Buying property internationally has a number of unique opportunities and challenges compared to domestic home purchases. If you’re thinking about buying a home in a foreign country, whether it’s because you’re seeking an investment property, want to purchase a vacation home, or you’re trying to move, these tips can help. Here’s what you need to know about purchasing a home overseas.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

1. Do Research Before Starting the Purchase Process

Before you can purchase a home internationally, you’ll need to learn what it takes to purchase property in that specific country. Each country is different, and knowing the requirements can help you get started with the process. Find out the answers to these three questions:

Where is the Most Sensible Location to Buy?

Hopefully, you’re pretty familiar with the country where you’d like to buy a home. You’ll need to know what city or area will be suitable for your purposes, and eventually, you’ll have to narrow your search down to the neighborhood. Do research that will help you identify the area that has a personality to fit your lifestyle and your personal preferences. This may involve multiple trips to visit each neighborhood where you’re thinking about making your purchase. Be prepared to spend money as you do the research it will take to find the right home for you.

What is the Cost of Living in This Country?

If you’re planning to live in the country where you’re planning to buy property, then it’s important to know if your income will be sufficient to cover the cost of your mortgage. Do extensive research about the cost of living in the area where you will be living, to ensure that you’ll be able to pay for the mortgage if you plan to borrow money.

What Are the Foreign Ownership Laws?

Every country has different foreign ownership laws. Before you can purchase a home internationally, you must first familiarize yourself with the foreign ownership laws in that country. Whether you are allowed to purchase may depend on factors like employment, citizenship, whether you’ll be purchasing an investment property or a primary residence, and so on.

2. Contact Foreign Banks

Most banks will not loan money for a home if they cannot repossess the property when the buyer defaults. For this reason, you’ll probably find it impossible to get a home loan from a bank within your own country if you’re purchasing a house internationally.

To make things easier, you may be able to find a bank in your own country that has international branches in the country where you would like to make your purchase. However, if this is not possible, you will have to borrow from a bank that is native to the country where you would like to purchase.

3. Get Help from a Real Estate Professional

Buying a home can be challenging even if you’re purchasing a home in the country where you live. If you’re trying to purchase a home in a foreign country, this can be even more difficult. It helps to have help from the professionals. Duluth home buyers should get in touch with a real estate professional to find out more about what can be done in order to buy a home in a foreign country.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.