| Buying a home overseas can mean owning a | | | | property manager can help you take care of |
| small piece of vacation paradise, but it can also | | | | passing on keys, maintaining the property, |
| equal a major headache. From differing ownership | | | | screening potential renters, keeping an eye out |
| and property title laws to navigating an overseas | | | | for vandalism, and overseeing payments. The |
| market, foreign home ownership can be | | | | property manager will take a percentage of your |
| complicated. If you're thinking about purchasing an | | | | rental profits, but a reliable person will be well |
| international vacation home, keep reading for | | | | worth the expense when you are perhaps |
| some tips that will help save you money. | | | | thousands of miles away. |
| 1. Always Hire a Local Lawyer | | | | 4. Be Aware of Hidden Fees |
| Don't settle for just an estate agent or a lawyer | | | | From increased transfer taxes to outrageous |
| that may be recommended. Instead, hire your | | | | capital gains taxes for foreigners, every country |
| own local real estate lawyer - local, that is, to the | | | | is different. Before you buy in a particular country |
| property. An experienced legal mind can help you | | | | or area of the world, make sure you understand |
| understand all the title and residency requirements | | | | all the potential costs, taxes, service fees and |
| you'll need to know as a foreign owner and | | | | future taxes associated with that purchase. |
| investor. | | | | From real estate agent commissions to lawyer |
| 2. Consult a Local Immigration Lawyer | | | | fees to closing costs, these will all vary depending |
| Having a vacation home in the south of France, | | | | on local laws. Remember, every real estate |
| for example, won't help you if you're not allowed | | | | purchase should be an investment, not a surprising |
| to live in it. Before you purchase foreign property, | | | | liability. Do your investigative homework prior to |
| make sure you are aware of all the residency and | | | | purchasing so you know your realistic income and |
| immigration rules, particularly if you plan to spend | | | | expenses ahead of time. |
| the majority of the year in your overseas | | | | 5. Ask Before You Build |
| vacation property. Regardless of which home is | | | | Before you consider building a potential overseas |
| your primary residence, there are tax implications | | | | vacation home, make sure you understand all the |
| to take into account. | | | | coding, permit and building laws in your particular |
| 3. Hire a Property Manager | | | | area. Also, always try to respect the local |
| If you're purchasing an overseas vacation home | | | | residents, whether it's neighborhood aesthetics or |
| that will be dormant or empty for the majority of | | | | the impact of a major build. |
| the year, give serious consideration to hiring a | | | | In short, buying an overseas vacation home is a |
| property manager to take care of the grounds, | | | | great way to create your own getaway, but it |
| opening the house during the season, keeping an | | | | can also be complicated. If you hire the right help |
| eye on the property and watching for potential | | | | locally and stay informed throughout your |
| problems. | | | | purchase process, you should find that your |
| Alternatively, if you plan to rent out your | | | | purchase is a real benefit. |
| overseas home as a vacation spot, a local | | | | |