Buying, selling or owning luxury property in your own country is something that is not done lightly. Such a significant financial investment requires planning and research if the final purchase is to meet your needs and to be acquired with the minimum number of problems. Familiarity with the buying and selling process in your own country automatically helps to eliminate some problems, particularly if you are used to this kind of investment.
However, buying property in another country where you are not familiar with the laws, customs and culture requires more background research whether this purchase is your first large investment in Europe and particularly if this is your first large investment, period. Whether you choose to buy your property through your company, or money manager or as an individual it is useful to be aware of what the process involves. Knowing where and how your money will be invested, the legal and practical issues involved, understanding the small print and the details are obviously part of sound financial planning and execution even if you involve other professionals in the process. However, cultural differences are potentially overlooked as you get caught up in the excitement of purchasing your dream chateau or your conference centre on a sprawling estate.
In the initial stages you will have addressed questions around whether the luxury property or real estate suits your needs .For example - the purpose of the property, a primary residence, business, second home.
- the type of luxury property, a villa, country house, a castle, a chateau.
- is it within my budget?
- physical location, urban or rural area? Sea view or in land.
- will I be staying there all year round or just part of the year?
- will I need to employ staff from the locale to maintain my home/ property?
- will I need local staff to run my business?
- does the climate suit me?
- what is available for me to build my social life?
And the list goes on…..But how can you really know the impact of local culture and custom on your new life or business in an unfamiliar country? You can read books, get information by exploring the internet, take a few holidays. A great insight can be gained by reading about others who have pursued the same dream or investment project as yourself. Articles and books highlight the joys and pitfalls of moving abroad whether the projects involve small or large financial investments. A lot can be gained by learning from those who have already trodden the path. Taking a few holidays in a particular place may have whetted your appetite and fired your enthusiasm to make a move to a new country. Whether you were led to invest abroad to live there or to diversify your portfolio, the bottom line is you will invariably meet and possibly work with people who experience the world in a different way. On a positive note, the food maybe different, the sights maybe different, the local customs and practices may intrigue and fascinate you if you are merely observers or enjoying the activities and services offered. But can you always assume that people from other cultures work in the same way that you do, share the same values and morals as you, even have the same concept of time as you? Not everyone adheres to the time is money rule.
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