Many Britons aspire to own property abroad. Buying an overseas property has long been both a sign of success as well as an opportunity to live a more global life. Visiting hotter climates in the coldest days of an English winter is a dream. However, buying overseas property has gotten more difficult in the last few years.
The primary reason for this is Brexit. Before Brexit, regulations for buying property in the EU were minimal and easy to understand. Spending months or years at that property was also easier. Now there are tax issues to deal with, among other obstacles.
The pandemic made buying property abroad more difficult for a time as well, but for the most part pandemic restrictions are no longer preventing us from investing in property as before.
In 2022, if you want to buy overseas property, you are going to have to rely on certain services to help you with all the challenges. The good news is that there are plenty of options available, and you don’t have to put off buying your property any longer.
Here are 5 useful services for buying property abroad.
1. International property consultants will help you find a home
International property consultants are essentially real estate agencies that provide cross-border services. Instead of simply selling homes to locals, they facilitate international purchases by providing the information and guidance you need.
Hand-holding is especially important when buying property abroad for a number of reasons. International property consultants will help you choose the best area to buy a home, both in terms of location and cost. They will give you video tours of a property if you cannot be there to assess it in person. They will communicate with the sellers or other service providers in their native language.
Furthermore, they will be able to advise regarding any regulations you need to take into account. This is crucial in a post-Brexit age, as few individuals have a full understanding of new rules and challenges.
2. Use Moneycorp to make payments
Paying for international property is a stumbling block for many potential buyers. It is not just that they do not know how to pay, but also that they find costs prohibitive. It is extremely frustrating finding a home at the right price, only to have to pay more in money transfer fees and varying exchange rates.
This is where Moneycorp comes in. Moneycorp is an international money transfer company that allows you to make payments with minimal fees and at the best exchange rates. Rather than hiding fees in unfavourable exchange rates, you always get the mid-market rate you would find in any online search.
But it is not just in the low fees that using a money transfer company like Moneycorp is crucial. Rather, you need to take into account the fact that changing exchange rates could mean you pay far more for your property than you anticipated. If the pound falls against the euro (or whatever currency you need to pay for your home), your payments will rise through no fault of your own.
Moneycorp provides tools to prevent this. By fixing the current exchange rate for future payments, you know exactly what you are going to pay. There are many international currency transfer companies in the UK, but with an excellent rating from 14,500 reviews, Moneycorp is truly reliable.
3. Speak to an expat agency
Getting your possessions to your property abroad can be difficult, especially if you are transporting furniture. You can go through the process of finding moving companies yourself, comparing prices, and hoping for the best. Or you can speak to an expat agency and let them do the work.
The reason going with an expat agency is a good choice is that they don’t just know which companies to use. They also know what you need to get set up in your new place, whether you are moving there permanently, planning on staying only some of the time, or renting it out.
Instead of a moving company picking up your possessions in the UK and leaving them in your overseas property, an expat agency will have them go through the process with care, taking your input into account. They will get the movers to check for any damages (so they can process any claims) and set up furniture in the correct rooms so that you do not have to do any heavy lifting.
They can also get the home cleaned up in advance, as previous owners may leave the property in a mess. They will ensure that your experience is as smooth as possible, and they can provide information and guidance if you are choosing to live an expat life.
4. Find the right insurance provider
Insurance is a vital part of purchasing a property anywhere in the world. The moment the property is under your name, it presents a massive financial risk. An unforeseen disaster can leave you hundreds of thousands of pounds in the lurch if you haven’t set up your homeowners insurance yet.
As such, finding an insurance provider is a fundamental part of buying property abroad. It is something you need to take care of before the transfer is complete. Of course, there are good and bad insurance providers, and it is hard to differentiate between them when you don’t live in the country.
This is another aspect you should speak to your expat agency about. They will have experience working with various insurers serving expats, and may even provide discounts or special offers on those affiliated with them.
5. Consult legal experts
Finally, throughout the process you will be dealing with legal matters. The transfer of property is somewhat delicate as it is a huge financial transaction. The trouble with buying property abroad is that the legalities are more complicated than ever. There are the legal regulations regarding any property bought in that country, as well as the regulations that relate specifically to foreign buyers.
It may seem like speaking to legal experts in the country where you are buying property is prudent. However, the reality is that local British legal consultants will have a better understanding of UK property purchases abroad. Find experts who have worked with other people like you buying property in the country of choice. They will be able to get all the information to you efficiently. They will also have compatriots overseas who they can put you in touch with.
Buying property overseas is a long-held rite of passage for many British people. Brexit has made the process slightly more difficult, but it shouldn’t stop you from owning your dream holiday home. Take advantage of the above 5 services in order to make the best decisions regarding your international property purchase.
