beach property
Picture of crunch software on mobile

Professional Bio Templates & Examples

Create a compelling professional narrative for a proper, attention-grabbing introduction.
Website bios
Speaker intros
Professional Profile

Owning a holiday home is undoubtedly a dream for many. Especially if you have a young family. Just imagine the luxury of taking your young family on holiday to a destination you actually own. Where you can relax and unwind in the comfort of a place designed and tailored to your own unique requirements and desires.

It really does sound idyllic.  Also, during those times when you can’t use it yourself you could rent it out and bring in enough money to not only maintain it, but maybe even cover the costs of your own visits. The perfect investment, that you’ll gain pleasure and money from.

However, buying a property abroad does come with some important considerations. Without the right advice the dream could quickly become a nightmare.  

So here are some key things that you should know before you start out on this journey.

Do Your Research First

- Where do you see yourself holidaying year after year? This is somewhere you need to really want to keep going back to. Perhaps a few holidays to your favourite place before you decide to buy there would be a good start.

- Once you have a country in mind try to get a lay of the land by researching the areas that really interest you. Compare prices, laws, taxes, and other factors to try to narrow your search. And try to figure out if you want a stand-alone home, an apartment, etc.  

Local Experts

- Visit a local estate agent and have a chat about what you want.  Face to Face would definitely be worthwhile. They should even be able to show you around some places that they have on their books so you can get a feel for what is available.

- Also, you will need a local lawyer to assist with your purchase. They can explain laws, taxes, fees and guide you to reputable professionals for inspections, insurance, etc. You shouldn’t rely solely on non-local contacts. It is likely the local estate agent will be able to recommend someone to you.

Always Follow Regulations 

- Do not just jump in without knowing all the regulations, like restrictions for non-citizens or processes for obtaining permits and visas. Improper purchases can be legally revoked, meaning that you could be at risk of having your property taken away if you have not got the correct paperwork or followed the local laws. Again, a local solicitor would be your safety net to make sure you are correct and proper.

Arrange Financing

- If you need to get a mortgage then research options from local banks in the country you are buying versus your home country. There may be tax implications both abroad and at home. You may also wish to pull money from your main home in the UK to help fund the purchase, although this opens up another set of questions. Therefore, you should take professional advice on this from an independent mortgage broker, but one who specialises in foreign mortgages as it is not an area every broker understands.

Currency 

You should make sure that you factor in that currency exchange rates can significantly impact costs. Exchange rates can fluctuate a lot, sometimes even daily movements in the exchange rate can have a huge cost, so it’s important to understand the impact of this. It is possible to work with a currency exchange company to pre-order the currency you need to fix the rate and therefore avoid any sudden changes in the market.

Protect Your Investment

- Owning a property abroad is really no different to owning a let property in your own country – for instance you need insurance, regular maintenance and property management. Also you should think about security measures as your property may be empty for certain periods and having someone local on tap to check on your property regularly is very sensible and will give you great peace of mind. Hiring reputable local companies to handle things when you can't be there is a wise move.

Buying abroad has risks, as does everything, but it can be very rewarding and exciting if done carefully. So take your time to thoroughly research and evaluate all considerations before jumping in.

With proper guidance and preparation, owning a property overseas can mean you not only have a new investment but one that also delivers sun and fun just when you need it.

For advice and finance options to fund your holiday home, please do get in touch: 01273 715885

Speak to an accounting expert

If you're unsure what level of support you need, our friendly team are on hand to help you pick the right package for you.
Self Assessment tax returns done for you, from just £200+VAT
Take the stress out of Sole Trader Accounting, with our simple online software, so you can look after your accounts anytime, anywhere.
Share this post
Rob Starr
CEO of Crunch Mortgages, operated by SEICO
Updated on
September 11, 2023

Knowledge Hubs

Take control of your accounts, today

Crunch’s effective software package includes being able to talk to an expert client manager and a Chartered Certified Accountant. You can count on Crunch to make you productive and profitable.

Save your seat! Live e-commerce webinar

Register and soak in the wisdom from top industry leader! June 27, 2024 1:30 PM
Dive into e-commerce basics
Expert industry insights
Practical tips and savvy tricks
Pro Tip
Wondering how the Autumn Budget affects your bottom line?

Download our guide for expert insights from an accountant, tailored for business owners and the self-employed.

Pro Tip
Work out the tax you owe in seconds

Discover your true take-home pay with our self-employed tax calculator – see exactly what you’ll keep after tax, National Insurance, and expenses.

Pro Tip
Want to know how much National Insurance you owe?

Find out exactly what you owe on your income in seconds with our free National Insurance calculator.

Pro Tip
Want to know how much mileage you can claim for?

Our free mileage allowance calculator can help you see in seconds what you could get back.

Pro Tip
Want to work out your income tax?

Find out what Income Tax and National Insurance you owe on your earnings with our free tax calculator.

Pro Tip
Want to work out what your Capital Gains Tax bill?

Our free Capital Gains Tax calculator shows what tax you owe on any property, stocks or gifts.

Pro Tip
Want to know how much dividend tax you owe?

Find out exactly what you owe on your investments in seconds with our free dividend tax calculator.

Pro Tip
Want to see what we're currently working on?

Our public roadmap shows what we're working on and what's coming next. You can even vote on what features we work on next!

Pro Tip
Your ultimate guide to stress-free taxes

Tackling taxes can be tough! Get our "Ultimate tax guide for the self-employed" now to make it easier.

Pro Tip
Claim your FREE ecommerce guide today

Curious how great accounting can boost your e-commerce business? Download our guide to discover 8 key ways!

Pro Tip
Unlock the secrets of Ltd company expenses

Don't miss out on potential tax savings - get access to our 'Limited Company Expense' guide today!

Pro Tip
Want to make sure you don't miss any tips?

Sign up to our newsletter for expert insights, tax news and other essential updates that will keep your business thriving. Subscribe now!

Pro Tip
Ready to save big on Ecommerce accounting?

Crush your current accounting and software fees by up to 60%. Put us to the test and watch your savings soar!

Pro Tip
Looking for a dedicated accountant?

Our Enterprise packages offer tailored support for you and your business. You can focus on your business, we'll crunch the numbers.

Pro Tip
Boost your business finances with our Ltd Company packages!

Award-winning software with support from expert accountants

Pro Tip
Take the stress out of Sole Trader Accounting

Real-time insights, expert support—stay on top of your finances with ease.

Pro Tip
File your Tax Return

Get your tax return sorted by experts for only £200+VAT!

Pro Tip
Using cloud-based accountancy software to manage your finances gives any small business a big advantage!

At Crunch we provide affordable cutting-edge, easy-to-use software with real human support from expert chartered accountants. That’s probably why 81% of our clients would recommend Crunch.

Pro Tip
Want access to real expert accountants?

All our accounting packages include free access to Chartered Certified Accountants, so you can make confident business decisions without worrying about extra costs racking up.

Pro Tip
File you Tax Return!

Crunch’s Self Assessment service provides an expert accountant to complete, check, and file your Self Assessment for you for just £200 +VAT.

Pro Tip
Did you know - We have a free plan that is great for sole traders and limited companies?

Why not see for yourself? It’s simple and easy to use and 100% free.