Holiday Home Abroad-How can you save time and money buying?

May 9, 2011

Want to fulfil your dream of an overseas holiday home or investment property, but don’t want the hassle?

Some people wish to live the dream of having a holiday home abroad but don’t want the hassle. Or they want to do it as cheaply as possible. But, tellingly they also want to do it safely. All of these things create a natural tension and call for trade-offs.

Minimising hassle and time expended

If you want to have a hassle-free experience, then the compromise might be to get outside help.  An agent, can be called upon, who is essentially a type of “broker” between someone wanting to buy overseas property and a seller e.g.  a developer, or a reseller of a property.

An Agent can do a lot of the due diligence work up front, sourcing all the necessary third parties that might get involved in an overseas property transaction e.g. “Sworn” or Certified translator (translating for legal equivalence is a legal requirement in some countries) an independent lawyer, a suitable bank that offers a decent mortgage rate and whose account you can operate remotely over the internet from the UK.

Due diligence is a process which involves checking the particulars and nature of the property to make sure it is all that it seems. This can be a time-consuming part of the buying process and is very much dependent on what level of detail a buyer wants to go into.

An Independent Agent can help an inexperienced buyer acquire an overseas property in up to a third of the time it might take them to do it on their own.

Saving money

Not wasting money is often a key motivator, which drives some people to cut corners. One way of thinking about this, is as an inexperienced DIYer.  Doing a job properly first time round can save a lot of time, money and aggravation.

A good Property Agent can provide guidance on what is and is not, good practice as well as helping set up any overseas trip, so that valuable time abroad is used wisely.

A lawyer might cost between £500 and £1,000 (dependent on the country, nature of the services they are providing and property price), to hire and they can ensure all the relevant “protective” contractual clauses are present. Not doing this, could ultimately cost the buyer several thousand pounds to rectify mistakes and/or in financing the property, or making unnecessary trips. Saving money by not using a lawyer may seem like it is saving money in the short term, but in reality it can be a short-sighted, false economy.

Guidance and hand-holding

A good independent Agent supports through the buying process and can act as “devil’s advocate” or sounding board. A developer may be interested in selling just their development, even if there might be a better property in your chosen area.

A decent, Overseas Property Agent can facilitate the buying process and fast-track access to the most reputable developers, suppliers  and guide on the most suitable areas given your requirements.

Buying through an Agent should not affect the price a buyer pays for their property, whether they go through an agent or directly to the seller.

Don’t assume buying abroad is the same as buying in the UK, unless you are familiar with the process, you are likely to need some help or guidance.

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Please get in contact to chat your plans through by telephone +44 (0) 1932 849 536 or contact us

Property Venture® is an award-winning, UK-based agency for overseas property who helps people buy investment property and holiday homes in Europe, more easily and safely than they can on their own, because we offer grounded common-sense advice.

The focus is mainly greater Europe: Poland property, UK investments, Spain property, Turkey property, Cyprus property

On the Advisory Board and a Member of the Association of International Property Professionals (AIPP) the business has been vetted, approved and voluntarily commits to Industry Regulation and the Professional Code of Conduct. We are known for our quality customer service and non-pressurised approach to sales. Take a look at what our clients say

Featured or Mentioned in: The Sunday Times, The Times, The Daily Telegraph, Sunday Express, Daily Express, The Mail on Sunday, Daily Mail, The Independent on Sunday, The Independent, Evening Standard-Homes & Property, Homes Magazine, Property Wire, International Estate Agent Today, Property Overseas Today, Overseas Property Professional, HSBC Liquid Magazine, easyJet Magazine, London Homes & Property, A Place in the Sun, Buy Association

 

 

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