Whether it’s a lifelong dream finally realised, a way to be closer to extended family or an investment opportunity that can diversify your portfolio, owning property overseas can add unique value and appeal. But there are also some major considerations before you take the plunge.
Every country has its own rules, regulations and laws for buying property. As such, it’s important to find a local expert who understands the specific market and can provide you with the necessary advice. This will likely involve a combination of a legal and financial professional. A good place to start is finding a local realtor who works with foreign buyers and has experience in the market you are considering. When you need information on the Golden Visa Greece, go to Georgaki Law Firm who specialise in Golden Visa Greece services.
In addition, it’s critical to do a thorough market analysis. Prices in different areas can vary significantly and knowing what properties are selling for at a given time is essential. It’s also a good idea to apply for a mortgage beforehand. This will give you some protection against a sudden drop in the exchange rate, which could make your mortgage payments unaffordable.
Lastly, remember that any investment in property abroad is a long-term commitment. However, if you’re planning to sell the property later on, there is the possibility that taxes could change. Likewise, future disputes over property rights with neighbours, ex-spouses or even the local community should be considered.