Recent statistics have shown that 385,000 people chose to leave the UK last year in order to start a new life overseas. If you're one of those considering it, or even just looking for a holiday home, the question is, how do you go about it? You'll need to find a place you'll be happy to visit on holiday for years to come, and that will (hopefully) make you some money should you want to sell it on later. So what pitfalls are there to look out for, and where are the hot destinations?
The most important thing to do is ensure you do your research - before signing anything! There are many websites, exhibitions, magazines and TV programmes to help you along the way, most offering good advice. Use all of these resources to get your information, but don't be led by them. Hype can build up around a particular country or region and people are sucked in to buying when it isn't the ideal solution for them.
Deciding on a destination is a huge step, and even if you're buying primarily for investment, it's a good idea to buy somewhere you would be happy holidaying yourself - it's likely then that other people will be keen to visit - and you can rent it out.
The next stage is visiting the area you have chosen to buy in. It's advisable to visit the area during the off-season to see what it is like when the tourists have gone away. At this point, you may be tempted to go on one of the many inspection trips offered by some agents. These trips can be useful, but do appreciate that you're likely to be spending the whole time with a sales representative of the company subsidising the trip, and that they are more than likely to try to persuade you to buy during this trip. There's no harm in these expeditions, as long as you go along with your eyes wide open.
Finally, when you've found the perfect country and property to buy, comes the buying process itself. While the amount of red tape differs with every country, the one thing you must make sure you do is to seek independent, expert legal advice on the whole contract, along with checks on the property itself. Although these checks may feel like an unnecessary added expense, the peace of mind and protection they will bring are priceless.
More importantly than anything, enjoy it! It's possibly the second biggest purchase you will ever make, and one of the most exciting. Opening a new chapter for your family could be one of the most important steps you will ever take - have fun!
Five top tips on where to buy property abroad:
1 - Spain: Some say that the market for buying property in Spain is on the decline, but it is still the favourite destination for British buyers. Look towards the Costa de la Luz and Murcia for some interesting bargains.
2 - France: Another favourite destination for British buyers, the south west of France has great capital growth still, and travel connections are superb.
3 - Morocco: A more 'emerging' market, Morocco has a great climate, cheap flights and buying property in Morocco may provide better value for money than many other countries nearby, with an up and coming tourist trade.
4 - Florida: The strength of Sterling against the Dollar, means that property in Florida can be bought at up to 40 per cent discount, with a great exchange rate.
5 - Turkey: Property in Turkey is less expensive than equivalent markets like Cyprus, plus there's also a good rental market in this holiday favourite.
