Buying a Second Home Overseas
Buying a Second Home Overseas BrendaWynnTeam Berkhshire Hathaway HomeServices Nevada Properties Las Vegas NV Real Estate Buying a Second Home Overseas Buying a Second Home Overseas As a world traveler, you may revisit a country area again and again for its beauty, culture, people or lifestyle and decide you’d like to buy a second residence there. For your first step, The Philadelphia Inquirer recommends hiring a property lawyer in the country where you want to buy, as well as having a lawyer stateside to advise you. Some overseas countries don’t allow noncitizens to purchase real estate, while others allow it, but they may have visa restrictions on when you can enter the country. Most U.S. banks won’t lend money for foreign home buying, and some places either don’t have mortgage lending available, or they impose higher interest rates or require hefty down payments of 30% to 50% of the property’s value, according to Investopedia.com . Transaction costs may be hig...