Buying property overseas starts with one of the most important – and exciting – steps: the viewing trip. 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 only one or two trips overseas to view property before settling on ‘the one’. So it’s vital to get it right. Here are seven often-overlooked factors that can make or break your time abroad.
- Timing your trip strategically
You can, of course, go and see property overseas anytime. People need to sell their property at all times of the year, and both they and estate agents are just as happy to make a sale in January as in June. However, there are good reasons why the spring and autumn are favoured times for property buyers to make the trip.
The summer can mean too much heat in our favourite locations, overpriced flights and hotels and tourist crowds. In some countries agents tend to take August off, while property that’s rented out may be unavailable to view.
Spring or autumn are quieter periods allowing for more focused viewings. They may also give you a more authentic sense of daily life in the area. Visiting out of season also reveals how well-connected the location is when it’s not full of holidaymakers.
- Starting conversations early
Don’t wait until the week before to get in touch with estate agents. Reaching out several weeks in advance allows them to prepare a tailored schedule of viewings based on your needs, rather than showing you whatever happens to be available.
It’s important to be upfront about your budget, timeline and what you’re hoping to find. It will save everyone time. Some agents will also request proof of funds to show you’re a serious buyer. This may seem rude – isn’t the customer always right? – but in reality makes good sense for all concerned. Real estate agents dealing with international clients generally understand thar they are dealing with a more demanding, ‘needy’ market; people who will need special paperwork, a much more detailed explanation of the local area and its amenities than local buyers. That may mean spending several days one-to-one with clients, so it’s only fair to want to identify those who are not quite ready.
- Lining up legal advice before you travel
A local, independent lawyer isn’t just someone to involve after you’ve found a property. If consulted early, they can flag potential pitfalls, explain the purchase process and help you understand your legal obligations.
Having their details to hand before your trip means you’re not rushing into decisions without professional guidance. It can also affect how you structure a purchase. For example, dealing with ownership structures when a couple is unmarried but buying together.
For wealth management, there are vital tax implications of why, what and how you buy – again something to sort out before committing or paying that deposit.
- Knowing what paperwork to bring
If there’s even a chance you’ll be ready to make an offer, be prepared. Bring photo ID, recent proof of address, and – if available – proof of funds or mortgage approval. In some destinations, you may also need a local tax number or fiscal code, which your lawyer or estate agent can help organise in advance.
Organising power of attorney can also expedite matters more quickly. Don’t be confused with other powers of attorney (PoA) that is used for the elderly or infirm – this is limited to the property transaction!
- Getting your finances viewing-ready
Viewing a property is one thing, but being ready to act is another. Currency fluctuations can seriously affect your budget, especially if you’re buying in euros. Speaking to your account manager at Smart Currency before you travel means you can open an account, access tools like forward contracts and avoid making financial decisions under pressure.
Bear in mind that once on your viewing trip you will probably be outside your comfort zone. Staying in a hotel room, with everything unfamiliar, mistakes can creep in and these can be expensive. Better to have all your financial ducks lined up before you leave.
- Researching your target area thoroughly
A viewing trip can be specifically to look at property, or it can be a general recce. It’s best to know which you’re on before you leave!
Working out if the location suits your lifestyle is homework best done beforehand. When you know it’s right for you, it’s easier to narrow your focus to one or two areas and look into transport links, amenities, healthcare and property prices. That way, your time on the ground can be spent evaluating specific properties, not still deciding where you want to live.
- Leaving space for reflection
It’s tempting to fill every hour of your trip with appointments. Maybe just one more property! But some breathing space is essential. You’ll need time to revisit your favourite options, walk the neighbourhood and consider what you’ve seen. Allow time to absorb everything and avoid booking your return flight too soon.
