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Start off by holidaying
in the area you're considering and evaluate
whether you can picture yourself going about
your daily life. Are there enough shops
or is it just row upon row of bars and restaurants?
The
best source of knowledge is those who have
done it before. There's no shortage of ex-pats
with good, bad and ugly moving stories to
learn from. And many Mediterranean coastal
towns have ex-pat clubs and societies to
scour for advice and information. As enthusiastic
as you may be, once you have found a property
to meet your needs that's within your price
range and almost certainly cheaper than
a similar property in the UK, do not act
too hastily!
Often buyers get carried
away and believe everything the agent said.
Remember that any estate agents you deal
with will be acting in the seller's interests
and not yours, so make sure that you have
a good lawyer on your side who speaks the
local language fluently. They'll need to
be able to deal effortlessly with the laws
and regulations that may differ significantly
from those in the UK.
For instance, did you
know that before you can buy a property
in Spain you need to make a will in Spanish
and that you could end up inheriting the
debts of the vendor? It's all part of the
learning and evaluation process that you'll
need to get to grips with before you can
even contemplate putting in an offer on
the house of your dreams.
Federation of Overseas
Developers Agents and Consultants (FOPDAC)
membership is the only universal quality
standard for overseas property professionals.
FOPDAC chairman Adrian
Medd advised: "Always ensure you seek
specialist advice from independent English-speaking
lawyers before considering a purchase overseas.
They should be proficient in your chosen
country's laws and processes and know the
specifics involved in buying a property
there.
"This is the
most fundamental advice I can give. If you
don't follow this route, then you're asking
for trouble.
"Agents who are
members of FOPDAC will always refer you
to the right people. Members of FOPDAC abide
by the code of ethics that ensures clients
are properly informed of what they are doing
at the appropriate time and introduced to
reliable independent legal advisors who
can safeguard the client's interests."
Once you've decided
on a property, it's a good idea to start
a direct debit from a native bank account
to pay for all your bills. Be careful not
to miss payments and always read those red
letters - foreign banks are not lenient
with those who don't pay up in time.
If you're considering
renting out the property when it's empty,
bear in mind that advertising here in the
UK for what is abroad, could result in tax
demands from both the English and foreign
authorities.
So
there are many potential difficulties and
pitfalls in buying property abroad, and
any oversights could prove extremely expensive.
But get it right, and moving abroad can
be a wonderful, life-changing experience
that could give you a new lease of life
and a fresh start. As Adrian Medd said:
"There are many advantages to buying
abroad, including excellent infrastructure,
roads and healthcare. Then, of course, there's
the superb way of life. It's a very attractive
lifestyle."
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