A foreign assignment for an expat promises exciting opportunities to experience new cultures, lifestyle of the locals as well as different environments.
That said, most expats face a universal issue abroad-where to stay? While condominiums or condos as they are often referred to, present a convenient and attractive housing option, a common consideration is whether to buy one outright or invest in a different property scheme.
For instance, expats posted in the West Indies might be considering a timeshare property on a Caribbean island, not only to enjoy partial ownership, but enjoy the allure of an island destination vacation as well.
This guide will help you in navigating the complex condo laws in a new country, and help manage the related challenges in an effective manner. Even then you must check with a local law firm the specific legal requirements for the same.
Understand the rules and regulations thoroughly
This is the first step before making a condo investment abroad. Condo rules and regulations vary from country to country with respect to restrictions on ownership by foreigners.
Some countries may also impose specific taxes or ask foreign buyers to obtain a permit, while other countries may impose a restriction on the number of units which can be owned by non-residents.
A local real estate agent who is good in dealing with foreign buyers can provide a better insight with regards to legal formalities to ensure the transaction is in accordance with local laws.
Financial implications
It is important to understand the financial part of purchasing a condo abroad because there are costs to be factored beyond the purchase price such as property taxes, maintenance charges etc and how they may change over a period of time.
Expats should keep track of currency exchange rates, as they tend to fluctuate from time to time and can have a significant impact on the final cost. A financial adviser who is an expert in international real estate transactions can be of great help.
Owners rights and responsibilities
Condo ownership rights and responsibilities also differ from country to country. Owning a condo could include rights on the land, while in some cases it could be limited to the interior area of the unit.
Another key area is maintenance, which is usually taken care of by the concerned association to some extent. Others place the total responsibility on the owners. Knowing what to expect can prevent any unpleasant surprises afterwards.
Key Takeaways
For peaceful condo living, apart from renting rules and pet restrictions consider:
- Maintaining tranquility, limiting guests, adhering to noise and environment rules and respecting usage of recreational areas
- Violation of rules may result in fines, so know your rights as a condo user to avoid such penalties
- Condos should be in superior locations , with easy access to urban amenities and breathtaking views
- Condos should not be just a housing choice, but a lifestyle choice that brings untold benefits to those who embrace it.
You will be making a significant investment in your condo, so you need to ensure that you must do all to get the best out of it.
