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Buying Vacation Home

Five Tips for Buying a Vacation Home Abroad

The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us share. As real estate proves itself time and again as a solid long term investment commodity, many more people are committing to purchasing real estate abroad as an investment that they and their family can also enjoy and benefit from.

Even when a crisis affects real estate prices in many countries, such as the one that started in 2008, you will always find countries and places abroad where buying a vacation home is still a profitable investment.

When buying a vacation home abroad there are a number of key considerations to bear in mind to avoid some of the traps and pitfalls sometimes associated with buying long distance and in an unfamiliar country. With these 5 tips for overseas vacation home buying success you can quickly cut a swathe through the research process and move towards securing the dream swiftly and securely.

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Buying vacation home for your family can be a profitable investment if you follow some basic tips  (Image by Pixabay.com)

1. Learn the Rules and Regulations

Different countries have different rules relating to the right or otherwise of foreign citizens to own the freehold title to immovable property. Some widely publicised destinations don't allow foreigners to directly own the land on which their property sits (Bulgaria) or more than one property (Cyprus) for example.

Other countries are less economically or politically stable than your own which can mean that real estate related rules and regulations may change in the future. Make sure you're comfortable with the workings of the country you're considering buying a vacation home in, and if in doubt seek professional advice about that country and the ambitions you hold for owning a holiday home in it.

2. Good Investment/Bad Investment

If you're buying a vacation home with a hope that it will go up in value and be not only a family retreat but a great asset, know that real estate, just like any investment commodity, can go down in value as well as up. The 2008-2010 current real estate crisis clearly demonstrates that. Furthermore not all countries have a real estate economy the same as the one in your own country – a little research would be wise into the historic nature of the property market in your country of choice as well as predictions for its future. While such data is not a direct indication of how well your investment will perform it will arm you with more data to hopefully make your decisions easier.

3. Title Deeds and Legalities

Legal systems and the title deed registration process differ from country to country. Therefore know your legal rights and try and find out about the essential searches, surveys and title deed checks that need to be conducted before you should commit to buying your overseas vacation home. Never enter into any form of contractual agreement without the direct assistance of an independent lawyer and never accept someone's word that a vacation home has its permissions and title deeds valid and up to date. Insist on seeing and checking all important facts and data before signing on the dotted line. Make sure the title deed for your new vacation home is clear.

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Title deeds registration process can vary from country to country, so do your deed checks before you commit to purchase  (Image by Pixabay.com)

4. Accessibility and Desirability

If you're thinking about making an income from your vacation home or even hoping to holiday in it yourself regularly, one of the most important factors to bear in mind is the accessibility or otherwise of your vacation home. If your real estate is difficult to reach, with many miles to traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach.

5. Enlisting Assistance

Consider enlisting the help of a reputable real estate agent, an independent lawyer and if you want to make money from your vacation home, a property management service. Such professionals can save you time, effort and money and they can make the whole process of buying and owning a vacation home that much simpler. Make sure you take references, examine credentials and see qualifications before employing anyone to assist you however, and if at all possible seek recommendations because anyone who does a good job will always get good press!

Take into considerations the above 5 useful tips before buying a vacation home abroad and you will be well on your way and you can look forward to many years of good vacations and a solid long-term property investment.

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   Beginner Landlord Mistakes
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   Real Estate Investing
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   Renovation Work Abroad
   Sell Your Home in the UK
   Selling Your Home Taxes
   Tips for Flipping Houses
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