Buying a property overseas can take years – decades even – starting with one summer holiday where you really don’t want to go home, through dreamy ideas that it would be nice to own a property there, to a final decision that you’re absolutely going to do this!
Vaguely glancing into estate agent windows leads into starting to make lists of must-haves and nice-to-haves. For many of us, the clinching factor is finishing paying off the mortgage on your home, and thinking, “Well, we might as well use that money on an overseas home instead”.
And finally, one day you’re booking the viewing trip, when the dream finally approaches a point of no return. But while it may seem as simple as booking a flight and lining up some viewings, the reality is that the most successful trips are the ones you’ve prepared for well in advance.
According to survey data from Your Overseas Home, the average property buyer takes two trips overseas to view property before settling on ‘the one’.
But around 10% take more than five trips. When you get to that point, things can get complicated. You’ve seen too many properties and they’re all merging into one. You’re getting tired and it’s getting expensive. Frankly, it might never happen.
And that’s why preparation is so important. The more organised you are before you travel, the more likely you are to find the right property and move quickly when you do.
Here are seven secrets to making your overseas property viewing trip a success.
1. Define your budget before you travel
Before booking flights or arranging viewings, make sure you understand exactly what you can afford.
Many buyers focus solely on the property’s asking price, but the reality is that your budget should include all the additional costs – taxes, legal fees, notary costs, survey costs and ongoing ownership expenses. In European countries you should probably be adding around 10%.
If you’re buying in another currency, it’s equally important to understand how exchange rates could affect your budget. The exchange rate you see on the news or Google is not the one you will be able to access as a member of the public. Just like getting holiday cash, you can expect to get a little below that. That’s why it’s so vital to open your account with Smart Currency and have a chat with your account manager.
“Successful buyers tend to do most of their preparation before they travel,” says Jana Korpova, Managing Director of Your Overseas Home. “Having a realistic budget and understanding all the costs involved means you can focus on finding the right property rather than worrying about finances later.”
Speaking to a currency specialist before your viewing trip can help you understand your purchasing power in the local currency and avoid surprises further down the line.
2. Research the area thoroughly
A beautiful property can quickly lose its appeal if the location doesn’t suit your lifestyle. Before travelling, spend time researching:
- Local amenities – will they match your holiday or retirement plans?
- Transport links – hiring a car on each visit can get expensive
- Expat communities – will you be able to make friends easily?
- Schools, healthcare facilities – what is most relevant to your wellbeing?
- Rental potential – and, if hoping to rent, the legal position
- Seasonal changes in the area
Searching an area is quite easy online, using Google Maps or Streetview to nose around the neighbourhood. Use online forums, social media groups and local news sources to build a realistic picture of everyday life.
“A viewing trip should confirm your research, not replace it.”
“Many people fall in love with a property before they’ve properly assessed whether the location works for them,” says Korpova. “A viewing trip should confirm your research, not replace it.”
If possible, visit different neighbourhoods at different times of the day to get a feel for traffic levels, noise and local activity.
3. Arrange viewings before you arrive
Your time abroad is valuable. Rather than arriving and hoping to find suitable properties, contact agents before you travel and arrange a structured itinerary. Most will prefer a viewing trip midweek, and at least a couple of days long.
Provide agents with clear information about:
- Your budget
- Preferred locations
- Property type
- Required features
- Intended use of the property
This allows agents to shortlist properties that genuinely match your requirements. Unlike with an agent at home who simply meets you at the property, many overseas agents will be spending days with you, looking over many properties. They may expect to see proof of funds to ensure you are a serious buyer. Having a currency account open will help them to take you seriously.
Most agents will aim to view four or so properties per day, depending on travelling time between them. Even if the first home seems perfect online, comparing several options will help you understand the local market and make a more informed decision.
4. Work with trusted local professionals
Buying overseas involves different legal systems, regulations and procedures. Before travelling, identify reputable professionals who can support your purchase, including:
- Independent lawyers
- Tax advisers
- Mortgage brokers, where relevant
- Surveyors
A good lawyer can help identify potential issues early and explain the buying process in clear terms.
You should also consider working with a professional service like Your Overseas Home, who will liaise between trusted professionals and steer you away from any cowboys. Jana Korpova says: “Buying an overseas home is a big step. Moreover, it’s one that many people do as single people. But even as a couple you don’t have to do this alone. My team – available on the phone – will put you in touch with English-speaking professionals in the area where you’re viewing.”
Having your professional team in place before you travel can also help you move more quickly if you decide to make an offer during your trip.
5. Prepare for reservation deposits
One of the most common surprises for overseas buyers is how quickly they may need to act. In many countries, a reservation deposit is required shortly after an offer is accepted. This can sometimes happen while you’re still abroad.
If you think you may make an offer during your viewing trip, it makes sense to prepare in advance.
Opening a Smart Currency Exchange account before travelling means you can discuss your plans with a currency specialist and ensure you’re ready to transfer funds efficiently if required, generally via a spot contract.
Being financially prepared can help reduce stress and avoid delays at a crucial stage of the purchase process.
6. Ask the right questions during every viewing
It’s easy to become distracted by sea views, swimming pools or beautiful interiors. However, a successful viewing trip requires a practical mindset.
Ask questions about:
- Property taxes
- Community fees
- Utility costs
- Renovation history
- Building permits
- Rental restrictions
- Future developments nearby
Take photographs and detailed notes after each viewing.
Many properties can blur together after a busy day of appointments, particularly if you’re viewing several homes across multiple locations.
Creating a simple scorecard can make comparisons easier when reviewing your options later.
7. Be ready to act when you find the right property
Many buyers assume they’ll return home and take several weeks to make a decision. In reality, desirable overseas properties can attract significant interest from both local and international buyers. If you find the right property, being prepared can make all the difference.
Alongside legal and financial preparation, consider how exchange rates could affect your purchase between agreeing a price and completion.
Depending on the country and transaction timeline, there may be several months between having an offer accepted and completing the purchase. During that period, currency markets can move significantly.
A forward contract allows buyers to secure an exchange rate for a future transfer, helping provide certainty over the sterling cost of their purchase.
Discussing your options before making an offer can help you plan more effectively and avoid unexpected currency costs later in the process.
Make every viewing trip count
A successful property viewing trip isn’t about seeing the most properties. It’s about arriving prepared, understanding your budget and having the right experts in place to support your purchase.
By combining careful research, professional advice and a clear currency strategy, you’ll put yourself in the strongest possible position to turn a viewing trip into a successful overseas property purchase.
If you’re planning a viewing trip abroad, speak to Smart Currency Exchange before you travel. Our currency specialists can help you understand your budget, explain your options and prepare for every stage of your overseas property purchase.
