Purchasing a home abroad, especially in the beautiful country of Italy, is an experience that not many people are able to share. If you’re lucky enough to be one of these people, then you might have a lot of questions about how the process works. In particular, money transfer issues may arise when it comes to actually bidding or actually buying the property. Whether you’re purchasing an apartment or large villa, it’s important to know the steps to take to get through this process as seamlessly as possible.
Step 1. Research the Market
Just like the real estate in America, real estate all over the world changes on a regular basis. This is why it’s important to do as much research as you can before the buying process ever begins. You can do much of this online, even speaking with real estate agents ahead of time.
Step 2. Prepare to Buy
Once you’ve found the ideal property to invest in, you’ll need to get ready to pay. This is often where the difficulties arise, as most investors don’t realize the complications of purchasing a property abroad. By working with an experienced real estate agent or lawyer, you will have the information you need from start to finish. For example, if you are going to take out a mortgage, they will be able to answer questions as to how much money you need to pay up front. This is important, because many mortgage companies have strict requirements for foreign investors.
If you’re going to pay for the home in full, then you’ll need to set up a series of payments ahead of time.
Most investors do this by working with specialty currency brokers who have experience transferring sums of money overseas. They’ll make sure you get the best rates and don’t pay outrageous international transfer fees that traditional banks often charge. They’ll also work with you to create the most cost-effective plan for transferring money within the amount of time that you have.
This can result in a better exchange rate and saving money on fees, which adds up with a large purchase such as a home.
Step 3. Set Up the Contract
Contracts are necessary with any home purchase, especially one overseas. This will state the boundaries and rights of the property, but it will also have essential information about the amount of money you must pay and when. Once the contract has been signed and you’re ready to buy, you’ll have to set up your payments so everything goes through at the right time. If you’re planning on doing renovations, then you may want to send extra money that you’ll be able to spend as necessary once you arrive at the property.
By using the services of a specialist currency broker rather than a bank, you can send the money you need to purchase a home in Italy more easily than ever before. And because this will be at a lower cost, you’ll be able to make your funds go further in the home that you just purchased. This simplifies the process of investing a home abroad so you can enjoy having as many as possible!