Purchasing Property Overseas With Indigo
Overseas property can be a profitable investment, but many buyers don’t know where to begin. How does one go about purchasing an overseas property? What’s the safest way to do it? Who do I talk to when I need to use a foreign currency? All these questions and more are answered in our guide to buying property abroad.
Buying Property Abroad: Where Do I Start?
Following The Law
Before you decide on a property, it’s wise to make sure you’re familiar with the legal system of the country you’re buying from. Property laws in Costa Rica will most likely be different than those in the UK and other places in Europe. This will also help you decide which locations are the most economical to purchase from and which have property taxes you’d rather avoid.
Renting Out Your Property
If you plan to rent out your overseas property, you’ll need to know rental policies so that you ensure you and your renters follow that country’s laws and guidelines. There’s a lot of hassle involved, but it’s worth the time you put into it to avoid legal problems later.
Talk With The Locals
Before you sign your name to anything, have a talk with the locals and ask if there are any issues with the house or surrounding area that you want to buy from. Does it flood in the summer? Are there issues with the soil? Will you need extra maintenance because of harsh weather? Do your research before buying, or you might get burned later.
How Do I Go About Buying Overseas Property?
This is perhaps the biggest question potential buyers of property abroad have. How does the currency exchange work, and where can you purchase foreign currencies? Before moving on to the exchange process, it’s important to take these considerations into mind.
Hire A Lawyer
Not just any lawyer, mind you. You’ll want to hire an independent legal consultant that isn’t associated with the real estate company you’re buying from. An independent consultant will be working on your behalf rather than for both parties. After all, if you were the defendant in a court case, would you want a lawyer that’s working for both you and the prosecution? It’s also wise to use an independent translator if you’re buying from a non-English speaking country.
Choose Your Mortgage Carefully
Once again, lenders recommended by the real estate agency are most likely working in that agency’s best interest rather than your own. Consider a mortgage from this lender carefully, and check around to compare prices and interest rates. You have your own unique mortgage needs, and not every mortgage is the right one for your situation. Shop around, and don’t be afraid to ask for clarification on any terms you don’t understand.
Check Additional Costs
Just about every part of buying property overseas has a fee attached to it. You’ll need to look into anything from mortgage fees to hiring a financial advisor to shipping and insurance costs. Be aware of this when perusing property price tags – you’ll be paying for more than just the house.
Indigo FX: The Safest Way To Buy Property Abroad
Working through a foreign exchange company takes a lot of the headache out of buying property abroad, mostly because it’s the most cost-effective method for currency exchange. The UK’s very own Indigo FX is the leading expert in purchasing property overseas through foreign exchange.
Banks are often the safest option for exchanging currencies, but what they lack in risk is made up for in higher fees. Indigo FX protects their clients’ funds and is regulated by the FCA (Financial Conduct Authority). They offer rates that can save you thousands of pounds when compared to your bank’s rates. With the additional costs of buying a home overseas, you’ll need all the savings you can get.
Indigo FX provides an account manager dedicated to helping you through the process of buying your overseas property, so you know you’re in good hands. It helps to have someone on your side that’s working hard to get you the best deal and make the process simpler and more efficient.
No Hidden Fees
What you see is what you get. Indigo FX doesn’t charge high premiums or hidden fees that hit you when you least expect them. Payments are made via a secure payment facility at no extra cost to you, and each client’s money is held in a segregated account to protect funds should Indigo FX experience failure or default.