Sure,
the idea of owning a vacation home in Bermuda or the south of France sounds
wonderful. But buying a vacation home outside the country is a lot different
from buying one domestically. Here are a few things to remember.
Title
and Ownership
Internationally,
laws regarding home ownership may be quite different. In Bulgaria, you can buy
a house, but not the land it sits on. That belongs to the government, and they
can take it back at any time. It’s important to know your legal rights and
obligations before making a commitment. Never accept someone’s word that a
vacation property has all the necessary permits and deeds, and enter into any
form of contractual agreement without the direct assistance of an independent
attorney.
Safety
Many
popular international vacation destinations are in developing countries where
governments are less politically stable and infrastructure is spotty. In these
places, you run the risk of your vacation home being ransacked or even
nationalized. In the event of an accident or disaster, you’ll also want to
consider the quality of emergency services and medical care. Before buying, do
plenty of research about crime, safety, and other local conditions. You can
start by reading the State Department's report on the country.
Accessibility
and Amenities
Whether
you’re considering renting your vacation home out, or just hoping to visit it
regularly, be sure to get a full picture of a property’s features and location.
Is there indoor plumbing? Electricity? If not, can they be installed? Are the
roads paved? Is it easily accessible by car? How easy is it to get there from
the airport? A property that’s difficult to reach or lacking in basic comforts
may become less desirable over time.
Whether
you’ve always dreamed of summering on the Mediterranean or skiing the Andes, be
sure to do the necessary research and work with a local real estate agent to
make the buying process as rewarding and painless as possible.
