Knowing the extra costs and preparing ahead will help reduce the stress of overseas property investing. Much of this boils down to targeted research. However, here is a brief overview of the extra costs you have to face.

Buying property overseas is both an exciting and a frightening prospect. The most frightening aspect is the cost. Most buyers are delving into relatively uncharted lands personally and knowledge-wise, hence they don't really have a 100% certainty about price. There are extra costs lurking here and there and the chief is foreign taxes. Foreign taxes represent the largest share of extra cost for foreign property buyers. It is important to get the advice of a property specialist on property taxes in your destination country. The key to successfully investing in foreign housing is knowing how to budget for extra costs. Putting money down for these extra costs will put you at ease and the remaining specs will come together smoothly.

Additional Costs To Budget For When Buying property overseas

Extra costs can be overwhelming and have the capacity to snuff the life out of your foreign property venture. Preparing ahead is your best bet. You will need to budget for the cost of travelling back and forth, annual carrying costs and in some cases, stamp duty when the property is eventually sold. And combining these costs can add up to 15% of the home's market value. In many cases, additional costs on foreign property investing will fall into these categories:

1. Mortgage Arrangement fees.

Your bank or private lender will charge a fee for arranging funds for your mortgage. These fees will vary according to your mortgage. In some cases, they will be added to your mortgage. You don't want this (so ask upfront). In which case, you will have to pay interest on that amount.

2. Property Purchase Taxes.

·         VAT (Value Added Tax): Property owners fail to take this into account. But it is mandatory in many countries. The VAT is similar to a sales tax for property owners in the United States or the goods and services tax that Canadian property owners have to pay.

·         Stamp Duty fee (on new properties in some countries) fluctuates relying upon the locale the property is in. It is calculated as the percentage of the price tag which varies but is normally in the range of 0.5% and 1.5% of the price.

·         Miscellaneous: In Spain, for instance, when purchasing a property from a private owner, Transfer Tax (ITP, Impuesto sobre Transmisiones Patrimoniales) is paid rather than VAT. The ITP rate differs from place to place, but is in the range of 6% and 10% of the purchase price. In Quebec, there is something called a welcome tax, It usually costs about 1 to 1.5% of the underlying price tag, although the cost generally depends upon the value of the property.

3. Legal fees.

Legal fees also vary from country to country. It is common for Spanish lawyers to calculate their commission for the purchase of a property based on a percentage of the purchase price of the property (generally this is 1%, subject to a minimum fee of around € 1000).

4. Notary fees and Land Registry.

These rates will also depend on the purchase price and the complexity of legal documentation. You can expect to pay around € 750 for land registration fees and € 1,000 for notary expenses.

5. Maintenance.

Beyond the issue of foreign taxes, homeowners should also plan the cost of hiring a property manager to oversee the maintenance problems and concerns of renters, especially if they plan to rent the property year-round.

By investigating all the costs associated with foreign owned property, potential buyers can focus on enjoying their home abroad without having an unexpected blow to their pockets. If a buyer does their research and saves upfront, they can eliminate stress and prevent extra costs from adding up.

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.

The kitchen is the heart of the home. There will never be a day in your life when you don't enter the kitchen for some reason. It is where groceries go in and delicious pizzas and finger licking butter chicken comes out. The kitchen is where the children first learn to be of some service. It's also where you hone your cooking skills by trying new recipes.

The design of the modern kitchen has created an evolution in function that has made the kitchen a place of entertainment. An open kitchen is a place for socializing and hanging out with friends and families. This helps families spend more time together. You can keep an eye on your daughter while you cook. Your spouse can perch herself on the counter and regale you with tales from her workplace, you can share a bottle of wine with your friends as you cook.

Being such an important part of the home, it's important that home sellers make the kitchen attractive to prospective buyers. Here are some home staging tips to make your kitchen spark more attention from prospective buyers.

You want to make your kitchen radiate a fresh 'feel'. Buyers should want to stay a while longer in your kitchen. Although the process of staging your kitchen may warrant a few inconveniences, it's usually worth it because an attractive kitchen will sell your home faster than any other thing you do to prepare your home.

1. Make it sparkling clean. Obviously, buyers won't be able to imagine themselves in your home if your home has a dirty kitchen. The neater your kitchen looks, the better. From kitchen windows, to rugs, to stoves and dishes, make sure that everything shines. Hiring a professional cleaning company might be worth the cost.

2. Apply fresh paint. A quick and easy way to make your kitchen appear fresh is putting fresh paint on walls. Let the colors used complement colors of cabinets and drawers to bring out cohesiveness.

3. Use energy efficient lighting. Another relatively inexpensive tweak to make your kitchen feel fresh and new is updating lighting with energy efficient and bright ones.

4. Update kitchen hardware. Buyers love a kitchen with updated fixtures. Don't leave your kitchen with old kitchen faucets and outdated lighting fixtures. Inexpensive, simple updates like garbage disposal, stainless steel appliances, faucets and cabinet hardware can make your kitchen appear new and attractive to prospective buyers. You can also go a step further by adding some pizazz to your countertops. You can put in decorative canisters, herbs, bowl of fruit, new cookbooks and new tea towels, etc.

5. Declutter. Decluttering may be the hardest part of staging a kitchen for sale. Your kitchen should no longer reflect you, but it should give potential buyers a chance to use their imagination. The easiest way to start the process of decluttering is to completely clear off your counters, then only put selected decorative items to fill in and soften the corners of a long expanse of countertop.

An ugly kitchen can make the home sit on the market for long. Staging your kitchen right might require some effort and inconvenience but if the property is priced right and looks fantastic, you should only have to be inconvenienced a very short time.