How to prepare for your successful viewing trip
There's much more to preparing for a successful viewing trip than booking flights and accommodation. Not least, ensuring your finances are in order.
Your overseas property search will begin online. This is a great place to start but there’s only so much you can learn from photos and descriptions. To get an authentic feel for properties and the local area that’s informed by tangible and emotional insights, arrange a physical viewing trip – otherwise, how will you know if the shower works properly?
Give yourself the best chance of arranging a successful viewing trip by considering these practical and financial factors.
Be tech-savvy
Harness the convenience of Google Street View when planning your trip to rule out properties and neighbourhoods that lack curb appeal. This will literally save you a lot of the legwork.
Contact local estate agents to see if they have videos, drone footage, or even VR (virtual reality) experiences of properties so you can get a more immersive view than simply relying on photos. Currency specialists also leverage technology that could supercharge your property purchase.
Find a local estate agent
This local market expert will help you find properties to view when you arrive that align with your budget and requirements – so you don’t waste any time.
A good agent will find the right balance between accompanying you to viewings and allowing you time to explore and consider your options, rather than trying to dictate your diary during your trip.
Don’t rush
Don’t overburden yourself on your viewing trip by squeezing too much into a short period. Rather than rushing, get the most out of your trip by planning to spend three to seven days in your chosen destination. When you’re not checking out properties thoroughly, you can explore the area at your leisure, speak to locals and visit amenities. Remember: you can always come back for another viewing trip.
Avoid peak season
The off-season is the optimal time to embark on your viewing trip. This will give you a feel for the area after the tourists have gone, plus, flights and accommodation will be cheaper. Crucially, demand will be lower, meaning you may be able to negotiate a lower price. Don’t forget to check the local public holiday calendar, so you know everything will be open when you arrive.
Contact your currency specialist
It’s advisable to contact your currency specialist before heading off on your viewing trip and let them know your plans. They will use their knowledge of currency markets and the overseas buying process to help you manage three key factors:
Confirm your budget
Don’t be caught out by the “interbank rate” – this is the exchange rate you will be presented with on the news and at currency exchanges, but it’s not the rate you will get. The interbank rate is typically only available to large financial institutions, so everyday consumers don't have direct access to it. Instead, they're offered a "retail rate" that's usually the interbank rate plus a markup for profit.
Your currency specialist can advise on the actual rate you’ll receive for your money, so you know what your budget is in the purchase currency. Ask for a quote before your trip, so you can arrange viewings of properties you can afford.
Secure the price
Currency markets are constantly being pulled back and forth by political and economic forces, meaning no one knows for certain where they will move next or by how much. As an overseas property buyer, this presents a challenge as your budget could be impacted by these unpredictable fluctuations.
A swing in the value of the pound could even force you to abandon your buying dream by taking the price of your home beyond your budget – an unwanted scenario that could also result in you losing your deposit.
Avoid this situation by working with your currency specialist to lock in an exchange rate before your viewing trip using a forward contract. This allows you to fix the current rate for up to 12 months, so when you pay a deposit, you’ll know exactly how much your property will cost when the time comes to complete – because you’ll be using the same rate.
Be ready to buy
When you find the perfect property, you’ll probably be asked to pay a holding or “reservation” deposit. Trying to arrange these funds, especially when overseas, can take time – something you don’t want to waste when your dream property is still on the market! So, be ready to move fast by making sure your money is waiting to go.
Make this possible by setting up a pre-funding account with your currency specialist before your trip, so you can transfer your deposit quickly, safely and hassle-free.