Buying a home in another country can be quite alluring and desirable for various reasons.
Many people dream of owning a vacation home in a picturesque location, while potentially generating rental income when not in use. Others are looking ahead with retirement planning in mind, aiming for a lower cost of living and an appealing lifestyle. Some are attracted to the idea of immersing in a new culture.
Financial motivation is also a driving factor. Purchasing property in another country allows investors to diversify their investment portfolio, which can help mitigate economic risks. Some international markets have the potential for higher returns on investment. Residency or citizenship via investment programs can be attractive for those who want to take advantage of various tax, travel, and business opportunities.
No matter the objective, the opportunity to invest and live abroad appeals to many. Whether a beachside villa in the south of France, a ski chalet in the alps, or a peaceful cottage in the Italian countryside, the right real estate investment can enhance your lifestyle and strengthen your finances. But the journey requires careful planning and professional guidance.
Local knowledge key to understanding opportunities and pitfalls
People interested in purchasing abroad can dream big, but they should also think practically, notes Chris Dietz, president of Global Operations for Leading Real Estate Companies of the World®, a global real estate network of 550 highest quality real estate firms in more than 70 countries.
‘Consider all the possibilities and then adjust the dream to reflect the realities of the market in terms of pricing, availability, and legal restrictions,' says Dietz. 'This kind of understanding can only be achieved with the support and counsel of an experienced, quality-focused local professional.’
The issues impacting real estate can be complicated and vary greatly from country to country, so it is essential to work with someone experienced in guiding foreign buyers through the process.
‘Identifying the best real estate professionals in another country can be challenging when you do not have relationships in that market,' Dietz adds.
'But when people see that a firm is affiliated with Leading Real Estate Companies of the World®, they can be assured that the company was selected based on their professionalism and commitment to serving both local and foreign clients.’
When it comes to serving international buyers, Leading Real Estate Companies of the World® has decades of success. In fact, the network facilitated thousands of cross-border referrals in just the last few years. Recent referrals reflect their global nature: from Vancouver, Canada to Scottsdale, Arizona; Washington D.C. to Cote d'azur, France; Tokyo to the French Riviera; Switzerland to Verona, Italy – and the list goes on.
Leading Real Estate Companies of the World’s dedicated cross-border referral team guides this business, identifying the client’s goals and expectations, bridging any cultural differences when it comes to communications, and carefully matching them with a qualified LeadingRE member in the destination market.
The key to success, Dietz says, is being connected to the right people: ‘Our members have a tremendous level of comfort referring their valued clients to other members. They trust that their LeadingRE colleagues are the ultimate experts in their local markets and will provide the same quality service that they deliver. We start by only accepting the best firms into our network and then work hard to foster meaningful connections among our members, which ultimately benefits their clients.’
Navigating the Complexities of International Real Estate
Investing in a foreign market requires a deep understanding of local real estate, economic conditions, and potential risks. A lack of this market knowledge can create a frustrating experience and lead to poor investment decisions. Drawing on their practical insights on real estate laws, property rights, and regulations, the local expert can help avoid these difficulties.
‘For example, many international investors want to buy properties to use as short- or long-term rentals, and this can certainly be a sound investment strategy,’ Dietz notes. ‘But buyer beware – some areas are enforcing restrictions around rentals or imposing hefty taxes. These limitations may not be readily known, so the value of the local expert is paramount.’
They will also provide introductions to their own trusted resources – whether legal and financial or related to home design and renovation. If the property is intended to be a holiday home or rented for income, the local source can facilitate management and maintenance.
Buying a home in another country can be an exciting adventure and a solid financial decision – but the complexities and nuances can turn your dream into a nightmare. Working with the right real estate professional who is both locally and globally aware and well-connected through Leading Real Estate Companies of the World® can make all the difference.
See who represents LeadingRE in more than 70 countries worldwide at www.leadingre.com/ourcompanies
Contact connect@leadingre.com for assistance with your real estate needs.
-
If the future of Ferrari is electric vehicles, then it is our future tooIt's widely believed that Ferrari will unveil its first electric car this year. It's the signal that the internal combustion era is coming to an end.
-
Gaze over Cap Ferrat in this four-bedroom French villaIgnore the wind and the rain. Imagine yourself in this hillside home with some of the best views the Mediterranean can offer.
-
Code8: Beauty on Burlington ArcadeCome along Burlington Arcade with Hetty Lintell to visit beauty gurus Code8, and try their new Day To Night Foundation.
-
The gift of growingEntirely built to suit your needs, a bespoke Alitex greenhouse not only helps you nurture flowers and vegetables, but also offers a tranquil retreat from the pressures of daily life.
-
The ultimate Canadian train journeyExperience the spectacular scenery of the Canadian Rockies onboard the luxury and top-tier service of Rocky Mountaineer.
-
The Art of Lighting: Four of Britain's top designers share their best tips for choosing lightingAt a recent panel discussion hosted at Vaughan’s London showroom during Focus/24, interior designers Emma Pocock and Sarah Peake, lighting designer Jo Mann of Lighthouse Designs and Richard Smith of Vaughan shared their top 10 tips on choosing lighting.
-
The beauty of bespoke: A journey with Julia Lloyd GeorgeGoing bespoke with Julia Lloyd George means getting not just a piece of jewellery, but a lifelong treasure.
-
Hancocks: Sparkle of geniusHistoric jewellery firm Hancocks, now in its new St James’s home, specialises in old-cut diamonds pieces that gleam and turn heads even in low light.
-
The timeless appeal of Vaughan and the secrets of good lighting to be unpacked by four of Britain's top designersFor more than four decades, Vaughan has combined inspiration from past and present to create beautifully crafted lighting, furniture and textiles that will stand the test of time.
-
The glittering new home of Hancocks London, the jeweller that makes the Victoria CrossThe new home of Hancocks London celebrates the historic brand’s history of making exquisite jewellery and providing the bespoke service that befits them.
