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4 Important Things To Consider Before Buying Property Abroad

4 Important Things To Consider Before Buying Property Abroad

Buying property should be seen as a long-term investment. Many people are looking at the potential of buying abroad, some to add to their property portfolios, some for a second income and others for retirement.

Whatever your reason for purchasing property abroad, do consider the points below before parting with your money. Depending on where you buy, the potential for a rising income is very promising; property rental is so simple with the internet and sites such as Airbnb, reaching out to millions of potential customers.

But as in all things, before you go signing on the dotted line, there are a couple of things you must think about, to avoid misunderstandings, disappointments and potential problems down the line.

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1. Buying on a Holiday

A big no-no! Falling in love with a property while on holiday is not unheard of. In fact, there are real estate companies who have agents targeting people like this..

You are relaxed and stress-free, you are chilling out, but do keep your wits about you. If you are still interested in the concept of owning your own property abroad, when you come home, then do your research. Find out about the country, its rules and property regulations.Talk to people who have bought in these areas. There are forums online where you may find others to get more information.

2. The Foreign Exchange Rates

Foreign exchange rates can be very attractive to the international buyer but remember these can go up as well as down. Explore the recent currency rates, look at the country’s stability. Especially talk to your bank and or the investment manager to explore all the possibilities of what you may encounter.

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Will you have to pay taxes on rental monies? Of course,wherever you buy, there will be taxes. It is how and where they are paid that you need to know, at home or in your country of purchase or in some cases both! If you are considering a mortgage for your acquisition, are you sure you will manage, if there is a slump in tourism? These are all questions that you need to ask yourself, to ensure you gain enough information to make an informed choice.

3. Beware of the Extras

Of course, you are aware that there will be maintenance costs, but check how much. It can come as quite a shock. If your property has a pool or gym, gardens, security systems or even a lift – all require care and that costs money.

Maintenance companies range from excellent to absolute nightmares. Again you have to do your homework, check out the various options; from your real estate office to independent contractors. Take the time to investigate what is on offer. Talk to other people who use their services to find if they are competent.

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Check if the maintenance company is just a ‘key keeping service’ or do they provide housekeeping services? If you plan to rent, you need to ensure your property is always in excellent condition. Who changes the bedding, washes the laundry? Who cleans the place and ensures it is visitor ready? Who can your visitor contact locally if there is a problem? Bear in mind, you will not want to be contacted at all hours of the day and night to be asked how to turn on/off the air conditioner!

4. Property Laws

Can you legally buy in your country of choice? Some countries have restrictions on who and where foreigners can buy. You may be able to purchase the property but not the land – not a good investment idea. Some countries offer proxies for you to buy through – again not a good idea; however professionally set up, the property will never legally be yours.

Some country’s real estate purchasing systems are very complicated, which will involve hiring a lawyer or their equivalent, in some countries notaries only are used. How do you choose a good one? International lawyers are a good way of ensuring you get through the myriad of red tape with reliability and professionalism, along with thesound advice from experts in the field. Not only speaking your language they will provision you with all the legal assistance you require from translators to documentation according to their legal information FAQ’s.

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Buying property abroad can be a sound investment and a dream come true. To ensure the experience is a pleasure and not a nightmare, make sure you know all the facts before making your decision.

Featured photo credit: ironmountainmotel.net/ via ironmountainmotel.net

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Tanvir Zafar

Software Engineer at GCUF

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Last Updated on September 20, 2018

How to Stay Calm and Cool When You Are Extremely Stressful

How to Stay Calm and Cool When You Are Extremely Stressful

Being in a hurry all the time drains your energy. Your work and routine life make you feel overwhelmed. Getting caught up in things beyond your control stresses you out…

If you’d like to stay calm and cool in stressful situations, put the following 8 steps into practice:

1. Breathe

The next time you’re faced with a stressful situation that makes you want to hurry, stop what you’re doing for one minute and perform the following steps:

  • Take five deep breaths in and out (your belly should come forward with each inhale).
  • Imagine all that stress leaving your body with each exhale.
  • Smile. Fake it if you have to. It’s pretty hard to stay grumpy with a goofy grin on your face.

Feel free to repeat the above steps every few hours at work or home if you need to.

2. Loosen up

After your breathing session, perform a quick body scan to identify any areas that are tight or tense. Clenched jaw? Rounded shoulders? Anything else that isn’t at ease?

Gently touch or massage any of your body parts that are under tension to encourage total relaxation. It might help to imagine you’re in a place that calms you: a beach, hot tub, or nature trail, for example.

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3. Chew slowly

Slow down at the dinner table if you want to learn to be patient and lose weight. Shoveling your food down as fast as you can is a surefire way to eat more than you need to (and find yourself with a bellyache).

Be a mindful eater who pays attention to the taste, texture, and aroma of every dish. Chew slowly while you try to guess all of the ingredients that were used to prepare your dish.

Chewing slowly will also reduce those dreadful late-night cravings that sneak up on you after work.

4. Let go

Cliche as it sounds, it’s very effective.

The thing that seems like the end of the world right now?

It’s not. Promise.

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Stressing and worrying about the situation you’re in won’t do any good because you’re already in it, so just let it go.

Letting go isn’t easy, so here’s a guide to help you:

21 Things To Do When You Find It Hard To Let Go

5. Enjoy the journey

Focusing on the end result can quickly become exhausting. Chasing a bold, audacious goal that’s going to require a lot of time and patience? Split it into several mini-goals so you’ll have several causes for celebration.

Stop focusing on the negative thoughts. Giving yourself consistent positive feedback will help you grow patience, stay encouraged, and find more joy in the process of achieving your goals.

6. Look at the big picture

The next time you find your stress level skyrocketing, take a deep breath, and ask yourself:

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Will this matter to me…

  • Next week?
  • Next month?
  • Next year?
  • In 10 years?

Hint: No, it won’t.

I bet most of the stuff that stresses you wouldn’t matter the next week, maybe not even the next day.

Stop agonizing over things you can’t control because you’re only hurting yourself.

7. Stop demanding perfection of yourself

You’re not perfect and that’s okay. Show me a person who claims to be perfect and I’ll show you a dirty liar.

Demanding perfection of yourself (or anybody else) will only stress you out because it just isn’t possible.

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8. Practice patience every day

Below are a few easy ways you can practice patience every day, increasing your ability to remain calm and cool in times of stress:

  • The next time you go to the grocery store, get in the longest line.
  • Instead of going through the drive-thru at your bank, go inside.
  • Take a long walk through a secluded park or trail.

Final thoughts

Staying calm in stressful situations is possible, all you need is some daily practice.

Taking deep breaths and eat mindfully are some simple ways to train your brain to be more patient. But changing the way you think of a situation and staying positive are most important in keeping cool whenever you feel overwhelmed and stressful.

Featured photo credit: Brooke Cagle via unsplash.com

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