Mortgages Abroad: Additional Costs & Benefits
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Extra costs
- Taxation - this will vary enormously from country to country, so it is very important you look into the countries policies on this.
- Sales commission
- Conveyance fees
- Stamp duty - some countries impose extremely high stamp duties, although these may come under general taxation issues.
- Also consider the costs of communicating with, and visiting the country.
There can be other fees, not mentioned here, so it is vital that before purchasing a property, you familiarise yourself with all possible costs you will incur.
Benefits
Besides the obvious benefit of owning a home in another country for personal pleasure, the financial benefits can be huge. In some countries, the property markets are their biggest growth industries. Therefore a property bought abroad could become a considerable personal asset.
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