Any guesses? Okay – the picture is somewhat of a clue but when you are buying or investing in an overseas property it’s so easy to get caught up with in the excitement of the process. But this is a time when important things are often forgotten. Worryingly, it is insurance that tops the list of items forgotten by those buying overseas, according to real estate agency Ideal Homes Portugal.
Founding Director Chris White explained: “Buying a property overseas is a wonderful venture, but is also a process with a lot to remember.
“Dealing with a foreign country’s paperwork can seem daunting and there are exchange rates and language barriers to throw into the mix as well.
“It’s an exciting process, but our experience has shown that buyers often forget things that they would undertake as standard in their own country. Purchasing insurance is top of that list.”
Ideal Homes Portugal is keen to make the purchase process as smooth as and has announced a partnership with Abbeygate Insurance to ensure buyers have easy access to a local insurance company.
Peter Sheppard, Director of Abbeygate, added: “Insurance provides peace of mind to those purchasing property in Portugal, and we specialise in helping customers from overseas.”
The Portuguese property market is enjoying a sustained comeback, with new buyer enquiries increasing every month since August 2013 according to the latest RICS/Ci market report. Prices are projected to rise by 2 percent during the year ahead, leading many buyers to look at the holiday paradise of the Algarve for their dream second home.
“Portugal is a wonderful place to own property, whether for holidays or as a more permanent residence,” added White.
“It’s got everything you could wish for – glorious weather, a low cost of living, fabulous beaches and a whole host of cultural and historic attractions. Just remember not to be so wowed by the area that you forget to buy your home insurance”
This story was written by Andrew Batt, Group Editor of Dot Property Group. Send your news, views, press releases and comments to him at [email protected].
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