25 October 2012
Invest Abroad in Property UK Important Tips
Property and second home investments are increasing day by day. As the prices of property here and abroad are going to increase and no chance for any reduction in home rates people who have the finances are also considering investing in second homes abroad.
UK, Australia, Europe and many small countries have competitive rates for housing. As many countries are open to offering home loans for buying property abroad NRIs can avail loans and buy property for investment in UK. If you are a travelling freak and love to visit different countries for vacations then this is the most sane decision. You save on spending on hotel staying costs and the property rate will always appreciate in value.
While investing abroad in property or second home it is always better to take advice and consult a financial advisor before beginning any foreign investments. The income tax deductions and payment, the concessions and tax savings or payments of extra taxes will also be considered while investing in any foreign property. Your total costs of purchase will be calculated in dollars and you will also need some savings account in a reputed UK bank, for a few months before applying for a home loan for all financial dealings.
Again if you wish to lend the property for renting basis then you will need to follow the rules and terms and conditions for the same . Property consultants also advice you can also get a good bargain by considering distress sales of property in smaller countries abroad, though you may need to enquire about their status of clearance of past loans and documents of that property. Also consider the total amount you earn after payment of taxes, maintenance of the property and additional cost you will have to bear over the years before buying any property for investment in the UK.