Seven steps to the perfect holiday home

Thinking of buying overseas, but not sure where to start? David Woodward identifies how to go about getting your dream holiday home

1. Work out what kind of of investor you are
If you're planning to spend any time in your property, even if it's only a couple of weeks every year, start by looking at the things that matter most to you. "Locality of restaurants, ease of parking, nearest airport, flying time: these are all emotive factors of the lifestyle purchaser," says Scott Huggins, CEO of Intrepid Investments, an overseas property consultancy.

2. Focus on the numbers
Especially if you're buying purely from an investment point of view. As Lucy Russell, managing director of Quintessentially Estates, says, some regions make more sense than others. "There is no capital gains tax on profits from Italian property, creating maximum return on investment," she says. "Italy has pioneered property tax reforms, offering great opportunities for the rural renovator, including substantial VAT discounts."

3. Consider the stability
Not just overall, but also its approach to tourism. The Moroccan government, for example, is keen to attract European investment and is using tourism as a stepping stone. "A huge budget of £7bn-10bn has been allocated by the government to increase tourism by 10 million visitors per year," says Russell. "With increased tourism comes huge demand for rental properties and good news for buy-to-let investors," she says.

4. Trust the locals
No matter how clued up you think you are about the foreign property market, the locals will always know more. Buy where they buy, says Barbara Wood of The Property Finders. "It gives you a much more stable and wider market when you come to sell," she says. For example, Oltrepo Pavese, south of Pavia, is known as "little Tuscany" to the Milanese. Wood says properties here sell for around 50 per cent less than in Tuscany itself. "Dubliners buy in south west Ireland," she adds, while "Sevillanos buy in El Puerto de Santa María".

5. Build a reliable, local team
Because you can't do everything yourself. A good property broker, for example, can identify opportunities in growing markets. "Look to incentivise them beyond the normal agreement," says Huggins. Get yourself an English speaking, unbiased lawyer, too. "Avoid in-house lawyers if you're looking to buy in a big development—they're only looking after one party, and that's the seller," he says. "If you're worried about legal minefields, try Cyprus, " says Russell. "The legal system there is based on the English one."

6. Don't rush it
If you plan to live in your property, rent in your chosen location for as long as you can to build up a complete picture of the area—you'll see things differently as a citizen rather than a tourist. "Look into areas being regenerated," says Wood. "Improving infrastructure is probably the number one reason for price growth. Also look at what the climate is like year-round. Most places are OK in the summer, but make sure you check out the winter months."

7. Be patient
"You need to be realistic about how long it takes for an emerging market to become stable," says Wood. "In addition," says Huggins, "Never underestimate the maturity of the UK property market." The rest of the world is behind the UK when it comes to the process of buying and selling property. If you're expecting a foreign purchase to move as fast as it does here, you'll be disappointed.