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'Research' before buying foreign property

Source: Expatriate Healthcare - Tue 29th Nov 2011

Potential Expats ought to do research before relocating abroad and purchasing property, it has been said.

A Place in the Sun magazine editor Liz Rowlinson explained the systems of buying real estate are generally "unfamiliar".

Contracts and other important documentation is often in a foreign language and might be misinterpreted, she claimed.

The expert recommended seeking "independent legal advice", noting unfamiliar expenses can occasionally be part of the buying process.

Living costs are hard to determine when moving to a different country, especially in the present "yo-yo world of foreign currencies", Ms Rowlinson asserted.

"The rising cost of life in Euro-land" has benefited economies such as Egypt, Morocco and Turkey, while low living costs can also be realised in the Far East and Mexico, the expert claimed.

She argued Cyprus, southern Spain, the Canary Islands, Florida and the Caribbean are also popular destinations for expatriates looking for "year-round sun".

Ms Rowlinson recently advised people to rent accommodation in foreign countries before they buy any asset.

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