Although for many it will not be an issue at all, even if you do think about it, you will have to ask yourself whether a mortgage is desirable as far as real estate is concerned.
It is usually not easy to obtain a mortgage in the home country for real estate abroad, even if one is going to use it as a semi-permanent primary residence. Options are generally limited in percentage of principal, and then also only with (the excess value on) real estate in the home country as collateral.
” A common strategy is therefore to buy property mortgage-free and to approach the reconstruction or renovation in phases, if necessary over several years. “
A local mortgage is also not very common either, unless you settle there permanently, but again, depending on the value of the collateral, not entirely impossible. You will have to prove fixed income and relevant assets for this. Unlike what you might be used to, local mortgages are usually granted based on Euribor, and the interest rate will therefore fluctuate with the market. This is not an attractive prospect in all cases.
A common strategy is therefore to buy property mortgage-free and to approach the reconstruction or renovation in phases, if necessary over several years.
The most practical approach is to start by making or keeping at least part of the property habitable during the works, so that a pleasant stay on location is always possible. And to realize the further approach (in phases) from this basis onward.
If an approach in phases over several years is envisaged, it is important that each phase is worked towards a logical intermediate or final point in the reconstruction. A sound reconstruction will basically have to focus on first making the foundation, walls and roof wind and waterproof, moisture insulation and installation of windows. For all the remaining, you can take your time.
