One of the United Kingdom’s leading property websites has reported a 39 percent increase in enquires for overseas property in the last year. Rightmove Overseas says the growth has stemmed from an improving domestic economy, a favourable exchange rate and low interest rates.
Melissa Porter (pictured) is the ambassador of the Luxury Property Show which is returning to the Hurlingham Club in London this year on November 3 and November 4. She will also be hosting a number of seminars offering buying, tax and legal advice at the show.
She has worked as a broadcaster for 15 years, hosting television shows in the U.K. including BBC’s Get a New Life and ITV’s Fly to Buy, to name a few. She is also a house builder and interior designer in addition to being qualified as an NLP high performance coach.
Here she offers her own tips on making the right choices when considering buying a home overseas:
Location. In choosing a destination consider if the property is for personal use or as a holiday rental. If the former, how often do you wish to use the property and what time of year would you choose to visit? Do you want a bolt hole for weekends or to escape colder weather? This will help define where you start looking – and how far – whether it is the British Cotswolds or the Caribbean. If the property is to be used as a rental income, consider transportation links and surrounding infrastructure.
If it looks too good to be true – it normally is in my experience. Do your research and consider carefully claims by lawyers and agents, particularly those employed by a developer. Also consider whether you are buying for lifestyle reasons or capital growth, and ask about maintenance costs. They can add up.
Winter ghost town. Consider what the place is like out of season. Some resorts can look great when the sun is shining but in winter does it become a ghost town? Is there a good social scene or expat community you can get involved in? A resort can offer hassle-free services, security and social events year round.
Learn the lingo. If you are not the type to have a go at learning the language you have the possibility to run into problems when that water pipe bursts. Similarly consider whether the locals are welcoming to other nationalities and whether you enjoy the food, traditions and way of life in the new destination.
Ask the expert. You would never dream of buying a home in your home country without legal advice but it is amazing how many times I hear of people not following that rule when buying overseas. Don’t let the excitement get to you and throw caution to the wind! That also applies to choosing a good local agent that knows the market well.
