If your are thinking about investing in a property abroad, either for holidays or because you want to rent it to holiday makers, then there are obviously some things you need to think about before signing on the dotted line. Seeking out independent financial and legal advice is one of the most important things to remember before buying a property, as they can check your contract and give options on how you can afford to buy your new property. If you want a local lawyer who knows the area you want to be buying in then the British Embassy website can help you find lawyers that speak English as well qualified translators.
Once you have seen the house that you like then compare the property prices in the area to make sure you are getting a good deal, then ensure that you go and actually see the house that you want to buy, pictures are worth a thousand words but they will never show the whole property. Learn as much as you can about the country as well as the local area such as how much equity growth there is in that area. You should aim for places with 20% or more as that means the property market is likely to be more stable. Find out if the local banks can give you a loan, as borrowing often gives you tax breaks on income generated from the property. If a bank will give you a loan find out the loan to value rate, the higher the better as you will get more loan for the price of the property.
Keep up to date with exchange rate changes as this can drastically affect the value of your property and could very suddenly make your mortgage rates unaffordable. If you do decide on a property then get a chartered surveyor to have a look at your home. The Royal Institute of Chartered Surveyors has members in over 140 countries and remember to look out for any chartered surveyors from the Association of International Property Professionals. If you are hoping to make money from your property do some research on the repatriation of profits in your area as it effects how long it takes to transfer money back into Britain. This process can be very long and arduous so make sure you make yourself familiar with the procedure.
If you keep all of these points in mind then you will the right property for you and be sipping drinks in the sunshine in no time.