial issues and put in the necessary research and time before purchasing. Any property purchase is a serious step and should be thoroughly investigated before completing the transaction, especially if the property is in a different country.
Benefits of owning a property abroad for family holidays
Of all the many benefits of owning a holiday home in another country, price is likely to top the list for many. Land can be had quite cheaply in many exotic and attractive locations and with the current difficult economic situation around the world, purchase prices and mortgage rates are at their lowest ever.
For many families, a holiday home is an excellent long-term way to invest a portion of their savings. Whether the family uses the home strictly for holidays abroad, rented out during off-seasons or even all year-round, owning a foreign property can generate a steady stream of income. Due to the weakness of currency exchange rates in some countries and the economic problems in others, the returns may be even greater than might be expected.
For some families, renting out their overseas property is more of a short-term proposition. With an eye towards retiring there, letting the home to tourists prior to moving there permanently is a good way to cover the cost of the property and make extra money for covering expenses following retirement.
Things to consider when buying a property abroad
In some cases, the overseas property might be purchased without being seen by the buyer. In order to ensure that both the buyer of the property and the seller are legally protected, a series of building and property inspections should be carried out. It is always advisable to have them overseen by either the buyer’s lawyer or by a local conveyancer. Structural inspections, sweeps for pests and other environmental factors, surveying of the land and a determination of what, if any, permits are required, are just some examples of the steps that should be taken to protect all parties concerned.
Popular locations for owning a property abroad
The number of locations where holiday homes can be purchased is almost limitless, but the influence of several key factors means that certain destinations to rise to the top of the list. For many prospective UK buyers, factors such as being like the close to an international airport, good beaches and other area attractions, as well as entertainment, stores and restaurants, are all important.
France and Spain are always popular, thanks to their climate and proximity to the UK. Portugal and Italy are also major holiday home buying location in Europe. Across the Atlantic, the Caribbean’s many islands offer sand, sea and shopping, along with some breathtaking scenery. In the United States, the Sunshine State of Florida offers a plethora of attractions and sights for the whole family to enjoy. There are a wide variety of Florida houses for sale that would make excellent holiday retreats and great financial investments.
A Florida sunset