27 June 2013

Navigating the Real Estate Worldwide

High-end buyers looking for real estate worldwide can find plenty of options these days. While the domestic housing market may be fluctuating, the international market—especially in parts of Europe, including Greece, Italy, Portugal, and Spain—are experiencing significant price drops. These price drops provide an excellent opportunity for purchasing prime real estate across the world. The tips below will help give you a better idea of what to expect when purchasing international real estate.

Work with a Local
Needless to say, different parts of the world all have different taxes and regulations regarding real estate and properties. Some countries have restrictions on the types of property that foreigners can purchase. Some people choose to set up a partnership with a local to bypass these restrictions. Others find it easier to form a company and purchase stock or property through the company rather than through personal means. Whatever the case may be, you will need a local professional at your side to navigate the ins and outs of the real estate market in different parts of the world.

Pick Your Place Wisely
You may have always dreamed of a nice villa on the coast, but you need to do your research to make sure that the country wants you there as well. You’ll also want to factor in the cost of living, the cost of traveling to and from your international home, and any government regulations that may impose inconveniences on frequent traveling or long stays. You should also be aware of the fluctuations in currency. While the U.S. dollar’s devaluation may make the purchase a good deal now, be aware of how currency can change tax responsibilities down the road. Financing in general can vary widely from place to place. While financing options are slowly expanding around the globe, some places may not make it easy to protect property against loss or provide guarantees to the lenders. If you have more questions about real estate worldwide, you should contact a professional broker or attorney for a consultation.

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