Wednesday, December 10, 2014

What are the main problems for foreigner to buy a house in other country?

What are the main questions should we ask during an interview for customer development in real estate sector?
  • If it sounds too good to be true, it is too good to be true
  • Can you speak the local language, or do you plan to learn how to?  Not being  able to speak the language, especially for the elderly who plan to stay  long term, and are at a higher risk of falling ill and will need to  communicate very precisely their symptoms to the medical people the see,  very important since in my line of business >70% of diagnostics is  guided by taking a good history, impossible if no communication is  possible, so in fact devalue it to a "veterinary" level.
  • Do look into that country's laws applicable to buying, selling and owning a house.  Some countries won't permit foreign citizens to buy land and/or property, and buying using a local's name is very tricky, since if (s)he renegades on the deal you will lose all your investments.  Local tax?
  • Before making any (even oral!) commitments have any contract read by your lawyer first.
  • Who is going to take care of your property when you aren't there?  At what costs?  Can you chose who will do that for you, of does the contract state that you must use the services of a certain company, and if so, for how long is the contract binding?
Practically speaking, if one decided to stay in that country just for several months a year, it would be a lot cheaper to rent a place, even live at a better class hotel for that period, not being encumbered by all what owning a house brings with it.
If by second though you would prefer another location, renting means having the freedom to relocate to a more suitable location.
Only after having lived there for a longer time would I ever consider buying a property of my own.
Most people I know at the beginning after buying an apartment were very enthusiastic about it, after some time having to go there once every few months became more of a burden.
Am glad I never did succumb to that temptation, like lots of my friends and colleagues did.

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