Plenty of people have a dream to possess a home abroad. But how should you obtain a loan and what are the hazards along the way? Here are some pieces of advice to lighten you this process. Finding a home 
There is abundance of ways to find a home. Some people notice something when they are on vacation, others look for a desired home in various magazines or journals. Besides, you may use property listing websites that have a homes abroad section, and it seems to be the best exploring device at your disposal. Obtaining the loan
If you can afford buying with cash, there are main advantages. You will be able to possess property straight away without increasing your mortgage debt. This will allow you to pay fewer bills on your new property. If you lack cash, there are two ways to settle for a home oversees. You may lengthen your major mortgage or get a new one for the tenure. Lengthening your mortgage is comparatively inexpensive way of raising money, but you may be unable to get a remortgage for more than 75 % of the second estate’s price and you will incur some losses. Bear in mind, you incur a risk to lose both homes in case of non-payment.
The other way is to get a second mortgage for your holiday apartment. You may take out a mortgage either in local or in foreign currency, but you should be aware of all possible risks. Obtaining a mortgage in foreign currency may be rather hazardous. For example, the pound can move against the dollar or euro, and in case it weakens, your expenses will rise. However, there may be tax and other benefits when purchasing in foreign currency. You should think over this question very well before taking any decision. Timescale
It depends on the country you are purchasing in. For instance, in France it usually takes up to 20 weeks to conclude the transaction; in Spain, Italy, Greece and Portugal it may last from 12 to 18 weeks. In most cases, it is not worth rushing the transaction through, it is recommended to make certain that all examinations are done carefully and the legal summaries have been minutely investigated. Purchasers have to place higher emphasis on buying an apartment in a country oversees as any uncertainty might have immense effects in the long run.
Do not be tempted by agents’ assures to complete everything very quickly, ignoring important details.
But you should remember, the longer it takes to conclude the transaction, the greater risk you take from currency fluctuations that may add thousands to the actual cost of the estate during the time it requires to be completed. Though, you may protect yourself from this. One way is to arrange what is called a spot transaction. In fact, it is an immediate transaction that lets you (the purchaser) transmit money “on the spot” to the real estate agent abroad, according to the current exchange rate
At the same time, it is becoming more and more popular to organize an advance transaction. That means you agree to set the exchange rate at the present level for a pre-concerted date of completion, usually up to 12 months in the future. Very often banks can organize this, but a cheaper alternative is to opt for any currency expert company. Such companies let people arrange their transaction at a fixed rate with lower charges than in banks, and take advantage from the confidence this gives. Besides, they give a lot of useful recommendations on countries and their property buying system.
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