Fallen in love with your holiday destination this summer? Here’s how to go about buying an overseas property – and the pitfalls to avoid.
- The most searched for locations on property website Zoopla for overseas homes for sale are Spain, Portugal and France
- The most popular search terms for properties abroad include ‘pool’, ‘beach’ and ‘sea view’
- Experts warn buyers to make sure they understand the tax implications and any foreign legal document they are signing
It seems that some people simply aren’t prepared to accept that their summer holiday is over. No sooner have they stepped off the airplane and they’re looking at property websites to turn their holiday home dreams into a reality.
The claim is supported by figures from property website Zoopla, where visits to its overseas homes for sale section have increased 17 per cent during the past five weeks.
It found that European hotspots close to Britain are the most popular holiday home destinations, with the most searched for location being Spain, followed by Portugal and France.
The most searched for overseas locations on Zoopla between July 10 and August 15 this year
Property searches in the Spanish resort of the Costa del Sol saw an uplift of 44 per cent, followed by Ibiza at 41 per cent and Menorca at 19 per cent.
In Portugal, searches for properties in the Algarve saw a surge of 16 per cent
Long-haul destinations also featured in the top 10 most searched for overseas locations, including the USA, Jamaica and Canada.
Zoopla compared website traffic during the last five weeks – which covers the school summer holidays – to the previous five-week period earlier in the summer.
It also found that the most popular search terms for properties abroad included ‘pool’, ‘beach’ and ‘sea view’.
Zoopla’s spokesman Lawrence Hall said: ‘It’s no surprise that the unseasonably autumnal weather we have recently been experiencing, people are looking for a bit of escapism in the form of the perfect holiday home.’
France is the third most searched for location for overseas properties for sale on Zoopla.
Property expert Simon Conn says it’s not surprising that so many people return from their summer holiday abroad and begin planning how to buy a property overseas.
‘We’ve all done it – gone on holiday, stepped away from the daily grind, relaxed in the sun, cocktail in hand, wondering how we can make this feeling last,’ he says. ‘So when we return to the unpredictable weather, we hatch a plan of how to buy a property abroad.’
However, he adds a word of caution, saying: ‘Many people jet off to the sun and wish they could stay. But holidaying somewhere is not the same as the reality of living there every day.
‘When you are on holiday, you wind down a gear and time is your own, but try to visualise what it would really be like if you live there. If you are uprooting your family and will need to work, be aware that it could just be the same routine in a different location.’
Anyone who is considering moving abroad can avoid making some of the most common mistakes by taking a few simple steps.
For example, make sure that the property you are interested in has been built legally as local authorities have been known to demolish homes built too near the shoreline or on unregistered rural land.
If you want assistance in purchasing a new home then please don’t hesitate to get in contact with Fin at email@example.com or call 01 6854458.