David Field

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More and more Brits are now looking for their first property abroad, with so-called 'fly-to-let' becoming a top choice among many aspiring homeowners as a way to get a foot on the property ladder without actually having to pay the increasingly extortionate British prices. It is therefore little surprise that a variety of up-and-coming locations across the world have seen an influx of British buyers, with eastern European destinations such as Bulgaria proving particularly popular.

However, some more traditional places have retained an important place in British hearts and wallets, it seems with, perennial favourite Spain still proving a popular destination for many people looking for a property, whether it be as a first step onto the housing ladder or as a holiday home.

But despite this influx, there are a number of things that a potential fly-to-let landlord needs to consider when weighing up his or her options for an investment.

First of all, making a snap decision is rarely a good idea. Even buyers in the UK rarely make a quick decision without judging all the facts, but when in a foreign country it can be much easier to feel pressured into making a purchase, particularly if you have don't have much time in the country and have to return home quickly. But a snap decision will only come back to haunt you in the near future and it is important to put plenty of thought and careful consideration into the decision-making process, just as you would in the UK.

However, perhaps the most important consideration when looking at buying abroad is the issue of a completely different housing market and legal system. Such a move can cause problems if you have little or no knowledge of the language and there is always a danger that you might be using an unscrupulous agent who will use your naivety and language difficulties to his advantage.

One way to avoid this is to buy in a country where Britons have already established a strong economic tie. For example, Spain has a long history of attracting British property investors and as such there are organisations established in the country to provide help for new buyers.

For example, the Spanish division of the UK's Halifax bank has recently issued some sage advice for potential investors. Banco Halifax Hispania has emphasised the importance of working with specialists, as well as how crucial it is in the Spanish market to make an early application for a Numero de Identificacion de Extranjero (NIE).

Spanish laws have changed recently meaning that all foreigners buying a property in Spain are now required to obtain an NIE before the completion of a purchase. It is this kind of requirement that many people in the UK will not be aware of when buying in Spain and other countries will often have similarly obscure rules that can be missed by Brits abroad.

All this demonstrates just how important it is to make sure you have a good grasp on all the ins and outs of a country's property market rules and regulations before making an investment.