As the leaves start to change color and the thermometer dips, thoughts might turn to buying a property abroad, either as the perfect base for a summer getaway or sometimes as a refuge to decamp to for the winter. Certain parts of the world have become favorites and continue to attract new interest, so it is well worth taking a look at what they have to offer and to be clear about the research and knowledge needed to make a successful purchase.
Popular European choices
The recession has hit all parts of the world, with some countries being more badly affected than others. This can mean that property prices will have declined, as in Spain, for example, which is the most popular option with UK nationals buying abroad. Low prices make this a good time to buy, however, it also means it may take some time for property values to recover. For this reason it is best to be clear about the purpose of investing in property and the sustainability of that investment; the length of time for which it will be needed.
Spain has an attractive climate and the cost of living is relatively cheap when compared to the UK. Family vacation homes and retirement living are therefore favorites, although some people who wish to live and work in Spain for a while choose to rent property instead. It is important to take advice from qualified professionals in order to avoid problems; in Spain, it is possible to inherit a previous seller’s debts, for example, along with their property.
Next to Spain, France remains a country of choice for those looking for a vacation getaway, a completely new home or buying accommodation for rental purposes. Naturally, there are different requirements for these options and buyers need to think about the advantages of town versus country living; seaside or inland sites; the nearest public transport and how close they want to be to their neighbors. Again, taking professional advice is key, as legal issues and costs will apply and have to be taken into consideration when working out a budget for buying real estate.
Other popular European destinations include Portugal, Italy and Turkey, while Greece, Cyprus and Malta are among the top ten preferred locations, alongside the Caribbean and the USA.
With the longest coastline in the USA, the fabulous beaches and a great climate have attracted vacationers to Florida from elsewhere in the USA and all over the world, making it a major tourist destination. Building plots and properties for sale in Florida offer good value investment opportunities. A zoning system operates, which determines what types of property can be built in certain areas, so it makes sense for anyone purchasing a house that is to be used for short-term lets to make sure they obtain the necessary permission.
The process of buying property in Florida involves a contract between the two parties involved, each of whom must have their own agent. In addition, a 10 per cent deposit must be provided by the purchaser, after which a settlement company completes the transaction. Transfer fees and an annual tax apply to property, however there is no purchase tax or agent’s fee payable by the purchaser.