What are the likely pitfalls of an Overseas Purchase?

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What Are The Likely Pitfalls of An Overseas Purchase?

There are some pitfalls when buying a property overseas, one major disadvantage is that if you buy the home based on a peak seasonal view you may not get the feel of what the destination is like out of season. It may be worthwhile for you to make a trip to the location out of season to see what the location is like e.g. have services changed etc. If you are buying the property as a holiday home for yourself, you need to ask , “do I want to go on holiday to the same place every year?”. You need to be able to afford the expenses that are tied to your holiday home, such as council tax. You must bear in mind that you will be paying these costs throughout the year even when the property is not occupied. You must take into account for the costs of travelling to your destination, this should not be judged upon special flight deals, rather take a long term view. You should be aware that property prices can fall. You should consider whether it would be easy to sell your property, in case of an emergency etc. Currency and exchange rate exposure is also a factor that should be considered.