Saturday, February 4, 2012

Important factors when buying a home abroad

By Kent Michele


Research has demonstrated of late that more and more folk are purchasing 2nd houses outside their countries of origin. Among 2nd home purchasers Europe is becoming increasingly preferred. When you're keen on buying a second home abroad, this article is going to help you make a rather more educated decision. Hence, before purchasing consider the following factors.

Financing

The 1st factor is financing. A few individuals may have the money to buy real estate without borrowing. If you have cash the home can be acquired without increasing or making debt. However, most would not be well placed to afford a second home abroad in cash and may want to sign up for a loan. There are a few countries that would be pleased to give loans to foreigners, but probably you need to sign up for a loan in your own country.

Paperwork

Another vital factor is the duration it would probably take one to finish the process of acquiring a home. This varies depending on the country. In France as an example it would probably take at least 20 weeks to finish this. In places such as Greece, Portugal and Spain it will take approximately 18 weeks to get all of the paperwork done. In Hungary on the other hand, it will only take 4 weeks for a foreigner to become the owner of a property for sale in Hungary.

Cost

The costs of the home to be purchased must be fair. Some nations over charge foreigners who would want to own real-estate in their land. In states like Hungary however folk are treated equally, whether they are locals or foreigners. About prices in Hungary belong to the lowest in Europe and therefore Hungary is an excellent place to look for property.

Weather

The last factor is the weather. Most individuals spot houses while they're on vacation. They get carried away by the good weather and would like to purchase their dream house right away. Be advised that the weather can change and the environment may be less attractive. You should usually do some fact finding to understand the weather patterns throughout the year.




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