How to buy and sell overseas property.
Taking the stages one at a time, it is necessary to know the market of your chosen country before either selling or buying abroad. Knowing the market helps in many ways to make transactions go smoothly, and seeking professional help in the initial stages can be very useful.
SELLING
When selling a home abroad, deciding on a reasonable market price for the property is essential, since unrealistic prices will not be realized and the house could stay on the market longer than you want it to. When you have had a couple of valuations from local real estate agents who know their business, adding a little more than they tell you gives you a bargaining margin to set what is a reasonable market price.
Selling through Agents will cost you extra money and rather than throw money away, look into how you can advertise the property yourself, bearing in mind that whatever you ask for your home, there will be extra fees for a purchaser such as conveyancing and legal fees. Knowing what these are in advance is wise, so that you can advise potential purchasers, as it is almost inevitable that it will be one of the first questions they ask.
PREPARING THE HOME
De-personalize as much as you can. If you have time to do small repairs, get them done, and try and present the home in a neutral manner, so that purchasers can envisage making their own mark upon them. Get rid of deep colors, and replace them with neutral colors. Paint costs very little though the effect can reflect in the sale price. Make your curb appeal more appealing, dressing the house so that it looks tempting to purchasers.
LEGAL REQUIREMENTS
Know the legal requirements in the country where the house is for sale. For example in France, there are legal obligations to sellers to provide a Lead report, and also an asbestos and termite report on a house which must be produced before contracts can be signed. Septic tank certificates are also required. Of course, each country has their rules, though by talking with a solicitor in that country you can prepare that paperwork needed to back up the sale.
ADVERTISING
When looking into advertising, the local papers may generate interest depending upon demand for a house in that overseas market. Take a look at different publications and see what their overseas homes for sale items are like, whether other properties are offered overseas, and if there are a lot of adverts, chances are that there will also be a lot of readers. Photographs are essential, though not so much in newspaper advertisements. These can be used to advertise the property on the Internet, and should be as extensive as possible, so that people can get a good idea of what you are offering. Chances are that they will have to travel and by having as many photographs as you can on a website, you are giving them information.
If you do not have the ability to create a website, take a look through Google for property advertisers that cover the country in which you house is situated and also for sites where you know a market exists. For example, when selling two houses in France, I targeted the British market because French houses are extremely popular with British people. Look for free-ad sites, but also look for those sites that come up easily on a Google search, because those people looking for homes will use the Internet search to find the site you chose.
ANSWERING INQUIRIES
If you advertise a property, remember there is a vast market. Answer your emails, and make sure that potential buyers are advised at all times. Let them have answers to questions, and be ready to show people around. If you are not resident in the country concerned, make allowance for having someone at the ready because people are impatient when buying homes abroad, and if no one is available to show them around, will look elsewhere.
SHOWING PEOPLE AROUND
When showing people around the house, do be honest and encourage full inspection. People respond well to honesty.
BUYING A HOUSE
When looking for a house overseas, try and research the area where you want to live on the Internet before you go. You may be astounded at the price range available, and knowing what is out there on the market gives you better bargaining power.
LEGALITIES AND FEES
Do speak to professionals and make sure that all the paperwork for the house is in order, that permissions are legal, and do ask what the overall cost of legal fees and real estate agent fees will be for your potential house purchase.
SOLIDITY OF HOUSE
In many overseas countries, surveys are not performed as a matter of course, though are wise, since these show up weak areas. A full structural survey costs money, though what it does is protect you by informing you of structural weaknesses, electrical defects or points that should be checked, and informs you from a professional standpoint.
Look at the roof structure. Look also at the straightness of the walls, and check for any signs of walls that are bulging, cracks that go down the stonework, etc., and ask professionals about any worries that you have.
LAND
It is always tempting when buying a house abroad to buy lots of land. In many countries, land is cheap and people from overseas buy it because they simply cannot in their own country, without giving thought to upkeep or what they will do with that excessively large plot of land. If buying land, bear in mind that you will be responsible for it’s upkeep.
AREA
Do check the area where the house is. Check to see what other buildings are in the area. If you look at a wonderful country house on a good day, perhaps it looks like a bargain, though coming back another day to check it out may tell you there is a pig farm next door that doesn’t smell too clever. Look at proximity of roads, noise levels, and how the area around the house may affect your time spent in that house.
CHECK SEVERAL HOUSES
Only by taking a cross section of houses in your chosen area can you make an informed decision. Not to look at other houses is a huge mistake because you are buying blind with no knowledge of what else is on the market at what price.
BUDGET FOR REPAIRS.
When buying a renovation home abroad, do take into consideration what price the repairs to that home will cost you. Underestimation may mean that you end up with a home you cannot renovate, and cannot sell on because it has less value than a renovated home. Budget for roof replacements, insulation, septic tanks, electrical installation, etc., and keep a running list, obtaining quotations from local tradesmen. Here, professional estate agents will help and give you addresses if your language in that country is limited.
NEVER SIGN UNTIL EVERYTHING IS CHECKED.
Never sign a contract until you are sure exactly what you are buying, the time scale involved and the total price you will pay for the house. Get the solicitor to check all the necessary legal paperwork, and have your questions ready to ask before signing contract papers that may commit you to a sale. In different countries, the cool off period is different. For example, in France you have seven days in which to change your mind, after which time you are totally committed to buying. Here, this doesn’t mean a phone call will stop the sale. It means that a recorded delivery letter that arrives within the seven day period at the solicitor’s office before noon can cancel the sale.
Buy and sell successfully with thought, and do be sure that you make the most of all the opportunities that present themselves during the home buying and selling process abroad. Dreams can become reality though only if approached with realistic aims and information.