Buying real estate in Iceland

Buying real estate in Iceland can be a complex process, especially for foreigners. Here are some things to consider:

Restrictions on ownership: Non-residents of Iceland must obtain permission from the Ministry of Justice to purchase property. This requirement also applies to companies that are not registered in Iceland. In general, the Ministry will only grant permission if the property is intended for residential purposes and the buyer has a valid residence permit.

Real estate agents: It’s common for buyers to work with a real estate agent to find properties that meet their needs. However, keep in mind that the fees for real estate agents can be high in Iceland, typically ranging from 1% to 2% of the sale price.

Property valuation: Before making an offer on a property, it’s important to have it evaluated by an independent valuer. This will give you a better understanding of the property’s market value and can help you determine if the asking price is reasonable.

Property inspection: Once you have found a property you are interested in, it’s a good idea to have it inspected by a professional to identify any potential issues. This can include things like structural problems, water damage, or other issues that may need to be addressed before purchasing the property.

Financing: Financing options for non-residents may be limited, and interest rates can be high. It’s important to research your options thoroughly and work with a reputable lender.

Closing costs: Closing costs in Iceland can be significant, typically ranging from 5% to 6% of the purchase price. This includes taxes, legal fees, and other expenses related to the purchase.

Taxes: Property taxes in Iceland are relatively low compared to other countries, but there are still taxes that must be paid on real estate transactions. This includes a transfer tax of 1.8% of the purchase price, as well as an annual property tax based on the property’s value.

Overall, buying real estate in Iceland can be a challenging process, but with the help of a reputable real estate agent and a thorough understanding of the local laws and regulations, it is possible to find and purchase the property that meets your needs.

Homeownership in Iceland

Homeownership in Iceland is relatively high, with around 80% of households owning their homes. The process of buying a home in Iceland is generally straightforward, but it is important to be aware of the local laws and regulations.

Foreign nationals can buy property in Iceland, but they may be subject to certain restrictions. Non-EEA nationals, for example, need to obtain permission from the Ministry of Justice to purchase property in Iceland. Additionally, foreign buyers may be subject to higher taxes and fees than Icelandic citizens.

When buying a property in Iceland, it is recommended to work with a local real estate agent and a lawyer who is familiar with the local property market and legal requirements. It is also advisable to conduct a thorough inspection of the property before making an offer, as properties in Iceland may be susceptible to damage from earthquakes and other natural phenomena.

Mortgages are widely available in Iceland, and interest rates tend to be lower than in many other countries. However, it is important to note that the cost of living in Iceland can be relatively high, which can impact affordability. It is also worth considering the potential costs of maintaining and repairing a property in Iceland, particularly if it is located in a remote or rural area.

Should you buy or rent property in Iceland

The decision to buy or rent a property in Iceland depends on individual circumstances and preferences. If you plan to live in Iceland for a long time and have the financial stability to afford a mortgage, buying a property could be a good option. Owning a property can offer stability, build equity, and offer a long-term investment. However, if you plan to stay in Iceland for a short period, renting might be a better option. Renting can offer flexibility, the ability to move quickly, and the lack of responsibility for maintenance and repair costs. It’s important to consider your financial situation, lifestyle, and long-term goals before deciding to buy or rent a property in Iceland.

Can expats buy property in Iceland?

Yes, expats are allowed to buy property in Iceland. There are no restrictions on foreign ownership of real estate in the country, and foreigners have the same rights and obligations as Icelandic citizens when it comes to buying and owning property. However, it’s important to note that buying property in Iceland can be a complex process and may require assistance from a real estate agent, a lawyer, or both. It’s also important to be aware of the country’s strict currency controls, which can make it difficult to transfer money in and out of the country.

Icelandic property market and property prices

The Icelandic property market has experienced significant growth over the past few years, with property prices steadily increasing. This trend has continued into 2021, with reports indicating that house prices have increased by around 10% in the first half of the year.

The cost of property in Iceland varies depending on the location, with properties in the capital city of Reykjavik being the most expensive. As of 2021, the average cost of an apartment in Reykjavik is around ISK 60 million (approximately USD 472,000), while the average cost of a house is around ISK 75 million (approximately USD 590,000).

Despite the high property prices, Iceland remains an attractive destination for real estate investment, with many investors drawn to the country’s strong economy, stable political environment, and high quality of life.

Expats are able to buy property in Iceland, subject to certain restrictions. Foreign nationals from the European Economic Area (EEA) and Switzerland are generally able to buy property in Iceland without any restrictions. Non-EEA nationals, on the other hand, are required to obtain permission from the Icelandic government before purchasing property.

Costs of buying a property in Iceland

The costs of buying a property in Iceland can vary depending on the property’s location, size, age, and condition. Some of the costs associated with buying a property in Iceland include:

1. Real estate agent fees: Typically, the buyer pays a fee to the real estate agent who helps them find the property. This fee can vary but is usually around 2-3% of the purchase price.
2. Legal fees: It is recommended that you hire a lawyer to help you navigate the purchase process. Legal fees can vary depending on the complexity of the purchase.
3. Property valuation fee: Before buying a property, it is advisable to get an independent valuation of the property’s market value. This can cost a few hundred euros.
4. Property transfer tax: In Iceland, the property transfer tax is currently 0.8% of the purchase price. The tax is usually split between the buyer and seller.
5. Registration fees: The buyer will need to register the property with the Land Registry, which incurs a fee.
6. Mortgage fees: If you need a mortgage to buy the property, you will also need to pay fees associated with the mortgage, such as appraisal fees, mortgage registration fees, and processing fees.

Overall, the costs associated with buying a property in Iceland can add up to several thousand euros, so it is important to factor these costs into your budget when considering purchasing a property.

Financing a property purchase in Iceland

Foreigners can obtain financing for property purchases in Iceland, although the terms and requirements may vary depending on the lender. Icelandic banks typically require a minimum down payment of around 20-30% of the property’s value for foreign buyers.

It is recommended that potential buyers consult with a local real estate agent or a financial advisor to explore their financing options and to obtain guidance on the buying process in Iceland. Additionally, it is important to note that there may be additional costs associated with buying a property in Iceland, such as legal fees, property appraisal fees, and transfer taxes.

Mortgages

Mortgages in Iceland are available from a variety of lenders, including commercial banks and savings banks. The terms and conditions of mortgages in Iceland can vary widely depending on the lender and the type of mortgage being offered.

In general, the loan-to-value ratio for mortgages in Iceland is limited to 80% of the appraised value of the property being purchased. The interest rates on mortgages can also vary, but are typically higher than those in many other countries. It is important to shop around and compare rates and terms from different lenders before choosing a mortgage.

Applicants for mortgages in Iceland will typically need to provide a significant amount of documentation, including proof of income, employment, and credit history. Lenders may also require a down payment and other fees, such as appraisal fees and legal fees.

Foreigners looking to obtain a mortgage in Iceland may face additional challenges, as lenders may require a higher down payment or impose other restrictions. It is recommended to seek advice from a local real estate agent or financial advisor familiar with the Icelandic mortgage market before pursuing a mortgage as a foreigner.

Finding a property in Iceland

Finding a property in Iceland can be done through several channels. Here are some common ways:

1. Real estate agencies: There are several real estate agencies in Iceland, which can provide you with a list of available properties that match your requirements. Some of the popular real estate agencies in Iceland include Almenna fastighetsmarkadurinn, Mbl.is, and Vaktin ehf.
2. Online property portals: Several online property portals offer a list of properties available for sale in Iceland. Examples include Bland.is, Mbl.is, and Eignavefurinn.
3. Classified ads: Many people also list their properties for sale in local classifieds, such as the Reykjavik Grapevine or the Iceland Monitor.
4. Social media: Facebook groups like “Property for Sale in Iceland” and “Hús til sölu á Íslandi” are a good place to start looking for properties for sale.
5. Networking: You can also try networking with locals or expats in Iceland to find a suitable property.

It is important to note that the housing market in Iceland can be competitive, and properties in desirable areas can be expensive.

Property agents

There are many real estate agencies and property agents in Iceland that can help you find and purchase a property. Some of the well-known real estate agencies in Iceland include:

1. RE/MAX Iceland
2. Úrvalsmiðstöðin
3. Fastighetsbyrån Iceland
4. Almenna fastighatalan hf
5. Aðalbjörg Þorbergsdóttir fasteignasala

These agencies have a wide range of properties listed on their websites, including apartments, houses, and land. They can also provide assistance with the legal and financial aspects of purchasing a property in Iceland. Additionally, it is also possible to find properties for sale by owner or through online classifieds websites such as Mbl.is and Bland.is.

Viewing and choosing a property

When viewing and choosing a property in Iceland, there are a few things to keep in mind:

1. Location: Iceland has a varied landscape, so it’s important to consider the location of the property. Are you looking for a property in the city, or would you prefer something more rural? Do you want to be close to the coast or in the mountains?
2. Size: Consider the size of the property, including the number of rooms, bathrooms, and any outdoor space. This is particularly important if you have a family or are planning to use the property for vacation rentals.
3. Condition: Check the condition of the property, including any potential maintenance or repair needs. This is particularly important if you are buying an older property.
4. Price: Iceland’s property market can be expensive, so it’s important to consider your budget when choosing a property. You may need to compromise on location or size to stay within your budget.
5. Legal issues: Make sure you are aware of any legal issues surrounding the property, such as zoning laws or property taxes. It’s always a good idea to consult with a legal professional to ensure that you fully understand your rights and obligations as a property owner in Iceland.

Once you have viewed several properties and found one that meets your needs and budget, you can make an offer to the seller. If your offer is accepted, you can then proceed with the purchase process, which typically involves signing a contract and paying a deposit.

The process of buying real estate in Iceland

The process of buying real estate in Iceland typically involves the following steps:

1. Find a Property: The first step is to search for a suitable property. This can be done through online property listings, real estate agents, or by attending property auctions.
2. Hire a Lawyer: Once a suitable property has been found, it is recommended to hire a lawyer who can assist with the legal aspects of the purchase. The lawyer can help with the due diligence process, contract review, and the property registration process.
3. Perform Due Diligence: It is important to perform a thorough due diligence of the property to ensure that it is free from any legal encumbrances or disputes. This involves reviewing property documents and conducting searches with the relevant authorities.
4. Make an Offer: Once due diligence has been completed, an offer can be made to the seller. This is usually done through the seller’s real estate agent, although it is possible to negotiate directly with the seller.
5. Sign a Purchase Agreement: If the seller accepts the offer, a purchase agreement is signed by both parties. This agreement outlines the terms and conditions of the sale, including the purchase price, payment schedule, and any other relevant details.
6. Finalize the Sale: Once the purchase agreement has been signed, the buyer pays a deposit, usually 10% of the purchase price. The remaining balance is paid on the date of completion, which is typically 1-3 months after the purchase agreement is signed. The buyer and seller meet with their lawyers and sign the final sale agreement, which is then registered with the Icelandic Land Registry.
7. Pay Additional Fees: In addition to the purchase price, there are several other fees associated with buying real estate in Iceland, including legal fees, registration fees, and property transfer taxes.

It is worth noting that the process of buying real estate in Iceland can be quite complex, especially for non-Icelandic speakers. It is therefore recommended to work with a reputable lawyer and real estate agent who can guide you through the process and ensure that everything is done correctly.

Making an offer

If you are interested in buying a property in Iceland, you can make an offer to the seller through your real estate agent or lawyer. The offer should include the proposed purchase price, any contingencies (such as financing or inspection), the proposed closing date, and any other terms or conditions that you wish to include.

Once the seller receives your offer, they can either accept it, reject it, or make a counteroffer with different terms or conditions. If the offer is accepted, the parties will typically sign a preliminary agreement, known as a purchase agreement or a sales contract. This agreement outlines the terms and conditions of the sale, including the purchase price, the closing date, and any contingencies or conditions that must be met before the sale can be completed.

After the purchase agreement is signed, the buyer will typically pay a deposit, which is usually 10% of the purchase price, to the seller or their lawyer. The deposit is held in escrow until the sale is completed, at which point it is applied towards the purchase price.

The final step in the process is the closing, which is typically held at the office of the buyer’s lawyer or at the offices of the Land Registry. At the closing, the buyer pays the remaining balance of the purchase price, and the seller transfers ownership of the property to the buyer by signing over the title or the deed. The buyer’s lawyer will typically register the transfer of ownership with the Land Registry and handle any other necessary paperwork.

Paying the deposit

When buying real estate in Iceland, paying a deposit is a common part of the process. It typically represents a percentage of the purchase price and is paid by the buyer to the seller to show their commitment to the purchase.

The deposit is usually held in a separate bank account until the final transaction is completed, at which point it is credited towards the purchase price. If the transaction falls through for any reason, the deposit is returned to the buyer, minus any fees or costs incurred during the process.

It’s important to note that in Iceland, the deposit is usually non-refundable if the buyer decides to back out of the purchase after the contract has been signed, unless the seller breaches the contract in some way. Therefore, it’s important for buyers to carefully consider their decision before making an offer and paying a deposit.

Hiring a solicitor and notary

When buying real estate in Iceland, it is advisable to hire a solicitor and notary to handle the legal aspects of the purchase. The solicitor will review the legal documents and contracts associated with the property, while the notary will handle the actual transfer of the property and ensure that all legal requirements are met.

It is important to choose a reputable solicitor and notary with experience in handling property purchases in Iceland. They will guide you through the legal process and ensure that your rights and interests are protected.

The fees for a solicitor and notary will vary depending on the complexity of the purchase and the value of the property, but typically range from 0.5% to 1% of the purchase price. It is important to discuss the fees and any other costs associated with the purchase with your solicitor and notary before hiring them to avoid any surprises later on.

Arranging a survey

In Iceland, it is not common to arrange a survey when buying a property. Instead, buyers are encouraged to do their own research and inspections to assess the condition of the property. It is important to thoroughly examine the property and ensure that all necessary repairs are accounted for before making an offer.

However, if you want to hire a professional to assess the condition of the property, you can find building surveyors and home inspectors in Iceland who can provide this service for a fee. You can ask for recommendations from your real estate agent, lawyer, or other trusted sources to find a qualified surveyor. Keep in mind that the cost of a survey in Iceland may vary depending on the size and complexity of the property.

Exchanging contracts

In Iceland, there is no formal exchange of contracts as there is in some other countries like the UK. However, the parties involved will sign a purchase agreement which serves a similar purpose. This agreement is usually prepared by a lawyer and signed by both parties once all the terms have been agreed upon, including the price, payment terms, and any other conditions. At this stage, a deposit is typically paid, which is usually 10% of the purchase price. The purchase agreement is legally binding and outlines the terms and conditions of the sale. It is important to ensure that the agreement is carefully reviewed and all necessary provisions are included before signing.

Completing the sale

Completing the sale of a property in Iceland typically involves transferring the remaining balance of the purchase price to the seller’s account and signing a formal agreement of transfer. This agreement should outline the terms and conditions of the transfer, such as the date of completion and any other agreed-upon contingencies.

At the completion date, the buyer and seller will meet at the offices of the Icelandic Land Registry to sign the final documents transferring ownership. The buyer will pay the remaining balance of the purchase price, and the seller will deliver the keys to the property.

After the completion, the new owner of the property will need to register the change of ownership with the Icelandic Land Registry. The registration process can take up to two weeks to complete, and the new owner will receive a confirmation document once the registration is complete.

It is advisable to work with a solicitor or notary to ensure all legal obligations and requirements are met during the completion process.

Moving to your Icelandic property

Congratulations on your new Icelandic property! Once the sale is completed, there are several things you need to do to prepare for your move:

1. Obtain necessary permits: If you are not an Icelandic citizen, you may need to obtain a residence permit before moving to Iceland.
2. Arrange for utilities: You will need to set up utilities such as electricity, water, and gas if your property uses it. You can do this by contacting the appropriate utility companies.
3. Arrange for internet and phone service: You may also want to set up internet and phone service with an Icelandic provider.
4. Change your address: You will need to update your address with your bank, employer, and any other relevant organizations.
5. Arrange for moving logistics: You will need to arrange for the logistics of moving your belongings to Iceland. You can choose to ship your belongings or rent a moving truck and drive them yourself.
6. Register with the National Registry: After moving to Iceland, you will need to register with the National Registry, which is the country’s population registry.
7. Familiarize yourself with the local area: Once you are settled into your new property, take some time to explore your new neighborhood and the local area to get familiar with the surroundings.

Keep in mind that Iceland can be a challenging place to live, especially if you are not used to the harsh climate and isolation. It is a good idea to do your research and prepare yourself for the unique lifestyle and challenges of living in Iceland.

Insurance

Iceland has a well-developed insurance industry, and there are a variety of insurance options available to both residents and visitors. Here are some types of insurance that you might consider in Iceland:

1. Home insurance: If you own a property in Iceland, it is advisable to get home insurance to protect your investment. Home insurance policies typically cover damages to the property caused by fire, flood, earthquakes, theft, and other events.
2. Car insurance: If you plan to drive in Iceland, you are legally required to have car insurance. There are several types of car insurance available, including liability insurance, collision insurance, and comprehensive insurance.
3. Travel insurance: If you are visiting Iceland, it is recommended to get travel insurance to cover any unforeseen events that may occur during your trip, such as medical emergencies or trip cancellations.
4. Health insurance: Residents of Iceland are covered by the National Health Insurance scheme, which provides access to medical services and prescription drugs. However, if you are not a resident of Iceland, it is recommended to get health insurance to cover any medical expenses that you may incur during your stay.
5. Life insurance: If you have dependents who rely on your income, it may be a good idea to consider getting life insurance to provide financial support in the event of your death.

It is important to carefully review the terms and conditions of any insurance policy before purchasing it, and to ensure that it meets your specific needs and requirements.

Utilities and telecommunications

In Iceland, utilities such as electricity, water, and heating are provided by various companies. It is the responsibility of the property owner to set up and pay for these services. The process of setting up utilities varies depending on the service provider, but generally, you will need to provide identification, proof of address, and a contact number.

Telecommunications in Iceland are provided by several companies, including Vodafone, Nova, and Siminn. These companies offer mobile phone plans, internet services, and television services. To set up these services, you will need to provide identification and proof of address. It is important to compare the different plans and providers to find the best deal for your needs.

It is also recommended to obtain home insurance for your property in Iceland, as it can protect you in case of unexpected events such as fire, theft, or damage. Home insurance can be obtained through various insurance companies in Iceland, and it is important to shop around to find the best coverage and price.

Buying land to build a new property in Iceland

Yes, it is possible to buy land in Iceland to build a new property. However, there are certain regulations and procedures that need to be followed.

Firstly, it is important to note that land ownership in Iceland is subject to restrictions for non-Icelandic citizens. Non-Icelandic citizens need to obtain approval from the Minister of Justice in order to buy land in Iceland. Approval is usually granted for land that is to be used for building a residential property or for business purposes that will benefit Iceland’s economy.

Once approval has been obtained, the process of finding and buying land is similar to that of buying a property. You can work with a real estate agent or search online for available land. It is important to have a clear idea of what you want to build and where you want to build it before purchasing land. You should also research any zoning regulations and building codes that may apply in the area where you want to buy land.

Once you have found a suitable plot of land, you will need to arrange financing, which may involve obtaining a mortgage or other financing options. It is also recommended to have a surveyor assess the land before making a purchase to ensure that the land is suitable for building and to determine any potential challenges that may need to be addressed.

After the land purchase is complete, you will need to apply for the necessary permits and permissions to begin construction. This may involve working with architects, builders, and local authorities to ensure that the construction plans meet all necessary regulations and requirements.

Overall, while buying land to build a new property in Iceland is possible, it requires careful planning, research, and adherence to regulatory procedures.

Buying a new-build home in Iceland

Buying a new-build home in Iceland involves a similar process to buying an existing property. However, there may be some additional steps involved. Here are some key considerations when buying a new-build home in Iceland:

1. Research the developer: Before buying a new-build home, it’s important to research the developer to ensure that they are reputable and have a good track record. You can check reviews online, speak to other homeowners who have bought from the same developer, and consult with a solicitor.
2. Check the specifications: Make sure you understand what is included in the purchase price and what isn’t. This will include details such as the size of the property, the materials used in construction, and any additional features like appliances or landscaping.
3. Agree on a completion date: When buying a new-build home, you’ll need to agree on a completion date with the developer. It’s important to have a clear understanding of when the property will be ready, and what will happen if the developer fails to meet the deadline.
4. Consider financing: If you require financing for your new-build home, you may need to arrange this before construction starts. Be sure to speak with a mortgage broker or lender to explore your options.
5. Inspect the property before completion: Before the final payment is made, it’s important to inspect the property to ensure that everything is in order. This is the time to raise any issues or concerns with the developer, and to ensure that everything is up to your satisfaction.
6. Completion and handover: Once the property is complete, the final payment will be made and ownership of the property will be transferred to you. You’ll also need to arrange for any necessary utilities and insurance, and ensure that any outstanding issues are resolved.

Overall, buying a new-build home in Iceland involves a similar process to buying an existing property. However, it’s important to pay close attention to the details and ensure that everything is in order before completing the purchase.

Selling a property in Iceland

Selling a property in Iceland follows a similar process to buying one, with a few key differences. Here are the general steps involved in selling a property in Iceland:

1. Determine the property’s value: The first step is to determine the value of your property. This can be done by hiring a professional appraiser or real estate agent.
2. Find a real estate agent: Once you have determined the value of your property, the next step is to find a reputable real estate agent. A good agent can help you set a fair price for your property and market it effectively to potential buyers.
3. List the property: Your agent will list the property for sale and start marketing it to potential buyers. This may involve listing the property on various websites, holding open houses, and other marketing efforts.
4. Negotiate with buyers: When a potential buyer expresses interest in the property, your agent will help you negotiate the terms of the sale. This may involve negotiating the sale price, closing date, and other details of the transaction.
5. Accept an offer: Once you have received an acceptable offer, you will need to sign a contract with the buyer. This will include details such as the sale price, closing date, and any contingencies that must be met before the sale can be completed.
6. Complete the sale: On the closing date, you will meet with the buyer to complete the sale. This will involve transferring the property title and any associated documents, such as the deed and mortgage documents, to the buyer. You will also receive payment for the property.
7. Pay any outstanding debts: Before the sale can be completed, any outstanding debts associated with the property must be paid. This may include any outstanding mortgages, property taxes, or other liens.

Selling a property in Iceland can be a complex process, and it is important to work with an experienced real estate agent who can guide you through the process and ensure that everything goes smoothly.

Tips on buying real estate in Iceland

Here are some tips for buying real estate in Iceland:

1. Research the market: Before you buy a property, do your research on the real estate market in Iceland. This will give you an idea of property prices in different areas and help you make an informed decision.
2. Get professional advice: It is important to hire a solicitor and a notary when buying a property in Iceland. They will help you navigate the legal requirements and ensure that everything is done correctly.
3. Be aware of hidden costs: In addition to the purchase price of the property, there may be additional costs associated with the purchase, such as taxes, fees, and charges.
4. Inspect the property: Before you make an offer, it is important to inspect the property thoroughly. This will help you identify any potential issues with the property that may need to be addressed.
5. Consider the location: Iceland is a beautiful country with many different landscapes. When buying a property, consider the location carefully to ensure that it meets your needs and is convenient for you.
6. Take your time: Buying a property is a major investment, so take your time to ensure that you are making the right decision. Don’t rush into anything and make sure that you have all the information you need before making an offer.
7. Understand the buying process: Make sure that you understand the process of buying a property in Iceland, including the legal requirements and the steps involved in completing the purchase.
8. Seek professional help: If you are unsure about any aspect of the buying process, seek professional help. Real estate agents, solicitors, and notaries can provide valuable advice and guidance throughout the process.

Buying real estate on the islands in Iceland

Buying real estate on the islands in Iceland can be a unique experience, as many of the islands are remote and offer a chance to own a piece of Iceland’s natural beauty. However, there are some things to consider before purchasing property on an Icelandic island:

1. Accessibility: Some islands may only be accessible by boat or small plane, so it’s important to consider how you will get to and from your property. Also, be aware that weather conditions can often make travel to and from the islands difficult or even impossible at times.
2. Infrastructure: Many of the smaller islands in Iceland have limited infrastructure, which can affect things like utilities, telecommunications, and emergency services. Make sure you research the island you’re interested in and understand what services are available.
3. Land use restrictions: Some islands in Iceland are protected areas, meaning that there may be restrictions on what you can do with the land. Additionally, some islands may have cultural or historical significance that limits what you can build or how you can use the land.
4. Cost: Properties on the islands in Iceland can vary widely in cost, depending on the location, size, and type of property. Make sure you have a good understanding of the market before making an offer.
5. Consult with experts: It’s a good idea to consult with experts, such as a local real estate agent, lawyer, and surveyor, before purchasing property on an Icelandic island. They can provide valuable advice and help you navigate any legal or regulatory issues.

Overall, buying real estate on an Icelandic island can be a rewarding experience, but it’s important to do your research and be aware of the unique challenges and considerations involved.

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