People buying properties abroad are more concerned about the weather than if they have properly understood local laws, according to research by Foreign Currency Direct, providers of best buy currency for homes abroad.
In a survey of more than 2,000 people, Foreign Currency Direct discovered that 51% of 35 to 44 year olds said they would not consider local laws when buying a property, concerning themselves instead with the weather and the nearest beach.
The survey also found that 39% would not consider property taxes, 21% would not look into the currency exchange rate upon completion of buying their foreign property and 22% wouldn’t’ bother to find out about their neighbours or local customs.
But the research did show that the younger age group is a bit more clued up, with 89% of 18 to 34 year olds saying currency exchange rates would be their greatest consideration when buying a property abroad.
Commenting on the findings, Peter Ellis, CEO of Foreign Currency Direct said “Property taxes and local laws should not be ignored and it is extremely important for people to consider all factors when buying property abroad – including currency exchange and transfer - which can have a dramatic impact on the final cost of an overseas home.
“People should seek guidance and support when making such life changing decisions and by allocating clients a dedicated dealer acting as the eyes and ears of the foreign currency market, Foreign Currency Direct can help to simplify this process.”
Find out more about buying property abroad