Featured News 2015 Critical Questions to Ask When Buying Property Overseas

Critical Questions to Ask When Buying Property Overseas

Are you thinking about buying real estate overseas? One thing you have to know right away is that buying real estate abroad is nothing like buying real estate in the United States. There are many things that you must consider, or more importantly, that you must ask, that wouldn't be a concern if you were buying a home in North America.

As an interested buyer, here are some questions that you should ask before committing to buying a property overseas.

Question #1. Can I access the property year-round?
This isn't usually an issue in the U.S., but abroad, especially in developing nations, not all roads are accessible 365 days a year. A stream that barely flows during the dry season can be a raging torrent during the rainy season.

Question #2. What are the road conditions during the rainy season?
When looking at a second home in a place like Central America, you need to learn about the road conditions during the rainy season. What if you need to catch a flight, call an ambulance, or go to the hospital? Even if there's a nice restaurant just 10 miles down the road, it can take over an hour to get there during the rainy season.

Question #3. How long does the rainy season last?
This information is vitally important if you're planning on moving to some place like Panama, where the rainy season can last up to 8 months. Find out when the rainy season is, and visit then. If the developer has confidence in their product, they'll welcome you whenever you decide to visit, even if it's in the middle of torrential rains.

When it comes to buying property overseas, remember, you don't know what you don't know. This always holds true, especially as it pertains to buying property abroad. The best way to become an informed buyer is to speak to a knowledgeable real estate attorney.

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