When buying property overseas it can be a demanding task including the possibility of several problem areas along the way like tenancy laws that can be complicated, financing, condition the property that you want to purchase is in, working with an inexperienced broker, etc. It is important that you deal with the procedure of buying property overseas in a systematic way to help reduce any hassles that could accompany the process.
One of the first things that you should do is to determine your budget for buying the residential property. In addition to what the property will cost there could also some other expenditures that you should figure into your budget. These other expenditures can include;
• Registration fees
• Stamp duty
• Brokerage fees
• Legal fees
• Cost of improving/renovating the property
• Property tax/house tax payments in the future
• Cost of furnishing the home
• Maintenance fees that can be monthly or yearly to society
• Society transfer charges in buildings with societies
Next you will want to find a realtor, who can help you in locating and evaluating the residential property you are interested in. They will also guide you through the entire process until the purchase is finished and you own the property. Make sure that you choose a broker that is knowledgeable about the entire process and experienced. Real estate brokerage firms overseas are not often institutionalized so be wise when choosing a broker.
When looking at residential properties there are many factors that you should consider before purchasing it because each has their own disadvantages. For example, you have the choice of purchasing an apartment located in a co-operative housing society or an independent house. Having an apartment may give you amenities like swimming pools, parking arrangements, health clubs, security, gardens, etc that an independent house will not.
Another factor to consider is the assessment of the value of the residential property you are considering buying. You need to see if what they are asking for the property is commensurate with existing market values. To find out this information ask your realtor for the last transacted sales price. You should also check out the legal aspects of buying this piece of residential property. It is best if you hire a good lawyer to help you complete the purchase of the property. When you buy residential property overseas there is a lot of paperwork that needs to be taken care of so this is why it is advisable to have a lawyer that is knowledgeable and able to handle the entire process.