Driven by affluence and a thriving tourism and travel industry, increasing number of people are looking overseas. According to a Knight Frank survey, between 1993 and 2003, overseas home ownership by British households rose by 95%. While the rewards of buying foreign luxury property can be great, the risks cannot be ignored. So, before you buy a luxury property Jim Gillespie, president and chief executive of Parsippany, a New Jersey based Coldwell Banker real estate firm advises that you should know the place in more than a passing fashion. "Take several trips to the area and rent a house instead of staying in a resort", he advises.

For majority of British who have invested in Europe's luxury properties a decade ago, it turns out they had made a wise move since the euro has increased in value. But currency does not always increase in value. Currencies can take a nose-dive, taking the value of properties with them; political ownership laws can change and the buying process can seem very complicated. Hence, more research is required for people who have set their sights on luxury property abroad. Impulse decisions in these cases can be disastrous. So whether you're buying overseas luxury real estate to live in, diversify your investment or generate rental income, here are some important questions to ask.

Questions to ask when buying luxury real estate abroad

1. How much risk can I take? Putting money on a new luxury property overseas is risky. You alone know your tolerance for risk, your motivation to buy and your preferences. You might have researched the location and the house and known what needs to be known. But you should also look inward to determine your level of readiness. The decision to buy or not buy that luxury real estate might just be dependent on your gut feeling.

2. Why am I buying? The answer to this question usually determines your other considerations. If you're buying for personal use in retirement, you definitely have different priorities. One such thing might be waking up to a view of the sea from your bedroom window. An investor wouldn't care less about the views. If you're looking for rental profit, your priority would likely be price.

3. What's my budget? Now let's talk about price. The most practical advice you can get when buying real estate overseas is: be clear on how much you want to spend and don't consider properties outside your price point. Or you may, if you feel it won't really hurt your pocket. Having a budget and sticking to it, you won't waste time meandering aimlessly.

4. How far is my property to amenities? You don't want to drive long distances to shops, medical centers and eateries. Millennials might also need to consider the nightlife. Families will need to consider proximity to schools and the grade of schools around. You need to familiarize with locals and get as much information about the area and the city. Don't neglect to look at transport and traffic patterns. You might think it's the norm to have good transport. You will be surprised to find that some areas might be hard to access because of bad roads.

Everyone likes the idea of living in their own overseas luxury real estate. This would probably give a great retirement. But before you take the plunge, make sure you're ready.

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Moving broad for work or fun is both exciting and frightening, here are some things you should know

An ancient quote says, 'those who travel across the seas only change their skies, but not their souls", nowadays the opposite is true. Studies show that people who live abroad find it easier to engage with other cultures. Moving abroad gives you more perspective on life. But it's not easy to take the first step. The thought of leaving your family and friends can be distressing coupled with the fact that you may not know anybody in the new country. However, it's an opportunity to leave your comfort zone and explore different cultures and issues you haven't seen before.

But there are challenges you'll encounter. Paperwork can be exhausting; The stress of trying to blend into a new environment, especially when you're not fluent in their language; The guilt that comes with leaving your family and friends, which they may not initially understand. But facts prove that the distance could actually strengthen your relationship. So if you're tired of the same old routine and want some more adventure in your life, you'll find that you can master the skill of dealing with the challenges that come with living in a foreign city. Whether you're a millennial moving to another country for work or a retiree just seeking adventure, these tips will help make the move as painless as possible.

Tips For Moving Abroad

1. Make some research. You already know this is important. It's a no-brainer. Know a bit about the political climate of the country, the economic climate, geography and important public figures. Also learn something of the culture, history and staple foods.

2. You don't really need much stuff. Unless you're running away from your home country, never to return, you'll find that excess luggage is just what it's called; excess luggage. It's a given that there will be stores and large shopping outlets in the country you're moving to. Also leaving back the excess stuff might be a way to dispose of materialism and reprioritize what's important in your life. However, never forget to take the important stuff. Don't forget to take your favorite 'Abercrombie' shirt or else your mind might not leave home.

3. Don't expect to settle in at once. It might take at least three months before you fully integrate with the culture of a particular place. You might find it hard to make friends during this time. So, don't rush and don't feel like you've to immerse completely while trying to socialize but stretching your limits of comfortability. During this time, you can observe. Also, maybe, get some interesting 'alone' activities to keep it fun.

4. Experience new things. Travelling abroad and not trying new foods, people and customs is like going to school and not learning anything. Don't be afraid to experience new things. Also, don't limit yourself to the big cities. If you travel to Spain, don't spend all your time in Madrid. Check out the smaller town, you'll learn and experience much more.

5. Make local friends. As a new property investor abroad, your local friends will be able to assist you a lot. They'll give you practical information and might even put in some legwork for you. Generally, you're not moving abroad to hang out with fellas from your home country. Therefore, mingle with the locals.

Selling a property abroad is similar to selling at home. You have to make the home look inviting to buyers. However, in the UK and some other countries, you have to report your sale and pay a capital gains tax as a citizen selling property abroad. Whatever your reason for selling overseas property, here are some tips to help you sell fast.

1. Set the right price.

Don't try to ply smart. It's normal to want a high price for your property but when you price too high, people will walk away. Buyers are wiser now. They also check comps. Your prospective buyer, who'd likely be a cash buyer in the US, China or Russia would check similar homes in the neighborhood. If he notices something fishy, he would walk away without a second thought. If many people are walking away from your home, that will keep your home on the market for the long hull. This will leave a bad impression like a big greasy stain on a white-painted wall. You want to find an agent who'd help you set the best price for your overseas property and set a right first impression.

1. Use Online Marketing to Great Effect.

This is something that you can rely on your real estate agent to do for you. The idea is to promote property abroad, on foreign property portals, blogs, online forums and social media. Your ads should be highly targeted and be where potential buyers are likely to find them.

Relying on the marketing strength of local agents may not be enough to sell your property in a slow market. They may not put in the marketing effort to advertise individual listings - after all, it's an open listing and anyone can sell it.

Private sellers can advertise their property abroad on Properbuz for free, for the time it takes to sell the property. The statistics are very clear - your buyer will start his/her search for property online, almost exclusively. So all you need to do is join them. List your property with us to expand your reach.

1. Pictures tell a story

The pictures or images make all the difference to your prospects of selling property. Professionally taken photographs that emphasize the best features of the property increase the chances of getting the house sold faster. It is always better to hire a professional photographer for this purpose than to do it yourself. Also, make sure your home looks your best before the photo shoot. Have small renovation jobs such as gardening and painting done, for example, without spending too much on it.

1. Cleaning

No one imagines themselves living in a shed and so your buyer will want to see a very clean house that they can make their own - even if they turn it into a pigsty as soon as they move in. So, clean your house.