Finding a home is always important when you move abroad temporarily or permanently with your family or when you retire, become an employee or business owner. Areas like Copenhagen and Berlin are popular with new professionals, Singapore is famous for families, Cape Town has many holiday resorts and Mallorca is ideal for those looking for sunshine.
The process of buying a home abroad
If you think you already have a place of your choice – whether you want to move to a country or city to buy a house abroad, we recommend that you follow these steps.
Set a realistic budget
With a free online search, you can estimate the moving average of the type of property you want to buy: you do not have to search for real homes in this category. Decide what is the budget you want to spend on your home. This makes it easier to sort out homes by setting a budget.
Find an agent
If you do a quick internet search to find houses and land in your area, it will provide the contact details of many real estate agents. Naturally, the temptation to take a call or send an email is strong.
However, the best way to buy a home abroad is to start by hiring the services of an experienced real estate agent in the country or region. Prefer to work with agents who work in the country and are well known.Provide a preferred agent with location and budget so they can understand your needs when looking for a suitable property.
Property inspection
When a real estate agent comes along with a list of your desired houses, you can arrange a meeting with the seller. For expert advice, you can hire a real estate agent to search your home, inspect it, and invest in a real estate agent tailored to your needs.
Propose an offer
You can decide on a price in two ways; which suits you best. The first one is the offer proposed by you according to your budget before signing a contract.
Another way is to try to find out more about the area before meeting the seller. You can opt for this method if you have to buy a house quickly and you are not short on budget. If you preview the location, you can decide on a more accurate deal. Offers are very attractive to the seller as there are no home inspection conditions.
Sign the contract
If you do not find any defects in the house and your lawyer is satisfied with the contract and its terms, you can continue to sign the contract. You can ask Bristol immigration lawyers to take a look at your contract. If you find difficulties in understanding the contract or it is not in the language to know you may request them to get you the translation.
Pay the price of the house
You may face several difficulties while paying for the price of the house. If you are financing the loan 100%, you do not need to think about how the money will be sent to the seller. If you agree to pay for the property in full or in installments, talk to the seller about the method he wants to accept payment.
Property laws in the United Kingdom and Wales
Under the terms defined in the United Kingdom, anyone can buy a home without restrictions. Non-residents and outsiders are eligible for the loan. However, those who have resided in the UK for less than two years and do not have a permanent UK job can only avail of non-government loans where they have to pay 25% of the minimum payment.
There is a certain limit to buying a rental property or if the property is too expensive you will have to pay Stamp Duty Land Tax (SDLT). Currently, the housing limit is £125,000, and non-residential accommodation is £150,000. After selling the property at a high-profit margin, you should exclude capital gains tax and it is 18% if you are a primary taxpayer and 28% if you are a second taxpayer.
In addition to stamp duty, other past household expenses in the UK include the mortgage (5-40%), property costs (estimated, planning, and booking fees), legal fees (more than £1,000), land registration fees, and removal costs of £300-600. If the items you are buying are on a lease agreement, you will have to pay contractor costs of up to £50-100 per year.
The Brexit impact
The UK housing market remains strong in the face of Britain leaving the European Union and the outbreak of COVID-19. It is difficult to predict what the country’s coming out of Europe will have in the long run, but many experts expect COVID-19 to have a significant impact on the housing market, given widespread job losses. However, in response to these two factors, interest rates on loans are reported to be very low, encouraging prospective buyers to confirm their purchase.
In the months leading up to the Brexit survey, the average home price was 5% according to data from the Nationwide Building Society. In the months following the Brexit survey, inflation was measured at 1%. Today, fewer homes are sold in the UK compared to a decade ago.
The weaker currency will mean that UK citizens will pay more to buy buildings in EU countries or even the United States. To make your transfer available, you will need transfer providers such as Currencies Direct that base their rates on mid-market prices. They also offer dedicated account managers to help you navigate the confusing space of foreign exchange rates and transfers.
Hopefully, this guide regarding buying a new house cleared all your queries regarding buying a new house from every aspect. Buying a new house is a major event of life and buying one overseas comes with extra procedures, rules and regulations and red tape. Hopefully, if you keep in mind the guide mentioned above you would be able to complete the process smoothly
