Top tips for selling property abroad

International payments
Anna Meehan

Selling property abroad comes with a range of considerations, from tax to legal advice to foreign exchange rates. Here are our top tips for things to consider when it comes to selling a property abroad.

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Top tips for selling property abroad:

Seek legal advice 

It’s essential to understand the legal requirements for selling property in a foreign country. Depending on the country, there may be specific regulations and requirements that you need to comply with, such as getting certain documentation, paying fees, and adhering to specific timelines. You might benefit from speaking to a local attorney to advise you on the legal requirements and guide you through the process.

Consider tax implications 

When selling a property overseas, you may be subject to different tax rules than you are in your home country. Depending on where your property is, you may need to pay capital gains tax or other taxes on the profit you make from the sale. You’ll want to understand the tax implications of selling your property abroad and seek professional tax advice before proceeding

Work with a currency specialist 

When selling a property abroad, you’ll likely need to transfer funds from the sale back to your home country. This means you’ll be exposed to exchange rate fluctuations, which can have a significant impact on the amount of money you receive. To mitigate this risk, consider working with a currency specialist like FairFX who can monitor the rates for you and keep you informed on key events that are moving the markets. 

Prepare the property for sale

Just like selling a property in your home country, preparing the property for sale is essential. This may include making repairs, decluttering, and staging the property to make it as appealing as possible to potential buyers. You might consider hiring a local real estate agent to help you prepare the property for sale and to assist you with the sales process.

Determine the selling price 

Setting the right selling price is crucial when selling a property abroad. You want to ensure that you get a fair price for your property while also attracting potential buyers. To determine the right selling price, research the local real estate market and compare your property to similar properties in the area. You may also want to consider hiring a local real estate agent to help you with the pricing process. 

Request a wire transfer 

One thing you can do to facilitate the selling process is request that your funds are provided as a wire transfer rather than a banker’s draft. Not only will this speed up the process by cutting out a step, but you’re less likely to incur extra bank fees. 

Selling property comes with its own challenges. Selling property that you own abroad comes with even more challenges with exchange rates and the foreign exchange market. If you’re selling a property abroad and want expert, human support on international payments, get in touch with FairFX today.

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