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Tips for Buying a Home Outside the U.S.

home buying abroad tips

International Moves

Posted On : Jun 18, 2015

Are you looking for a home overseas? Whether you are searching for your dream retirement home in Italy or a reasonably priced flat in London for a new job opportunity, buying a home outside of the United States can seem like a daunting task. And while buying a home in a foreign country can seem like a bit of an adventure, it shouldn’t be frightening. As long as you take the proper steps when looking property overseas, you can take comfort in the fact that you are making the right decisions. Let’s take a look at some tips for buying a home outside of the U.S.

                Before you consider buying property in another country, get all of the facts about the area first. You wouldn’t buy a home in the U.S. without considering local facts such as taxes, school districts, and resale value, right? Just as you would with any domestic property, you should properly investigate the country’s rules are regulations regarding property ownership. Some countries have seriously limited property rights compared to the United States. Depending on your plans, you might not want to buy property that you can’t sell in a few years. One great resource for gathering information about your destination is the U.S. State Department’s website: www.travel.state.gov.

                When you are doing your initial research into overseas properties, be sure to find someone that you can trust to help you navigate all of the hurdles you might not see coming. It’s possible that you can find a real estate agent in the United States to help you with your overseas home search, but it would be even better if you can find a referral to a local expert. Finding someone who has professional connections in your desired destination will do plenty to help smooth out negotiations and final transactions down the line.

buying home abroad tips

                Your local real estate agent can also help you understand the financial regulations about purchasing property in your soon-to-be home country, as well. For the most part, foreign property purchases will need to be done using cash. It’s not likely that you’ll find too many domestic mortgage companies interested in financing the purchase of a home overseas. It’s also important to find out what the government’s requirements are for purchasing a property in the new country. Do you need to have a local bank account or will your U.S. bank be able to wire funds to the seller overseas? What kind of taxes and fees will be involved in the final closing costs? Your local real estate expert should be able to fill you in on all of the details.

                There are other things to consider about your new home beyond the home buying process itself, however. For instance, how will you buy groceries and get around town? If your new locale has lots of vendors selling fresh fruits, fish, and other foods, you might not need a kitchen with huge refrigerator. If you’re moving to a city with an extensive public transportation system like London or Paris, you won’t need to worry about finding a flat with a parking space.

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