{"id":1590,"date":"2020-10-15T13:33:26","date_gmt":"2020-10-15T13:33:26","guid":{"rendered":"https:\/\/www.voozon.com\/?p=1590"},"modified":"2020-10-15T13:33:26","modified_gmt":"2020-10-15T13:33:26","slug":"when-where-and-why-a-complete-guide-to-buying-a-home-abroad","status":"publish","type":"post","link":"https:\/\/www.voozon.com\/when-where-and-why-a-complete-guide-to-buying-a-home-abroad\/","title":{"rendered":"When, Where, and Why: A Complete Guide to Buying a Home Abroad"},"content":{"rendered":"
Are you thinking about buying a home outside of the USA? Many Americans have considered the same thing, especially those who have retired, and the number continues to grow each year. This is especially enticing for those who are hoping to take advantage of the <\/span>lower cost of living rates<\/span><\/a> to help their savings stretch for longer.\u00a0<\/span><\/p>\n Keep reading to learn more about\u00a0the steps you should take for buying a home abroad.\u00a0<\/span><\/p>\n Find a Real Estate Agent<\/b><\/p>\n If you have decided you would like to own a home in another country you should start by finding a real estate agent who can help you through the process. You should find an agent who has previous experience selling homes and doing business<\/a> in that country.<\/span><\/p>\n If you don’t know anyone personally, you should ask for referrals amongst your friends and family or colleagues who live in that country.<\/span><\/p>\n If you do not have any personal connections in the country you are considering, then you can reach out to local real estate offices and see if they have any agents who are able to represent a foreign buyer. You can also research online for any ex-pat communities in that country and seek out a referral through them.\u00a0<\/span><\/p>\n Another great option is to contact the real estate association in that country to help you find an agent.\u00a0<\/span><\/p>\n Understand the Foreign Ownership Laws<\/b><\/p>\n There are many countries that have placed restrictions on non-citizens who want to own property on their land. You should check and make sure the country you are interested in moving to allows foreign ownership before you begin the process of buying a home there.<\/span><\/p>\n The country you are interested in might allow foreigners to buy a home, but you might have to file for a special residency permit to live there. You might even have to register yourself, and anyone else who will live with you, with the government agency before you can complete the purchase of your home.\u00a0<\/span><\/p>\n If you are uncertain of the laws regarding foreigners owning a home in that country, you can reach out to a real estate attorney who is familiar with how to perform these types of foreign transactions.\u00a0<\/span><\/p>\n Figure Out Financing<\/b><\/p>\n Finding financing when purchasing property abroad can be quite a challenge. If you are planning on financing through a bank in that country, then you need to be prepared to have a substantial down payment and be aware of the higher interest rates. Some countries also require that you hold a life insurance policy that will cover the mortgage in case you pass away before paying it off in full.\u00a0<\/span><\/p>\n