1. Check you are eligible to buy a property in the country

At the time of writing, the UK is open for investment and investors of all nationalities are eligible to buy a property in the UK. Whether this will change in any way once Britain leaves the UK remains to be seen. Foreigners who live abroad will require proof of income and may be asked to pay up to a 40 percent deposit up front.

2. Identify why you want to buy a property

Are you looking for a holiday home? A property with investment potential? An abode to live in at a later date? Your own individual reason for your purchase should play a huge part in your investment decision. If you’re looking for a property with investment potential, research which areas have property markets which have performed consistently well in previous years. Check out whether there are any events happening that could lead to increased demand for property. For example, property prices in East London grew exponentially during the build up to the 2012 Olympics as the area underwent huge regeneration. Likewise, if you are seeking a holiday home, take a look at the climate for the area in which you wish to buy, and try to find out exactly how busy your desired location is during peak – and off-peak – season.

3. Check you can stay in the UK

If you are looking for a permanent home in the UK, then you will need to check that you are allowed to stay in the country. While the UK remains a member of the EU, residents from any fellow member state continue to have the right to reside in the UK for as long as they want. Once it leaves, however, it still remains unclear whether the freedom of movement agreement will remain in place. Therefore, EU residents will become subject to the same immigration conditions that surround non-EU immigrants. Generally, in order to secure residency, non-EU immigrants will need a job offer from an employer in an occupation which is considered to be in demand in the UK. Britain offers opportunities for self-employed workers and entrepreneurs from outside of the EU to become resident there.

4. Check an area out first

While the Internet is undoubtedly an invaluable tool for research, there is nothing quite like checking out an area for yourself. A fact-finding trip is almost essential prior to purchasing a home. You can see for yourself what the neighborhood is actually like; get a feel for the place; check out how close it is to the local amenities and public transport. Just because an agency may say that the house is located minutes away from the town centre, doesn’t mean it definitely will be. It’s the agencies job to make the property; it’s your job to check that it really is as good as they say. In the UK, a property deemed as being located on the ‘wrong end’ of a street could affect its value and rental yield.

5. Set a budget

It’s important to have an idea in your mind of how much your property will cost – in total – and how you will be paying for it. A clear idea of budget helps you set specific goals and will mean you can make the most of any funds you have available to you to find the right property. Buying property in the UK will usually mean you will have to exchange your currency to Pounds Sterling (at the start of 2017, of course, this has been one of the main attractions, given the strength most major currencies against the Pound. Currency markets move all the time and are very sensitive to political and economic events – something that seems to be making the headlines constantly these days. As exchange rates move so quickly, it’s important to understand the impact this can have on the price of your property and to protect any currency exchanges you make while currency markets are in flux. With this in mind it is worth looking at currency specialists, such as Halo Financial, as opposed to banks, as such firms almost always offer far superior exchange rates.

6. Beware extra charges and hidden fees

Beware additional charges when purchasing a house. A solicitor can – and should – provide all buyers with a list of additional costs which will include Stamp Duty and various other ancillary charges included in purchasing a property. Never buy a property in the UK without seeking legal advice first.