If you are looking to relocate to another city or possibly even another country, you can't just fly by the seat of your pants. Your existing real estate purchase hasn't prepared you for the ins and outs of global migration. In addition to all the paperwork involved in moving countries, the real estate markets between them are wildly different. Therefore it is wise to first research the real estate market trends in the area you hope to move to in order to help you determine if that area makes a good investment and when the best time to buy might be. You'll be spending a lot of time on this, but hopefully this article can give you a start.
Where to Buy
You can't possibly compare all the real estate markets in the world to one another because there are simply too many. There are average prices for each state, city, and neighborhood and often statistics don't even exist to judge the markets of one country against another. Therefore you should have an idea of what specific cities you're considering. For instance, you will find more useful information searching for home for sale locally than you will for 'European Real Estate.' Your choice of city should depend less on the price of homes in that city anyway. Make your decision based upon how you feel about that city.
Keep in mind that as alluring as the Greek Isles look in photographs, you can't simply purchase a house there and live in it. You must also do your research on the legal procedures for immigration or permanent residence in your new country. The best place to do this is on that country's government website or, if you live in a major city, at the embassy or consulate belonging to that country. Even if you live in a big city with a consulate, relocation permission will still take you several months to secure so be sure to start early.
When to Buy
There are two philosophies on when you should buy real estate. One says that you should wait for a time when the market is up so your house for sale will fetch the highest price and the market you're moving to is down so you can get the lowest price on your new home. The other says that you should wait for a time in your life when you really feel financially and emotionally ready to make a big change. It's up to you which method to choose, but keep in mind that if you choose the first you could be waiting a while. Market fluctuations are notoriously unpredictable.
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Getting Help and Avoiding Scams
Selling your old home is easy enough, since you're familiar with the area. Simply write up an MLS listing and you're done. Buying your new home abroad is another matter. Unless you've made multiple trips to the area, speak the language, and have local real estate training, you're going to be in over your head. Therefore it is highly advisable that you enlist the services of a qualified realtor. The emphasis here is on 'qualified'. There are many web-based services that will offer you great deals but you would do well to avoid them, as many of them will turn out to be scams. Just to be safe, always check references before you send money.
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