Norsk hjemmesideBuying
Buying a property or land is a big decision wherever the purchase. Fundamental questions need to be asked before you proceed.
- For what reason is this purchase being made?
- What is my timeframe for ownership of this purchase?
- How is the purchase going to be funded?
- Who is going to act on my behalf for the purchase?
There are several reasons why someone would purchase;
- Relocation
- Second home
- Investment
If it, a case of relocation, then its safe to assume that the purchaser has some knowledge of the area that they are planning to move to. The main reasons for relocation are either retirement or life change.
If the reason is retirement, the requirements are going to be different than if it is for a life change. A retiree will probably be looking at a location that will lead to a more relaxed way of life, good weather, away from the tourist areas.
A life change move may be for all the same reasons but may also be a location suitable for a particular business.
If the purchase is for a second home, then most probably the location will be different to the purchaser's main home. This could be coastal, mountain or historical.
If the purchase is for investment, the choices are much more varied. The purchase could be commercial or residential and the location would be anywhere that is likely to see a mark up in value over a given period.
Timeframe
When the primary purchase of a property is for investment, then a point at which the investment will have made a reasonable profit needs to be considered. If the purchase is off-plan, is it to be resold near or soon after completion or should there be a period of several years before a profit is reached? When the property is to be kept some a period of time, will it be rented out, used by the owner or left as is until the time is right for it to be put on the market for sale.
Funding of purchase
There are really only two ways to fund a purchase, fully self financed or mortgage with deposit.
It is essential to understand there are very considerable differences between overseas mortgages and the more traditional raising of finance on UK properties. When arranging an overseas mortgage, there are many potential pitfalls, which can leave you at risk if you have not taken appropriate advice from experts.
That's why we work closely with several Mortgage Brokers to ensure that we supply you with the right company for you needs or supply you with advice on any companies that you approach independently.
The current buoyant overseas market dictates being more prudent to ensure you will have a full decision in principle before you visit. This avoids disappointment and provides you with a stronger bargaining position.
Legal representation
It's important to have independent legal representation. Most developers will direct you to a particular law firm and while this can be fine in some situations, we would usually recommend that you seek as independent legal advice as possible. It is also important to know that the lawyer that you hire to represent you is up to the job. We will always recommend several lawyers for each country and are happy to do checks on any lawyers that you may wish to employ yourself.