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Plan and Process
Process finding and finally owning your new property is not a straight forward. As a general guide the following is typical, essential remembers when searching then purchasing a property. Searching for your next home should be a comprehensive process.
When searching for property take into account many factors including transport links, think about what you are looking for, what you wish or want and of course what you don't.
Great property that seems cheap, good investment for the future, although possible that there are no facilities near:
Shops Transport Schools Parks
Also take into consideration
Road network, traffic density
Trains and bus links
Airport and ferry port nearby
Playground for children
Other children of your families age groups
Good schools near proposed purchase real estate.
How to earn an income
Location affects many factors involving buying property. You may wish to move to the country, city or stay in a pretty village where you grew up. Think about location, taking into account what you want from the property and area. What is going to happen in the future to surrounding area’s. A weekend retreat is not the same as a family home, holiday that you visit 6 weeks a year. Think about investment opportunity and possible depreciation prices in that area. Research the area using guides by asking local people, search the internet, planning office, television, newspapers, of course think about local cultures and possible language barriers.
Finances to Fund a Property Purchase
There are not many people that can afford property outright; just about most property purchases are through mortgages, loans, savings or a combination of all three. Raising money through a mortgage from financial institutions is much easier in today's climate of borrowing and lending, so long as you have a good credit score.
Purchase property through a cash purchase them remember buying outright with cash you require proving where the moneys from, conforming to money laundering laws in most countries. You can transfer funds from your bank account, which may prove the safest. Second mortgage on your business or loan can fund a property purchase or sell a piece of property.
Remember: Each country has its own rules and process when applying for finance.
All countries have some sort of taxation, forms of payments due when buying property.
Capital gains tax for commercial properties.
Income tax when thinking of making an income from the property or real estate.
Local and national taxes due before and after the buying process.
Seek professional advice from an expert to make sure all taxes are paid on time as this will affect the buying process.
Steps in Buying Property
Do you have a right to own property or land in that country? Setting up a business in Dubai requires a native local partner, meaning you can not be a sole owner.
Restrictions on buying property and the time scales from the viewing to exchange of contracts for you to be the new owner? Spain and the UK are totally not the same for instance.
Think about a language translator to understand the entire details.
Deposits required from one country to another vary greatly.
Check the deeds or does the owner have title of deeds to the property?
Is it the owner you are dealing with?
Houses and apartments on developments in some countries have been built and the owner has not received permission!
Written by: Education Tay RCB