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If you are looking to buy a property overseas, you have a few decisions to make depending on your circumstances and your preferences. If you have a pension lump sum and savings to invest, you may in some cases be able to buy the property outright. Alternatively you may wish to borrow part of the cost and devise a way to repay the mortgage either through your salary or any income that the property may generate. If you are borrowing, you’ll also need to consider the various costs and benefits of taking out a mortgage in the UK or whether to work with an overseas provider.


Investing in a property overseas with friends


One option to bring down the cost of purchasing a holiday property is to invest with friends or other family members. As well as being a way to bring down the cost, it gives you a great excuse and a place to stay for regular get togethers – and you can share your time evenly throughout the year so everyone benefits.


Create budget and a timetable


Buying with friends obviously spreads the cost, but it will also spread the amount of time you have available. Many people who own property in holiday hotspots rent it out to holiday makers for part of the year. This might not be as feasible if you’re all taking turns for your summer holidays, but the benefit of splitting not only the initial cost, but the cost of maintenance and local taxes may mean that this is less important. It may still be possible to gain a small income from holiday letting, but it’s worth working this out early on to avoid disagreements and frustrations further down the line.


Don’t forget maintenance costs


Another area you’ll want to agree up front is sharing the maintenance costs. If you’re looking to buy a ‘lock-and-go’ managed apartment or villa, property maintenance is likely to be included in a package. Sometimes this also includes membership to an associated health or golf club and facilities such as a gym, pool or spa, so you’ll want to make sure everyone is covered. This certainly provides a simple, “all-inclusive” solution, but may not be an option for properties which aren’t attached to a complex. If you buy independent properties, you may have to take some time to find local providers, but you can also work with your fellow owners to take on some of the cleaning and maintenance chores yourself. Either way, take the time to work out a budget early on and agree regular monthly or quarterly costs which are fair and understood by everyone involved.


Related article: Running costs for your Spanish property