Usually in less developed areas outside of Western Europe, such as:
The cost of living will almost always be lower in these regions compared to Central European countries like the UK. Just ensure you’ve considered political stability and ease of access before you commit to a purchase.
No – Lifetime ISA (LISA) funds are only for purchasing your first home in the UK or saving for retirement. If you withdraw the money for any other purpose, including buying a house abroad, you’ll face a 25% government withdrawal charge. This means you’ll lose a significant portion of your savings, so explore other financing options for buying properties abroad.
Absolutely – some countries even actively encourage retirees to move there by offering special visa programs and incentives. Just ensure that you consider factors like:
If you’re from a cold and expensive country like the UK or Germany, you might choose somewhere with lower living costs and nicer weather, such as Spain or Portugal.
It could be, depending on what you plan on doing with it. If it’s a vacation home, it could save you money in the long run and even offer rental income when you’re not using it. Properties abroad sometimes even offer better returns than domestic real estate, if you’re viewing it as an investment.
However, there are still some risks worth considering before investing:
Buying real estate – from residential homes to commercial buildings – with the sole process of generating a profit. This can come from:
It’s a popular practice for anyone aiming to diversify their portfolio or target tourism markets. However, it requires careful research, and you usually need to invest a lot of time into it to see substantial results.
They vary by country, but the most common taxes are:
Double-check whether your home country has any tax treaties with the country you’re purchasing property in so that you can avoid double taxation.
It naturally depends on your goals, but choose somewhere you love to visit frequently if you’re looking for a vacation property. Coastal areas in Spain, Portugal, or Italy are great options for this since they have strong tourism potential if you want to rent it out.
If you’re focused more on investment, emerging markets or cities with rising property values are the smarter choice since central European cities can be too pricey. The countryside or certain parts of South America would likely provide higher yields. Just be mindful of local laws and how easily you can travel there from your primary residence.
Yes, you can! We work with lenders who offer mortgages for second homes. Whether you’re looking for a vacation property or an investment opportunity, we’re here to help. Each lender has unique requirements, so we recommend checking in with us early to learn about eligibility and loan-to-value (LTV) options.
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