So you are thinking about buying your dream home?

You need to make sure that you have considered all the aspects of the purchase and can provide answers to questions like these:

Why are you buying your property?

Is it for the romance of it all or are you looking to make money from the purchase - either in the short or long term? If this is just something that you want to do for then you will approach it from a different perspective than that of someone who is looking to buy as a rental or investment.

Buying with your heart means that you buy something because you have fallen in love with it. Buying with your head means that you are buying because of the potential of the property.

Make sure you don't buy with your heart and then expect to sell it with profits that you have imagined in your head.

Can you afford it?

Buying a house overseas is not just about buying the property. It also about paying taxes, allowances, legal fees, maintenance, repairs and so on.

The purchase price is only the beginning price and you will need to factor in other expenses and ongoing maintenance in order to keep (or improve) your property purchase.

Are you aware of the risks?

Are you prepared to understand the real risks that holding a property overseas will present to you? How far you are stretched will, to a degree, equate with your comfort level of risk. Someone who has a high degree of liquidity and who has purchased a property that does not stretch them will feel far more comfortable with a few repairs bills coming their way or a tenant who needs to be evicted. On the other hand, someone who is very financially stretched may suffer sleepless nights if a tenant does not pay their rent or time, if a property is not let, or if a roof or boiler needs work.

Keep it comfortable

Make sure you factor your risk comfort into the equation and that you buy accordingly. Just because you can borrow 80% doesn't mean that you always should. You may be more comfortable with less debt and a smaller property.

Timescale

How long are you prepared to hold this property? Is this something that you have only bought as part of a property speculation investment portfolio or are you thinking about holding this for the long term? May be you want to retire to this property and you are happy to spend time each year refining and renovating it. Perhaps you are buying into the new property market hot spot and want to on sell the property after doing some quick renovations.

Keep your timescale in mind when you sign on that dotted line

Where should you go from here?

To your bank! Before buying your property it is worth your while to discuss the matter further with your bank.

Chose a global bank like HSBC Bank International Limited. They have the global experience and knowledge that comes from dealing with their customers in 77 countries and territories around the world. Different issues need to be taken into account when you are buying into a global market place and you need to make sure that are aware of all of the costs and risks associated with your new property purchase. Not just the ones that your local bank branch back in the UK is aware of.