When done right, buying a home in Europe can be an excellent investment. This fact is quickly being realized by non-Europeans who want to invest in foreign property and, of course, enjoy the scenic views of the continent for themselves. Whether you are looking for your new home or planning to invest in a holiday home, here are some things to expect:
Rural homes have become more affordable
Rural towns in European countrysides are losing more and more citizens as the youth move closer to cities for more job opportunities. To boost the economy and attract more people to live there, the homes in these towns have become more affordable. Now, homes in rural areas are not exactly villas with luxury timber door jambs, but they offer their own charm, especially if you want your own piece of the old world.
Renting out properties is easier
Thanks to the dawn of booking sites like Airbnb and Booking, renting out properties to vacationers has become so much easier. Thus, if you buy a home in Europe that has a good location, you can rent it out whenever you’re not there without the need for a property agent. The additional income can be used to make renovations or fund your travel expenses when flying to and fro.
You have to get to know the country itself
Buying a home in one of Europe’s nations does not only concern the real estate market; you also have to consider the state of the country. Dig deeper beyond the tourist sites and see what is happening in the country you’re interested in. Determine if the nation is politically and economically stable enough to invest in, and think twice if the state has significant corruption or market issues. Finally, become familiar with how taxes work there, particularly for non-resident investors, and learn the foreign ownership restrictions (if there are any).
It can be challenging to manage multiple properties
If you plan to keep your house in your home country, it can be difficult to manage two properties at once. There are two mortgages to pay, and you have to take care of the other one while you’re not even there. Therefore, if you plan to buy a home in Europe, you have to be ready to commit to the responsibilities that come with it.
You don’t become a resident
When you buy a house in a European country, you don’t automatically become a resident. Check the residency rules of the country you’re planning to buy a home in, and factor those in your decision. If you are going to stay there permanently, you have to apply for residency and renew it periodically.
In the end, buying a home in Europe is a fantastic investment, either as a retirement home or a vacation home. If you are thinking of investing in an apartment in Europe, the process will be easier if you know what to expect. You can consult an expert to get more information or advice.