Finance
Buyers would be well-advised to sort out their finances in advance. All prospective buyers should know how they are going to pay for the property and what they can afford. Selling up in the UK and moving overseas may be an option for some, but for the majority of individuals, some element of re-mortgaging their existing homes and looking for rental incomes to help cover mortgage repayments may be needed to cover the initial and on-going costs of the new home.A 30% deposit in many foreign countries is typical. In addition to the down payment and mortgage payments, there are also a number of other expenses individuals should keep in mind: taxes, maintenance and upkeep, and potentially a letting agent’s fee if the property is to be rented out. In countries like Spain, these fees can add up: estate agents can take up to 10-15% of the property price compared to the 2% common in the UK. Any prospective investor should make sure to draw up a financial plan allowing for changes in exchange rates and for periods of non-rental. Open a local bank account in the country of purchase and set up standing orders to meet bills and taxes (in some countries – including Spain, France, and Portugal - failure to pay taxes in may lead to court action and even seizure of your property).