Checklist for buying a property abroad

Checklist for buying a property abroad

Checklist for buying a property abroad

  • Posted by : Moneycorp

Checklist for buying a property abroad

As a currency specialist, moneycorp have helped many clients buy a property overseas and we’ve compiled a handy checklist to help people get started when buying a property abroad. We don’t have all the answers but the list highlights some of the questions to ask your estate agent.

Use a local, reputable property company for detailed property searches and insight into the property market;
                          Additionally, independently research local laws on buying and letting property;
Use a local lawyer who speaks good English and ensure they are registered with the country’s bar association;
Research the local planning laws if you are looking to build;
When budgeting, remember to account for additional costs such as local taxes, registration and utility connection fees;
                         Consider whether it may be worth opening a local bank account to make such payments easier to manage;
Calculate realistic returns on an investment property and consider all the risks involved before investing;
Set up your trading facility with a foreign exchange provider to get the best rates when transferring your funds overseas.

The big move

As soon as you’ve signed the dotted line on a property, you have another list to start! Again, the details will vary depending on the circumstances and location of your move but we’ve compiled a basic checklist of key preparations for moving abroad. 

Three to six months before you head for your new home you should get started with the following:

Get quotes for international removals and for your flights before booking a shipment;
Ask your medical centre and dentist for hand-over files
Ensure you have a complete visa, and have the paperwork to confirm your medical examination and the results of police checks where required;
Request up-to-date assessments on any savings and pensions. A pension transfer specialist can assess your UK pension(s) and what the tax implications may be if you move abroad;
If required, ensure that your children are enrolled in a local school well in advance of arrival;
Ensure any pets are fully inoculated and fit to travel;
Consider making a power of attorney if you wish for a family member or trusted friend to handle your financial affairs in the UK.

As the move draws closer, there are more details to complete, at least a month before moving:

Notify your electoral office about redirecting voting forms;
Ask for a copy of your no-claims bonus from your insurer;
Arrange private health care provision in advance – and bear in mind that health provision varies from country to country;
Organise an international SIM card to save money on calls when you first arrive abroad;
Set up a redirection service for your mail.

A currency specialist can help with everything from the initial deposit on a property right through to the costs for settling in and managing your money across borders in the longer term. Contact moneycorp for an information chat about how we might be able to help you realise your dream of a home overseas.

moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.

In association with MoneyCorp
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