With the current state of the UK economy, many people are finding it incredibly difficult to secure a mortgage on a new home. With banks demanding a very high deposit rate and most people unable to save up large amounts of money, it is becoming increasingly difficult to buy a property in the UK.
Therefore, more and more people in the UK are looking into buying property abroad, especially around Europe and the Mediterranean. The house prices tend to be lower, they can bring in income through holiday letting and they can make for an excellent holiday or retirement home. However, there are risks with buying a property in a foreign country and it is crucial to stay protected.
Property Agent
The first thing you want to avoid is being caught out by property agents and ending up with a house that needs a lot of work or is in a bad area. To avoid this you should try and spend a decent amount of time out there and even see if you can spend the night in any perspective properties to find out how noise levels and how comfortable it is.
You should also work with both property agents in the UK and abroad to avoid any language barriers and to make sure you are not hit with a high conversion rate on the price. Securing a property is hard enough in your own country and it can be doubly difficult abroad.
Maintenance
You probably won’t be able to spend all year in your foreign property and so it is a good idea to try and find someone who can watch it whilst you are away. This could be a neighbour or a hired handy man who can make sure the property is well maintained and stays in prime condition.
Keeping your property properly maintained will help you generate more income from holiday renting and maintain a higher value when it comes to selling it on.
Insurance
Of course the main way to keep your foreign investment protected is to take our overseas property insurance which will protect you from any damage to the property in your absence. You can often find policies that will comprehensively cover the building, contents and even guests staying in the house when you are not there.
Hopefully your property abroad will give you a great place to have a holiday, lots of lovely memories and even some extra income, just make sure you are well protected and covered with a comprehensive insurance policy.