Buying London Property

Many of us envy the few Malaysian who managed to acquire a house or two in London suburbs.

The cost of property at one time was going up and within a couple of years, you can make a handsome profit. At the estimate cost of pounds 200,000, the Malaysian equivalent is RM1mil. It is a lot of money for a house you buy in a foreign country with unfamiliar customs and legal base.

If you were thinking of buying house in foreign countries, like UK or Australia, there are many research and new knowledge that need to get the detail. These are some of the examples..

a. The law of ownership, buying and selling properties.

Is the country has favorable terms for foreigners, any tax advantage or even the issues of bringing cash into the country. We has a case of a Malaysian who brought in millions of RM into Australia and he was caught.

The issues of the taxation requires an expert advice. If you were to rent is, how will you be taxed. If you dispose the property, is there any additional property or sale tax you have to fork up.

b. Being in foreign land, how are you going to maintain it. Some countries are very strict in keeping the maintenance of it, the house may have to be painted every few years.