This
is our European Property Section, 'For all your European Property
needs'…
The free Real
Estate Search site to aid you in buying property in member countries
of the European Union. Real Estate European Union provides property
buying guides by country to the processes involved in buying Real Estate
within the E.U and we have links to put you in touch with the
right people and organisations to complete your purchase - for instance Real
Estate Agents, Lawyers, Mortgage providers and Insurers.
With interest rates in the Europe at their
lowest for as long as one can remember and property prices having risen
by up to 25% in the last year alone, the second home concept is becoming
increasingly popular. Many are unlocking some of the equity in their
homes or using their hard-earned cash and buying their dream home in
the sun. Spain, France, Italy, Cyprus, Greece, the
Canaries, the
Balearic's, Portugal etc
etc etc all are popular destinations for retirement, a second home
or even a new country to live in!
Although the weather
may be better, house buying is no quicker and the procedures are usually
more expensive. Add to that a foreign language, different legal and
tax systems and it is a wonder that any of us seriously consider buying
overseas. It is one thing ordering your aperitif at the local bar,
it is quite another ploughing through a foreign document.
Unlike in our dreams;
buying abroad needs careful preparation and homework if the pitfalls
are to be avoided. When does this preparation start? As soon as you
have decided to buy. Where can you obtain the information? The Internet,
local libraries, personal contacts, newspapers and magazines, to name
just a few. If you have access to a computer, the Internet is probably
the best port of call with lawyers, estate agents, property rental
companies, builders, decorators and architects, all advertising their
services. Contact them and obtain as much information as possible.
Having decided to
buy, the first major decision is where. What was lovely on holiday
in July may not be the same when you are mending the leaking roof in
February. Then having found the area find the house. Will it be a new
purpose built apartment or a ruined barn with wonderful views? There
are professional firms that will help you find the home of your dreams
and you may want to let them do the donkey work we are just such company
and at Overseas
Property Online we pride ourselves in our
past successes. Don't just expect us to provide you with particulars
of properties here we provide access to a whole host of needed information
on the local areas, nearby leisure facilities, schools, markets, roads
and anything else that attracts you to the area.
If it is the barn
you have chosen who will do the conversion? Again, agents can assist,
but local knowledge can be a great help. Before you can convert you
must buy, and although the basic cost may be low, the procedures are
often complicated and pricey. Remember that the further south in Europe
you go the more the mañana principle applies and that is not
just to lawyers!
As enthusiastic as
you may be, once you have found a property to meet your needs, within
your price range and almost certainly cheaper than a similar property
in your home country, do not act hastily! Often buyers get carried
away and leave everything in the hands of the agents, this is where
we come in extremely handy because all our overseas agent and developer
contacts are vetted and assessed to ensure that they act with the best
interests of our clients at all times.
Before you sign any
documents or pay any money, as in some countries payment of a deposit
commits you to the purchase, ask for full details of all the costs
involved in the purchase. It is not uncommon for legal and land registry
charges and transfer taxes to add up to 15% of the cost of the property,
so you will need to factor this into the purchase price. If you have
not done so already, seek independent legal advice and do not agree
to jointly instruct a lawyer with the seller to save on costs. This
is especially important when buying on the Continent as when it comes
to declaring the value of the property on the purchase deed it will
be in the interests of the seller to under declare the value of the
property so as to reduce his tax liability. How could a lawyer in that
situation act in both your interests?
There are usually
many local lawyers who speak good English or have English workers in
their offices. The advantage of an English speaking lawyer is that
it will reduce translators’ costs. The Internet is usually a
good place to find a suitable lawyer. Then try and arrange a meeting
with the lawyer or at the very least discuss your proposals, the property
and mechanics of the purchase with the lawyer before you commit to
the property. If you are buying the property for its views, additional
enquiries should be made by your lawyer as planning legislation can
in some countries be quite haphazard!
If you are busy and
unlikely to be around for the purchase process it may be necessary
to grant a Power of Attorney to the lawyer. This is a deed that can
be prepared authorising the lawyer to sign legal documents and act
on your behalf.
Once you have bought – what
then? Unless you plan to live in your new home full time you will have
to find someone to look after it or rent it for you in your absence.
If you intend to fund the purchase with rental income it is essential
that you find a rental company you can trust and someone the neighbour
can call when there’s the sound of running water at 2 am on a
winter’s morning. Further local tax advice should be obtained
on the income derived from the property.
Then what happens
if you decide to sell up and move elsewhere? Well, properties abroad,
generally speaking, can take longer to sell than in the UK and as the
property was a second home there may be capital gains tax considerations
to bear in mind and local tax advice should again be obtained. The
reverse of this is that when searching for that property find out how
long it has been on the market for and strike a hard bargain!
IF YOU ARE
CONSIDERING BUYING A PROPERTY ABROAD HERE’S A CHECKLIST OF
SOME ITEMS THAT YOU SHOULD CONSIDER:
- Use our research
pages of the local property markets, areas and countries
- Consider funding
for purchase and obtain mortgage quotes, click
here to visit EuropeanMortgages.com
- Consider the purpose
of the purchase, retirement, holidays or rental
- Obtain independent
legal advice before you commit to the purchase. If buying to rent
initially discuss tax implications with lawyer
- Locate property,
agree price and all related costs
- Make local wills
Over the last few
years, and with improved transport and flights many of us are turning
the second home concept into reality. Despite our reputation we are
becoming more proficient in other languages and English is becoming
more widespread (though not that you would notice in country villages!).
More of us are turning
our dreams of owning abroad into reality and this is likely to increase
as we become more involved – as we surely will – with the
European Community. Although the idea may be raised after a good dinner
on holiday, the dream will only become reality with patience, tact
and professional advice.
One final recommendation:
Once you have purchased the property of your dreams, local wills should
always be prepared as in the event of death of one of the owners, title
in some countries does not automatically pass to the survivor as in
the UK.
If you don’t
want or can’t afford to buy a second or holiday home consider
timeshare. Despite its reputation, the concept is brilliant
and the product is usually good. It is the way it is often sold that
causes the problems. But remember, always do your homework, use our
online research pages.
OverseasPropertyOnline.com provides
extensive Overseas links of related product and service providers
which include one of the most comprehensive Europe and International
Property Search databases of thousands of live properties
for sale and rent supplied by more than 200 international
Estate Agent partners.
Some Useful Information: For
more information on Overseas Property and to arrange
your viewing visit: Enquiry
Form
To view Overseas Property with the experts - Accompanied
Viewing Trips
Why use Overseas
Property Online? - About
Overseas Property Online
Frequently Asked
Questions - FAQ
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