The majority of people aspire to become property owners someday. However, the majority of us also choose to stay in our native countries. Why? Out of habit. We’ve lived in the same place most of our life, and we intend to stay for the rest of it. However, have you ever considered living abroad? Wondered what realms over the seas have to offer you? Well, if you feel the allure of the unknown and the pull of wanderlust, now might be the time to make a change. Here’s everything that you need to know about purchasing a property abroad!
Choosing a Country
There are so many countries out there that it can seem almost impossible to pick just one if you don’t already have one in mind. However, you can do several things to make the decision easier for yourself. Sit down with a notepad and write down all of the things that you want out of a place that you’ll call home. Maybe you are planning to pursue higher education and want a high-quality institution to study with. Perhaps you have little ones and are more interested in the school systems available for the earlier stages of the education process. You might have a hobby that you’re intending to pursue. Whatever the requirements, add them to your list. Then consider all of the things that would make life easier if you were to move. Maybe you aren’t planning to drive, and good transport links are essential. Perhaps you have a chronic health condition, and high quality, easy to access healthcare is necessary. Whatever it is that you want to move into, add it to the list. You will then be able to look up different countries and see how many boxes they tick for you. Chances are that the country ticking the most boxes may well be the perfect future home for you.
Research the Requirements for Moving There
Now, it is important to remember that there are often requirements for moving into different countries, just as your native land has requirements regarding who can move in. So read up on these. Certain countries have more strict or stringent immigration rules than others do. Australia, for example, has strict rules on skilled migration. They operate on a points system that only allows those with a nominated skilled occupation to take up residence within its borders. Once you’ve passed this, you will also have to complete a further skills assessment, health assessment, and character assessment before being permitted entry. For certain countries, you might have to save to meet a minimum financial requirement to enter the country. These are generally enforced to ensure that you have sufficient funds to support yourself once you are within the borders. While you may have to take some time out to save, practice patience and see the hard work as an investment towards your future and your happiness. Also, take personal details such as a criminal record into account before setting your heart on a certain country. Many places will not accept people with a criminal past as a citizen of their own.
Browse the Property Market
Browsing the property market abroad can be a little difficult. After all, you can’t call an estate agent, give them your requirements and simply request that they send you some options and arrange some viewings. Instead, you’re going to have to be a little more proactive and take the bulk of the work into your own hands. Do your research and familiarize yourself with popular estate agents in the given area. For Medan, for example, you might want to look at rumahdijual.com/medan/. Then browse through the different properties that are available to you. Even if you don’t speak the language of the given site, you can use tools such as Google translate and chances are that you’ll be familiar with the general layout of the property webpage anyway. There are three things to take into account when viewing properties online: images, descriptions, and floor plans. Each of these aspects should be available for each property on request if the agent does not already list them. Put together, these can help you to build a relatively reliable image of the property in your mind. Never be afraid to ask for further information. Too many people feel like they are harassing estate agents. At the end of the day, this is their job! They are hired to sell a property, and the better they answer your questions, the more likely they are to make the sale and receive their own commission. So ask away! Get all of the information that you could possibly need before setting your heart on a given property.
Understand Local Property Laws
Once you’ve completed the above steps and have found a property that looks ideal for you, it’s time to start taking things more seriously. This is by no means going to be a small investment. For most of us, a property is the largest purchase we’ll make in our lifetime. You want to make sure everything is done properly in order to allow things to go as smoothly as possible.
Start by reading up on local property laws in the area. Ensure that the individual you are dealing with definitely owns the title deeds to the property in question. If the property is brand new, check that the title deeds actually exist. You should further ensure that these deeds haven’t been used as collateral on anyone else’s loans. Otherwise, you could find the property repossessed despite having been convinced that it is yours. Once you are certain that the property is legitimately for sale, it’s time to view it. Sure, it’s overseas and this might not be convenient. Nevertheless, photographs can be edited or altered to make something look completely different to how it does in real life. Alternatively, the property might not be the one pictured at all.
The only way to be sure of the legitimacy of what you are viewing online is to visit it yourself. Upon arrival, look around for any faults. You should talk to the current owner about any regular problems. Does the property ever flood in bad weather? Do all of the household utilities work to a high standard? Does the sewerage draw away from the building, as it should? Confront whatever concerns you may have once you’re there. Remember to always get written confirmation and receipts for any agreement made or exchange of money. This will serve as evidence of what you have handed over and what you should receive in return for it. The best way to ensure that everything is legitimate before any contracts are signed, or cash is handed over, is to seek independent legal advice. There are people out there who are specially trained in this area of law, and it’s quite literally their job to help you with the process. Sure, it might seem cheaper to do things by yourself. However, unless you have been specifically educated in foreign property law, you can almost guarantee that the specialist is going to do a much better job of things than you are.
Purchasing a property abroad, as you can see, can be a complex and drawn out process. However, if you’re dedicated and set on the move, it will be worth every ounce of time, effort, and financial investment that you pour into it. Just remember to do your research and be vigilant.