Many people now days are buying a second home abroad, say Dubai

as either a holiday location or because they have decided to

relocate to that area due to work commitments or because they

are retiring and would like to enjoy a bit more sun.

When people are thinking of buying a property abroad there are

a number of issues you may need to consider before making that

all important purchase and I list below some of them.

1. How much capital do you have available to invest in the new

property and if you need to obtain additional capital for the

purchase will it be through your current lender or will you be

requesting it from another source, say a lender in the country

where you are looking to purchase your property. If you wish to

lend from a financial institute in the country of your choice

you will need to investigate what percentage of borrowing you

allow, in some countries you will only provide them with an 80%

loan, which means you will need to provide the other 20% capital

for your purchase.

2. The type of property you are wishing to purchase? Will it be

a town house, an apartment or villa? Also what sort of location

are you looking for? Do you want to be in a gated community or

a complex, the country, town or village? Also what sort of

facilities do you want close to your property, such as shops,

restaurants, bars, and sports facilities?

3. Make sure that you contact a reputable real estate agent,

one who will be able to provide them with all the necessary

information on the property that you are looking to purchase,

including all building regulations and planning permissions

that should be held. Also this agent should be able to put them

in contact with a solicitor/legal advisor who will be able to

deal with the drawing up and completion of the contracts of

sale.

4. As stated above, where possible request that the real estate

agent provides you with the necessary paperwork relating to the

buildings legality. In some countries an issue has arisen where

people have brought properties and then find that permission for

the property to be built has not been given and the consequences

in some respects have ended up with these people not only losing

their homes but also all the money they have invested in the

property.

5. Another thing I would suggest you carry out is research on

any local customs or laws for the region you are looking to

move to, as in some countries you may find their laws and

regulations are not so relaxed as where you reside now, say for

instance you decide to purchase a property in Dubai you will

find that you are only allowed to drink alcohol within the

confines of your own home, in hotels or at a licensed premises

any where else and you could find yourself at the mercy of the

local police force.

Finally another reason for buying a second property abroad that

could influence your decision is the Cost of Living i, for

example you may find that the money you have to buy a property

at home, say a two bedroom apartment will in fact allow you to

purchase a three bedroom Villa in the country where you are

looking to purchase. By investing in the right property in the

right area you can providing yourself with an additional income

from rentals and a property that will incease in value over the

coming years.

I hope the above has given you food for thought and helps you

when making a decision about purchasing a property abroad.