There’s a lot you can do on the internet these days, but the key step to buying abroad remains jumping on a plane to view properties. Spring is a popular time to do this, so serious purchasers should be swinging into action now. Here are some top tips for preparing for your viewing trip and helping to make it a success.
Connect with an agent
You know where you want to buy – now it’s time to line up some viewings. Browsing online is fine for researching prices and availability, but ideally, let local estate agents pick properties to view. Use resources such as Your Overseas Home Virtual Events and Property Guides to find reliable agents. Contact one or two before your planned trip to discuss your requirements, budget and timescales and then let them draw up a shortlist of potential properties. They can email these to you before your trip for approval. Try and work with just one agent – most collaborate with others in their area so can access all or most properties on the local market. Your time is limited on these trips, so put your faith in their knowledge and avoid unnecessary stress.
Have your lawyer in place before you go to make an offer
Organise your lawyer
You’ll need independent legal representation as your UK lawyer can’t help you abroad. Your lawyer will protect your interests and offer guidance throughout the purchase process but their role is just as important even before the transaction has begun. Appointing your lawyer before you start viewing property means they can get some of the necessary paperwork done, such as ID checks, applying for your tax identification number and setting up power of attorney. It also gives you the chance to discuss different ownership options, such as putting the property in a child’s name rather than yours. Crucially, when on your viewing trip and ready to make an offer and sign a reservation contract, having a lawyer on standby means things can happen fast!
Get ahead with finance and currency
If you’re planning to buy with a foreign currency mortgage speak to an overseas broker. They will give you an idea of what you could borrow and all being well provide an agreement in principle. So when you touch down to do viewings, you know your budget boundaries, you are in a strong position to make offers and will be treated as a serious buyer by both vendors and your agent(s).
Equally, it’s never too soon to prepare funds and set up a facility for making foreign currency payments. Start by opening a no-obligation account with Smart Currency Exchange and chatting through your buying plans with us. When the time comes, we’ll oversee the swift, secure transfer of funds required for a reservation deposit, helping you to secure your dream home. Once you know how much the transaction will cost you in the local currency (including buying costs), together we can start organising the other payments needed for completion, including the popular option of forward buying currency to protect your budget from unpredictable exchange rate movements.
Be savvy about travel and accommodation
Start by checking if your agent can help with your trip – many offer excellent deals covering transfers, accommodation, tours of the local area and the odd meal to house hunters who spend a few days viewing properties with them. When you’re choosing travel dates, take advantage of low season prices and availability. Springtime aside, you won’t need reminding that airfares rocket during school holidays and key festive periods, such as Christmas and Easter, and there are more seats available too.
Meanwhile, booking mid-week flights and being prepared to fly at less sociable hours should also save you money. Equally, hotels or rented accommodation, such as Airbnbs, are cheaper and easier to book outside of high season. Hosts are usually more flexible with minimum booking times too, as they’ll be grateful for any reservations outside of peak season. If you need to hire your own car – many people latch some holiday time onto a viewing trip, look for good deals on online car hire comparison sites like Holidayautos.com. And arrange your cover for Excess Insurance. Car hire firms offer their own expensive option when you pick up the car but buying an annual policy independently typically works out much cheaper – one option is Insurance4carhire.com.
Estate agents are the experts so ask them as many questions as you need.
Milk your agent for info!
Once you get out there, maximise your time with the estate agent! Being driven around by your agent and being able to freely ask questions is one of the most valuable aspects of a viewing trip. Agents that live and work in the area are a gold mine of information. Not just about the properties you view with them and the local market in general, but about public services and infrastructure, local rules and customs, the area’s social scene, the amenities, the best bars, restaurants and beaches, any expat clubs and associations – all those things you can’t really get to know about without being there or speaking to someone first-hand.
For guidance on managing your currency risk to buy a property overseas, please talk to your account manager today on 020 7898 0541 or open a free, no-obligation account today.
