| Many Britons dream of a home in the sun, which | | | | advantages and disadvantages. The strength of |
| is why more and more are deciding to make the | | | | the pound against the local currency could affect |
| most of property developments abroad and | | | | your repayments, but you may avoid paying |
| buying villas and apartments in foreign climes. | | | | excess taxes. Of course, if you're planning to live |
| Some live there permanently, others prefer to | | | | and work abroad, then a local currency mortgage |
| use it as a second home, flying over when British | | | | may be your only choice. |
| life - and weather - just gets too dreary. | | | | As with buying a home in the UK, you'll need a |
| It's recommended you visit a place at least once | | | | solicitor to assist you in your overseas home |
| to get an idea of the local area; the amenities, the | | | | purchase. Unless you're fluent in the local language, |
| neighbours and the state of the properties will all | | | | it's best to find a solicitor who can speak fluent |
| help you decide if you'd enjoy living there. Look | | | | English and is fully conversant with all the rules and |
| out for areas currently undergoing development; | | | | regulations of buying property abroad. The local |
| the area may be lovely now, but who knows | | | | tourist office can help you find a suitable solicitor. |
| what it'll be like when construction is finished? Try | | | | It's also important to check local planning |
| to aim for established neighbourhoods for a true | | | | permissions to make sure your intended home is |
| picture of foreign life. Scour the internet, local | | | | actually legal - another advantage of buying in an |
| estate agencies and overseas property magazines | | | | established neighbourhood. |
| to get an idea of the kind of prices your possible | | | | The most important thing to remember when |
| area calls for. If the size of property you require | | | | buying a property abroad is; can you afford to |
| is out of your price range, you may need to look | | | | use it? If you don't intend to live there all year |
| further afield. Be as flexible as you can. | | | | round, can you reasonably expect to get enough |
| Once you know the area and type of property | | | | from renting it to cover the mortgage and |
| you're aiming for, you'll need to figure out how to | | | | insurance costs? And how will you get there? |
| pay for it. Paying outright with cash is obviously | | | | Flights are cheap to most parts of Europe now, |
| be best option, but not always feasible. A second | | | | but they may not stay that way forever. If you |
| mortgage is probably the easier option; you could | | | | only plan on visiting your property once or twice a |
| either extend your current mortgage to cover up | | | | year, you may be better off investing in a - |
| to 75% of your second home, or look into getting | | | | legitimate - timeshare property instead. |
| a full second mortgage for your second home. | | | | Finally, if you do decide to buy a home abroad, |
| Many companies offer overseas mortgages for | | | | don't take risks or do anything you wouldn't do if |
| this purpose. The other option is to take out a | | | | purchasing property in the UK. |
| mortgage in the local currency, which has it's | | | | |