3 Things to Check Before You Buy Property in a Foreign Country
If you want to buy property outside of the US, there are a variety of things that you are going to have to do to make sure that you are going to be able to buy. What are some of the things that you need to do?
Check Property Size Limitations
One thing that you need to do is check out any limitations on property size that the country may have on foreigners owning property. For example, the country you want to buy in may limit foreigners to owning only one acre of land. You need to know that so that you don't get into the process of buying your dream property only to find out that you can't own a parcel of land that size. There may be ways to get around that, such as buying two adjoining properties, one in your name and the other in your significant other's name. Before you do that, check to make sure it's legal by speaking with a real estate lawyer in that country.
Check Investment Minimums
Another thing to check is whether or not the country has investment minimums. The country you want to buy in may require you to spend a minimum amount on the property that you want. The thought behind doing this is that if you are going to put a significant amount of money into a property, you are going to take care of it and have an emotional investment in the area. Even if you are planning on only using the property for a vacation house or a rental property, you are still going to want to take care of it if you have spent quite a bit of money on it.
Check Residential Visa Requirements
You also want to make sure that you check to see if the country has requirements regarding whether you have to have a residential visa before you buy a property. You may have to spend a certain amount of time in the country before you can buy a property. There are benefits to doing this. One is that you will have plenty of time to discover the exact area that you would like to live in and give you time to see what's for sale.
If you have always wanted to live in a certain country, it is likely possible for you to do so. You just need to make sure that you check all the boxes to make sure it's legal for you to purchase any foreign property for sale.
