Buying overseas property Overseas property - 5 tips for buyers

If you dream of buying overseas property think carefully before going ahead

If you're considering buying a property abroad but unsure how to go about it or what you need to consider, read on.

Five steps to buying overseas property

1. Choose your estate agent carefully. Check the agent's history and their fees upfront. Take the time to view overseas properties in person rather than getting obsessed with internet-based property hunting from the UK.

2. Be sceptical. Don't get sucked in by claims of huge capital growth and rental yields when viewing a property abroad. Before deciding whether it’s a good buy, factor in the likely costs of maintaining the place, too.

3. Weigh it all up. Think carefully about the pros and cons of different ways of buying the property, and shop around for the best deal on mortgages and currency. Remember that you'll be liable for taxes both in the UK and abroad.

4. Seek asset advice. Talk to your lawyer about making wills in both countries to govern what happens to the property when you die. Once you've found the right property abroad, hire a suitably qualified lawyer to protect your interests and negotiate a favourable contract, before handing over a deposit securely via a lawyer or bonded agent.

5. Do your homework. If you're planning to emigrate, research your tax, pension and healthcare requirements as early as possible. If you are below retirement age, carefully consider your healthcare insurance cover.