Buying a home abroad can seem more difficult than buying one in your own country. Out of your comfort zone, operating in a different culture, language and currency. By understanding the negotiation process, researching the market and listening to advice you will improve your bargaining position. That will not only save you money, but also help you get the home of your dreams.
Listen and learn.
If you are buying in an area that you don’t know, listen to local experts. Work with a knowledgeable estate agent who knows the market and can give you sound advice. Asking educated questions will show you mean business.
If you’re buying from a British owner overseas, remember that while the falling value of the pound since the Brexit vote has added to your costs overseas, it has been to the advantage of anyone moving their money back to the UK. That is an opportunity to make an offer.
Decide what you can afford.
This is your starting position. Consider not only how much you can afford but also what you expect for your money. Remember as a non tax resident you will have to factor an additional 9-10% on top of the sale price. This includes changing of the title deed, notary costs, translation and Solicitor costs.
Arrange multiple viewings. This way you can compare different locations, complexes, properties and prices. Also it is a wise idea to 2nd view the properties at different times of the day to get a real feel for the environment.
Making the offer
Don’t be scared to make an offer on a property. Just because you feel a property is out of your reach or budget don’t be put off by this. Sellers want to sell, of course they want to achieve the maximum sale price but ultimately they want to sell their property, after all that's why it's for sale. As a buyer if you make an offer usually this leads to a negotiation and often results in a sale.
What's the worst that can happen when making an offer, the seller says no? or 9 times out of 10 the seller will make a counter offer then you know where you stand. It's quite simple really.
To help explain things a little further, take a look at our blog post on how to buy a property in Lanzarote.