Selling a property, particularly one in a foreign country, can be a tricky process full of challenges that could result in all sorts of costs and problems for the seller.
There are a few common mistakes that, if avoided, can make the sale of a home overseas go much smoother.
Failing to use a lawyer
There is no doubt that getting involved in the foreign property market, whether you are buying or selling, can be an expensive process, but if you are thinking legal protection is an area where you can afford to cut costs, think again.
No matter how well versed and experienced you are in the property sector at home, it is never advisable to think you have the necessary knowledge to navigate the industry in a foreign country.
Having an independent, experienced lawyer with strong knowledge of laws and regulations in the industry can prove invaluable when trying to sell a house overseas and your representative’s fees should be included in your budget.
Doing insufficient research
Failing to do thorough and wide-ranging research on the market you are dealing with is one sure-fire way of creating difficulties in the transaction process or lowering potential profits on your sale.
It pays to be as informed and clued-up as possible about the industry you are selling in and there are a number of ways of improving your knowledge.
Browsing through local newspapers and property forums can prove productive, along with comparing prices that different types of houses in various locations are selling for.
Talk to your lawyer to improve your own understanding of legal issues and take every opportunity to consult with local estate agents, vendors, developers and other industry groups for an insider’s view of the market.
Selling out of season
It is important to bear in mind that when putting your foreign home on the market, you are selling a certain kind of lifestyle, not just a patch of land and a house.
For this reason, it pays to time your sale to ensure that people looking at the property and the area in which it is located will be doing so at a desirable time of year.
If you are selling a seafront apartment in the south of France, for instance, the property and its surroundings are likely to seem much more glamorous and alluring during the warm summer months when the area is full of activity than in the cooler, quieter winter.
Failing to use a currency exchange specialist
Using the services of a specialist currency exchange firm can bring some huge benefits during the overseas property sale process, most notably for purposes such as repatriating money back to the UK.
This approach can offer a number of advantages, like securing competitive exchange rates and being able to make same-day international payments in any currency.
The Association of Independent Property Professionals underlines the importance of speaking to a currency specialist and keeping an eye on exchange rate movements in its guide to safely navigating the overseas property investment market.
Fluctuations in the rate of exchange between different currencies can have a major effect on your finances when selling a home overseas. Just a slight shift could translate into a big cut in your profits, so it pays to get help and advice from the experts.
You can find out more about the services available from foreign exchange specialists by clicking here.
