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Overseas property buyers 'must remember the fundamentals'

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Anyone who is purchasing a foreign property has to bear a number of issues in mind that may not apply to a domestic transaction.

For example, a currency comparison can be crucial in order to ensure they get the best exchange rates when transferring money from the UK to another country.

But with very unique and specialised concerns being so high on the agenda, buyers could potentially end up overlooking some more basic matters.

Liz Rowlinson, editor of A Place in the Sun magazine, has therefore urged people who are buying a second home overseas to remember the fundamentals, such as a property's location and accessibility.

Furthermore, she recommended that purchasers make sure they seek professional advice throughout the buying process.

"You have to be extra careful not to be swept up by silly prices," Ms Rowlinson commented.

"Buying knock-down, bank-owned properties in the markets of Spain or America offer their own challenges and you should not jump in without expert advice or independent legal counsel."

Ms Rowlinson also suggested that people work with currency brokers when they are engaged in a transaction, as currencies are "yo-yoing like mad" at the moment. This, she said, can be helpful because they are well-placed to advise buyers on how they can save money when purchasing a foreign residence.

Overseas property buyers were then encouraged to look well into the future and make sure they have an exit strategy in place.

Ms Rowlinson added that people should purchase "when it suits your lifestyle", rather than wait indefinitely for circumstances that could lead to property prices dropping significantly in desirable locations, such as the euro collapsing.

This comes shortly after she noted many British buyers are moving away from emerging markets in eastern Europe back towards more traditional overseas property hotspots, such as Spain, France, Italy and Portugal.

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