Top 5 things you need to know BEFORE you think about buying a home abroad!
publication date: Oct 3, 2009
|
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
|
I know that if you want a holiday home you’ll be more interested in what and where you buy, but unfortunately if you don’t take into account the legal, tax and currency exchange details, it could become the worst purchase you’ve ever made. Top Tip One: Legal Advice You also need to make sure you have a Will that covers what happens to the property if you die as some countries have inheritance laws for property that dictate what happens, if you don’t! Top Tip Two: However Taxing the Tax is, it’s essential you understand it! You will have to pay for a tax specialist that ideally understands the tax regime when you are a UK citizen and what you will have to pay in the country you are buying. Sometime you will have to pay for a property tax specialist in both countries to be sure you are paying everything you owe. Top Tip Three: Which Price are you Paying? Top Tip Four: Don’t Build or Buy a Holiday Home from Hell! Top Tip Five: Currency Fluctuations can Make you Rich or Bankrupt! Finally, if we think someone has written something better than us, we’re happy to link to it and this ‘Myths about Life in Spain’ is spot on! Thinking of buying abroad – then think about it for a long time, do your research and make sure it’s the right thing for you and your family. Want more? Read why Kate hasn’t bought a holiday home in St Lucia YET! |
Members LoginMembership is chargeable, please CONTACT US for more information. |