Language barriers
You will require an experienced lawyer and valuer being local. Inquire your bank or mortgage lender about such English-speaking professionals if you do not master the local language.
As well as the Law Society, The Federation of Oversees Property Developers, Agents and Consultants keeps a list of attorneys specializing in purchasing abroad. Take into account that in some countries attorneys act for you and the seller at the same time, make certain you get independent recommendations. Consult your local lawyer prior to signing anything oversees, and bear in mind, you may always pull out the same as at home.
The costs
This may cost more than you supposed. For instance, French legal charges are rather high- -from 10% to 15% of the estate price. There exists also a regional tax and an occupancy tax in case you live there more than 8 months a year.
In Spain, you will spend some money on assessment and the loans must be signed by the public notary. Taxes and legal charges will total to 8%-10% of the estate value.
In Italy, expenses are from 8% to 12%.
In Bulgaria that is increasing in popularity with the purchasers there is a notary tax and local taxes to pay; this may add 3% to a sale price. Lawyers may also cost 3 %, and starting the entire process of buying will cost £1,000 or even more.
In Florida, you will spend 4 % of the price of your holiday home on stamp duty, local taxes, legal charges and accompanying costs.
The procedure of purchasing is not the end of the expenses. Examine carefully what other local taxes you have to pay and remember that in the majority of blocks of flats you must pay a service fee. It will be needed to open a bank account because services like water and electricity can connect you only when you sign a direct debit. By the way, you should pay local bills in local currency.
The pitfalls
Do not get born away with the holiday environment and think properly prior to committing. All houses look nice in the sunshine. Come back there out of season to make certain you still like it and that there is equal level of local services, because, as you know, many holiday resorts close up in winter. Do not purchase a place you have never been before and do not be tempted by promises of simple reaches. If somebody publicizes it, it is becoming very doubtful. Then, you should ask yourself the following questions:
- In case you purchase something requiring renovation, do you really wish to spend your vacation doing some repairs or negotiating with the builders?
- If something wrong happens, will you be able to drop everything to settle the problem?
- Do you actually desire to visit the same place annually?
- Can you spend enough money to get to your holiday house whenever you want?
If you respond to all these questions “yes”, then you are really ready to purchase new property. Consider all pros and contras and good luck!
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