According to recent news, the property market has experienced a sudden decline during the latest financial quarter. More specifically, property prices nationwide well by an average of 1.7% in November, leaving the typical British home valued at just £267,127. Despite this, however, it is important to note that house prices in the UK have still soared by 8.5% during the entire course of 2014, while the long-term portents for the market are also considered to be favorable.
This is also part of a worldwide trend, as leading global economies also begin to experience a short-term contraction. Alongside the on-going financial crisis in the eurozone, there is a chance that widespread international decline could yet impact on the British economy and send house prices plummeting. For the moment, however, the short-term fall in property value may entice opportunistic buyers into expediting their relocation plans and buying in a depreciating market.
Identifying and Buying your Dream International Home
This even applies to individuals who are in the market for international property, especially as property prices are also continuing to fall across the globe. With this in mind, let's consider the practical steps required to source, identify and purchase your dream home abroad: -
1. Create a Clearly Defined Budget and Prioritize Costs
Whether you relocate domestically or abroad, it is imperative that you create a clearly defined budget and prioritize each individual cost involved. This not only creates a realistic time-frame for the project to be completed, but it also serves as a visual reference that you can use to track physical progress and total expenditure. It is crucial that your costings are as precise as they can possibly be, while you should also include some additional capital to provide a fiscal contingency plan in the event of unforeseen issues. Above all else, this will ensure that you attend to all urgent tasks first and remain organised in your approach to work, which will prove crucial given the complex and detailed nature of relocating abroad.
2. Use Online Tools to Identify Areas that Suit your Budget
Arguably, the amount that you have to spend on your dream home is the single most important aspect of your budget. Once this has been set, you can begin to identify specific geographical regions and potential properties that are obtainable and within your carefully defined budget. To do this effectively, you should consider using the Property Rescue dream home-finder tool, which lists properties across various European nations within multiple price categories. Simply be researching your preferred region and price range, you can identify viable locations and quickly create a list of specific properties to pursue. It may also be worth bearing in mind that you may be required to compromise, especially if your destination of choice remains outside of your financial budget. So be open-minded in your approach and identify several wider locations that you would be willing to consider.
3. Understand your Legal and Tax Requirements before Finalizing the Deal
With your budget and a fixed location confirmed, you can now look to move in on your preferred property and complete the transaction. This is easier said than done, however, primarily because each nation has variable tax and financial legislation that will impact on the cost of moving and your bottom line profit. It is crucial that you research your tax requirements prior to buying a home abroad, so that you can factor this in to all future financial planning. When partnering with an international property firm or estate agent, you should also ask for a breakdown of their independent fees and the commissions that you are required to pay according to law.
