Many Thailand people who have travelled abroad are often met with the temptation to buy property overseas. Sometimes, the price of these foreign properties may seem very attractive, or they may be enamoured with a beautiful travel destination, which may make them consider buying property overseas to spend more time there. Others may be interested in investing in undervalued property with the hope that it will appreciate substantially over time. Whatever your reason for wanting to buy property abroad, here are 5 tips to ensure that you have a positive experience doing so:
Know the law
Buying property overseas means knowing what the country’s rules and visa requirements are. This is because there are countries that have properties that require special approvals, whereas others restrict the amount of property that you can own.
Use a real estate agent
Although buying directly from the owner can make for a great deal, if you struggle with the local language or you are unfamiliar with the foreign property, buying from a reputable real estate agent can help you avoid a number of pitfalls. A real estate agent can provide you with some useful and professional guidance to ensure that you make the best decision for your needs. These agents have an obligation to see that you are sufficiently informed about the details of the purchase. They also work hard to complete the deal and assure your satisfaction.
Seek the services of an attorney
Property ownership laws are not universal. There are many clauses and loopholes that may make or break your investment. Also, the entire process requires an extensive amount of time, in-depth research, and planning. That is why we highly recommend getting an independent legal and financial attorney to advise you at all stages of your purchase. An experienced attorney with a background in foreign property acquisition can guide you through the process.
Ensure the attorney is fluent in both your local dialect and English, and they understand property law in the country you want to purchase from. This way, they will help fill you in all the details that you might have missed, clear up confusing clauses and represent your interest in negotiations. They will also help with your financing options and act as an intermediary between you and the seller. They will work with you to make sure the process is as stress-free as possible.
Identify the costs
When buying property abroad, the cost of completing a foreign transaction does not end at the negotiated sale price. There are a number of costs associated with buying property overseas. From surveying fees, acquisition taxes to double tax treaties and foreign office permits, it is crucial that you take all these costs into consideration to ensure your investment is worthwhile. Although the net value of these costs may be less expensive in most countries than Thailand, you should never assume how much they will amount to. Also, make sure that you learn and understand the tax laws in the country you are purchasing from.
Save money on affordable money transfer services
Once you have found the right property deal, understood and agreed to the terms of the purchase, make arrangements on how to pay for it. One mistake people make when buying property overseas is only thinking about the geography, or where they can get the most return on investment, forgetting that they stand to lose or save when transferring money buying property. The exchange rate you get when sending money overseas is crucial as it effectively determines how much purchasing power you have in an overseas market.
This is why it is important that you shop around to find the best money transfer provider. If you want to save money through transfer services with competitive mid-market exchange rates and transparent fees, consider using Dee Money. Dee Money is a local money transfer and international money exchange company in Thailand that lets you make money transfers all over the world. It offers some of the best exchange rates, which are updated daily. With this app, you can transfer money across the world safely in a matter of minutes. It is designed to transfer money more efficiently, allowing you to transact for up to 8 times cheaper than other means.
Unexpected costs and laws can quickly turn your dream of owning property overseas into a nightmare. Follow these tried and tested tips to avoid most, if not all issues.