by Rachelle de Bretagne

Created on: August 13, 2008

It's great to sit in the sun and to dream of owning a home in another country, though how realistic is it to jump into a housing market far away from home? This article takes you through all the considerations which should be covered when even considering buying a home abroad, and is gleaned from experience. Each of the sections deals with all the aspects which should be covered, and these are all equally important when investing money in a dream, because lack of consideration for each aspect can turn those dreams into a nightmare.

*Property ownership rules.
*Law
*Price
*Fees
*State of the home.
*Building regulations.
*Looking beyond the dream.
*Maintenance and letting possibilities.
*Political stability of country.
*Language.

Property ownership rules.

Each country has rules about who can own a property within that country. It is important before even looking at property for sale that you check that you are indeed entitled to own a home in the country where you are. Many restrict the market for holiday homes, or tax them highly and finding out about owning a home there is essential. The local Embassy for your country will be able to give more information. Here, do contact them and ask if there are laws which are prohibitive to you owning a home in that particular country. Without checking this, you may be led on a wild goose-chase for nothing and have the dream shattered.

Law.

Every different country has different laws when it comes to buying homes. In France, for example, the property can have many owners, as property is passed through a family, and it is not uncommon to find a house with 40 inheritors, all of whom have to sign agreement that you can buy. Sometimes, they have thought things out in advance and have drawn up papers to make the sales procedure easier, though if not, a sale may take years to actually reach fruition. If debts are owed on a home, the new owner may inherit those debts, so do find out what the law states in the country where you are buying.

Contractual law is also very different abroad. Many impose proposed purchasers to buy without giving them time to reflect, although in most European countries now, you may find that you can have a seven day reflection period, during which you can retract your offer to buy the property, though beware. What many individuals do not realize is that this means sending your rejection by registered letter to arrive at the office of the lawyer in that country on the 7th day. A telephone call will not get you out of the

• 1
• 2
• 3
• 4
• Next Page >>