If you love to travel, you know how tempting it can be to want to just never go home after your trip is over. But while most people have to return home to their responsibilities, some people are lucky enough to actually make their stay in their favorite country at least semi-permanent.
For those lucky few, it can sometimes make more sense to buy a piece of property of your own than to have to rent something out every time to stay in this area. However, buying a home in a different country isn’t always as romantic as you might hope it would be.
So to help ensure that you’re able to get a home you love in the country you can’t get enough of, here are three tips for buying a home in a different country.
Research Your Financing Options
While you might want to just jump right into looking for your favorite property, it can be beneficial to deal with the less-exciting financial side of your home purchase first. When buying sometimes overseas, it’s not always easy to line up the financing, so it’s smart to try to figure this out before you get too far into your home search.
According to Kathleen Peddicord, a contributor to U.S. News and World Report, some of the best and most common ways that people will finance a home purchase in another country include getting a traditional bank loan when possible, borrowing on the equity of a home they already own in their own country, dipping into their retirement accounts, or getting seller or developer financing. The exact route you take will depend on your particular situation, so make sure you seek financial help from a professional.
Work With A Global Real Estate Company
Once you’re ready to start looking for the home you’ll eventually want to buy in this other country, Michele Lerner, a contributor to the Washington Post, recommends that you find a real estate company that frequently does global transactions.
Because the system of buying and selling a home in other parts of the world is likely very different from what you’re used to in your own country, it can be very helpful to have someone on your side who’s done real estate business in that country before.
Learn About The Laws Of Ownership
Prior to making your home purchase, you’re going to want to be sure you familiarize yourself with the local laws about property ownership for non-citizens in whatever country you’re hoping to buy property in.
According to Rebecca Lake, a contributor to SmartAssets.com, many countries have restrictions on what type or how much property a non-citizen can legally own. To ensure you’re working within the bounds of the law, you might want to contact a local real estate attorney to help you as well.
If you’re wanting to buy a home in another country, consider using the tips mentioned above to help you figure out this purchase.