Buying a property overseas is a daunting prospect, and not just
because there are so many wonderful gay-friendly spots to choose
from across the world. On top of that you actually have to go
through the process of buying. Bad enough in English right, so how
do you deal with it in, say, Spanish if you cannot speak the
lingo?
Getting good advice from the start is key to making your
property purchase abroad a breeze, and you need to get some good
support behind you too. Finding a good solicitor who is conversant
with the local legal jargon and can help you with any wrangling is
a must - remember, if you are getting a new property through a
developer, the chances are his solicitor is not going to be acting
in your interests. It is far better to find your own.
When you are dealing with overseas transactions, you can expect
to spend around 1-2% of the property's purchase value in legal and
other fees, and on top of that you will have taxes to pay, which
can give you another significant bill to add to the one you already
have.
To keep your costs down, you need to make the most of your
currency transactions, no matter whether you are buying in Spain,
France, the USA or even somewhere further afield, like Australia or
New Zealand. You can use the DIVA
International Money Transfer Service to get the best deal
possible on your property purchase, and it should give you some
extra in your pocket to pay any additional bills.
For example, at the moment you can get a decent exchange rate on
the New Zealand dollar, so if you are planning on buying a property
on the other side of the world, now would be a good time to get a
bargain.
For example, on February 15, buying a NZ$200,000 property in New
Zealand would have cost you £107,527. That same transaction on May
25 would have cost you £96,154 - an astonishing £11,013 less just
because the exchange rate had worked with you.
The really good news is that you can fix the exchange rate you
are going to get for more than a year in advance, if you want to be
sure you can budget for your property. Also, if you want to know
you can budget effectively but do not want to miss out if the
exchange rates move in your favour, you can use a tool called a
market order - and you will get specialist guidance on the best way
to make the most of your cash from one of our dedicated team.
The DIVA
International Money Transfer Service has a whole host of other
benefits to boot. Whatever happens, you know you will have enough
to buy your holiday home. Find our more by clicking here or by
calling 0800 910 1845.
