If you are looking for an international real estate agency, you obviously want to buy property overseas. Congratulations on making this decision. Buying a home abroad is now the new norm. The real estate purchase is a holiday home for some, where the family will head every summer. Other buyers want to retire and live overseas. Lastly, real estate investors like to diversify their portfolios for alternatives should one market crash or slow down.
However, it is essential not to rush out and buy a property with the first real estate agency that you come across. This is a big purchase in a market, you probably do not know, therefore, you need an agent to provide the best service. With that in mind, let us look at what a property agent should do for clients.
What to Expect from Your international Real estate Agency?
1: Local Knowledge
It is not just about the property. Your international real estate agent and their team should have expert local knowledge and people with experience on the ground. They should know where the schools, supermarkets, bars, restaurants, banks, and transport links are. If any of our clients are buying property in an area that they do not know in-depth, we spend time introducing social amenities so they can make an informed decision. Being an overseas property agent does not mean skipping the local knowledge.
2: The Buying Process
A daunting aspect of buying property in another country is a lack of knowledge about the buying process, especially if another language is spoken. Therefore, from the beginning, your agent should outlay the buying process so you are fully aware and knowledgeable about what is happening. Also, before signing contracts, let you know the total extra purchasing costs like a land registry, translator, notary office and taxes. We walk all our clients through the actual process itself, but outline and give a payment plan before they sign on the dotted line.
3: Work for the Buyer, not the Seller
An international property agent has many contacts within the real estate industry, but their priority always should be the client, not the seller. If you feel that the agent is not working within your best interests, find another one. A promising sign of an agent who invests in clients is someone who asks questions, can answer them, is informative, and corresponds promptly.
4: Find a Property
Before showing you properties, an agent should determine your total budget, including extra closing costs, and home requirements. To help them, know your reason for buying, whether an investment, retirement home or holiday home. For example, if you want budget property and they show you luxury homes, it is a good sign that their portfolio does not match your expectations. Additionally buying in a tourist resort is better than a rural village if you want a holiday home. Instead, your new property should be near the beach, bars, restaurants, and transport links. An excellent international agent is not pushy and listen to your needs and wants.
5: Capital Growth and Rental Yields
If your only reason for buying property overseas is an investment, you need an agent with expert knowledge. For capital growth, they should be aware of local developments and infrastructure investment, which will boost the neighbourhood property value. They should be mindful of current trends, what is adding to property values and expected forecast for the next five years. If you want rental property, they need to know the market. What are the average rental yields and occupancy rates? Is this a wise area to invest in either short term or long-term rentals? More so, what are the current country’s laws regarding rentals and paying income tax?
6: Utilities and Settling in
This is where many global international agents differ. Here at Spot Blue, our services do not stop the moment you sign for the deeds. We help you to get utilities into your name and arrange bill payments. We can also advise about residency, driving, healthcare etc. We like to maintain relationships with our clients well after the sale has been completed. Our team has local recommendations for whatever you need, from furniture shops to handypersons to key management companies.
Buying Property Abroad: Your property agent is responsible for making sure you buy the property that suits you. But there are also some steps you can take to make a property purchase with confidence. In this article, we give our advice and tips on what to do if you are a buyer, save money, and what to put on your list of buying criteria.
Hotspots for Overseas Property Buyers
Turkey: This country has soared ahead in popularity over the last ten years for many niches of buyers. It makes the ideal destination for a holiday home, increasingly more expats are retiring because of low living costs, and investors are heading to hotspots regions like Istanbul.
Spain: This country has been a firm favourite for many decades, especially with British buyers, and this shows no sign of letting down, even after Brexit. Most foreign buyers head to the south or east coasts, to places like the Costa Del Sol.
We are Spot Blue international real estate agency. We have helped thousands of buyers invest in property around the world. If you would like to buy real estate overseas, browse our portfolio of budget and luxury homes in many different countries. Each listing contains everything to know, including the price, location, neighbourhood facilities, home features and a contact number to find out more via email or arrange a viewing. Alternatively, call us today and chat with an agent about buying a home abroad.