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Buying overseas as a FTB
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dgbritt18
Posts: 5 Forumite
Hi there,
I am a FTB from South East London. As a result of very high property prices I am unable to afford a reasonably sized property in my local area. I am considering (with an overseas mortgage) purchasing a property in Europe in order to build up equity where property prices are a lot more affordable. Has anybody ever done this, or is the idea bizarre? Thank you
I am a FTB from South East London. As a result of very high property prices I am unable to afford a reasonably sized property in my local area. I am considering (with an overseas mortgage) purchasing a property in Europe in order to build up equity where property prices are a lot more affordable. Has anybody ever done this, or is the idea bizarre? Thank you
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Comments
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Is it in a location where you're familiar with the local market, legal system, risks, taxation etc? What makes you think it's a good investment? Are you taking into account things like currency conversion costs?0
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"Europe" is a very big place, with way over 50 different legal systems you may want to take into consideration...
So what are you planning on doing with this property, other than "building up equity"? How will the taxation work between the UK and whichever corner of "Europe"? Exchange rates?
Why not just invest in something else as a stopgap, especially given that property prices may well not increase dramatically in any location over the next year or three.
Or... Radical suggestion, I know... Move out of SE London...? Even if you don't want to move away from London commuterland, that opens up a LOT of different, far cheaper-to-buy areas.0
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