A second home abroad? 8 useful pointers

Don’t  buy a house in the Tropics without careful consideration. Some pointers.

1. Are your excited about a beautiful spot abroad? Don’t act in great haste. First rent a place for a while. This way you get to know the area better. Obtain advise from fellow countrymen who have taken  the step already. Also get information from local specialists called in by us: realtor, lawyer, contractor.

2.Which requirements does your second home have to meet? Are you planning to stay there yourself quite often or are your considering renting out? The answer to those questions will determine the interior design. Are shops and medical facilities close by? How are the public services (water, energy) arranged?

3.Will the traveling time and travel expenses not be a barrier (in the long run)?

4.Does the purchase suit your budget, now and in the future? Banks usually won’t finance houses (far) abroad. You could consider taking out a second mortgage on the surplus value of your first house. With that money  you can buy a house abroad. Please note: in this case the mortgage interest is not deductible.

5.Try to integrate by learning the important basic vocabulary or the local language. This way you can make much easier contact with the local population.

6.Check if your new house is “free of costs”. Have our realtor or notary check whether the house is not taxable by mortgage right, rent law or old law of succession. You may own the house, but what about the land?

7.Purchasing a house abroad will mean that you’ll have to sign a deed of sale written in a foreign language. Obtain advise from our specialists who can check the deed and/or have it translated.

8.Don’t make any hasty decisions just because the holiday is coming to an end. Take your time to weigh all the pros and cons. Make a decision when you’re back home.

Koopprocedure-Bonaire.pdf