Buying a house in a different country

Buying a house in a different country
Buying a house in a different country

Many people dream about a life in another country. However, before a move like that, there is a lot to think about before starting such a lifechanging process. With lots of planning and preparation the odds for a successful move are substantially higher.  

What is the purpose of the move?

From the start, you should be aware what the purpose for your move is. It is crucial to be aware of the large process ahead of you so that the move doesn´t show to be just an impulse. A move of that range will have large consequences on you and your family. Buying a house can affect your finances for the rest of your lives as well as the change of life can affect you all as persons for the rest of your lives. It is, however, a different thing if everybody is aware of what´s to come and you are all in on it. The reason can be a new line of work or maybe you have savings to use for recreation. You should check the area before buying a house and it can possibly be an investment. If we look at it as a capital investment there are lots of things to consider. Since you are putting in a lot of money its preferable that the property value increases for you to make a profit of your investment at an eventual sale. Two important parameters to take into consideration are the price and the geographical location of the house. If buying the house is for personal reasons and you plan on moving permanently or use it for recreation, personal preferences are the most important. In this case planning ahead for the future is crucial if you plan on growing old in the house. It is not uncommon for couples to buy a house abroad for their retirement.

Other important questions

How does the social protection network look in the new country? Social functions and protection, like health care and service differ a lot between countries, will it be for the better or worse for you? Social functions are important to take into consideration even if you haven´t been needing them so far, but as you are growing older, they get more important. Some countries offer free service for retired people, but do you count to that group if you move after retiring? How does it work with taxes in your new country? It is crucial to have all the information before you buy a house to avoid unpleasant surprises that will cost you a fortune. Check the rules on your pension in your country, will you keep it if you move?

Financing your move
Financing your move

Financing your move

How will you finance your move and your new home? Of course, the best and easiest way is to use your own saved money, but not all people have that economic opportunity. To finance a house by both your own means as well as borrowed money is the most usual way. Check with your bank how they secure the money you loan from them. In many countries you can´t borrow money if you don´t live there and it is important to look at these things before starting the progress. Contract can differ between countries. To contact a well-known real estate agent is a good idea to get started and to get help with all the practical things surrounding buying a house to make sure that the move doesn’t turn in to a disaster.