Living There
While you should rarely buy an international property without seeing it in person, save those costly and time consuming tricks for when you’ve really narrowed things down. Buying property abroad, whether it’s a vacation home or you’re getting ready to become an ex-pat, can be even more frustrating and confusing than buying property in the US. However, it can be done well (assuming you’re looking at a country where Americans can buy property in that country).
First, make sure you have a knowledgeable buyer’s agent in your corner who’s well versed in international transactions. It’s dangerous enough to DIY when buying property in your home country, but a huge mistake to go without an agent abroad. These experts have pools of knowledge you’ll never be able to learn yourself in a timely manner, and if you don’t speak the language of the country where you’re purchasing it’s nearly impossible to go it alone. Together with your agent, consider these tactics when you’re getting ready to make an offer:
- Spend time in the neighborhood you’re looking to buy
Vacationed numerous times in Costa Rica and love everything about the country? Chances are you were staying in temporary housing that, no matter how posh or frugal it may have been, catered to travelers. If possible, spend some time researching feasible neighborhood where you may actually buy and then spend some time there. You might change your mind about a permanent move.
- Know the country’s laws before starting your search
The rules for Americans purchasing property can vary greatly country to country. You don’t want to fall in love with the idea of a certain region only to find out down the line that it’s too much hassle to move forward. That’s why starting the process with an international agent is crucial. Preparation is key.
- Demand virtual tours
Photographs only tell you so much and unfortunately they’re easy to manipulate. If an agent or home seller isn’t willing to film a video of the property and honor your wishes (like a close up of the backyard), that’s a red flag. They’re potentially going to make a small fortune on your offer, so they should appease your simple requests.
- Know how much down payment you need
Prior to the housing bubble burst, Americans were able to buy property with no money down. That idea is still lingering. Down payments vary in other countries, so know how much you have to stash up before you even start perusing properties online.
