Posts Tagged ‘Holiday Home’

When buying vacation homes overseas there are a number of points to consider and here we will look at the basics.

If you have already have an idea of where you will buy your vacation home overseas or you are just deciding where you should, the tips below will help smooth the buying process.

You vacation home overseas can provide you with a holiday home, valuable rental income and also an appreciating asset that could make you wealthy so lets look at how to buy your perfect vacation home.

1) Research Your Location Before Buying

You need to do research and this means visiting and getting a feel for the area you wish to buy your vacation home in and find out exactly what its like to be there. Once you have done this you need to research the following in relation to your real estate purchase

1. foreign ownership of real estate rules,

2. property taxes,

3. Stability of country and political considerations

4. Investment and rental potential

5. The overall quality of life you need to visit for a few days at least!

2) Get Assistance

Finding a realtor able to assist with your search for the perfect vacation home could save you time, effort and money in the long run.

Most realtors make commission from sales so keep this in mind when buying real estate in a country abroad be careful as many don’t have to be licensed and anyone can call themselves a realtor but get a good one and its money well spent.

A local agent will understand their property market in depth and will help you buy the vacation property that suits you and relieve you of a lot of work.

3) The Rate Of Exchange

When buying overseas keep an eye on the exchange rates that can go for or against you. Exchange rates vary all the time and can have a significant impact on what you can afford

4) Legalities

Legal considerations vary as do land registry systems. In many countries title deed transfers are not registered which can make it difficult to prove you won the property. Get a lawyer. Like a good realtor its money well spent. Legal matters are complicated in many countries so don’t try and do it yourself – get an expert on your side.

5) Protecting & managing your home

Have a local management company look after your home. They can ensure the property is safe and if you wish to rent your vacation home when you are not their they can advise.

With your vacation home overseas it’s a good idea to rent as properties left by themselves can be a temptation to squatters or thieves. Make you sure you have insurance and that your property is looked after.
6. Why Are you buying?

If you have a favorite area for your vacation home overseas fair enough, if you are still looking you may want to pick a country where capital appreciation on your vacation home can make it a valuable asset. You get to enjoy your vacation home and make somec capital growth as well!

A Popular destination

A popular destination for many years has been Costa Rica for buying overseas vacation homes and this country just 3 hours direct flight form the US has it all.

It’s a beautiful, stable, peaceful, friendly country.

With fantastic nightlife and adventure sports, it offers same rights as residents on purchase, is 70% cheaper than the southern US states such as Florida and offers huge capital growth potential as well as good rental income!

If you are considering buying a vacation home overseas then consider Costa Rica.

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Author: Sacha Tarkovsky
Article Source: EzineArticles.com
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Living the Dream

If you are planning to buy a property in Greece or even just thinking about it you will need a guide to help you though the Greek property purchasing process. Whether you dream of a beach villa, village house or an apartment in the town, it is important to avoid the pitfalls of buying a property in Greece in order to make your dreams come true.

The Dream Verses Reality

In your favourite daydream you have decided to leave your present home behind you and settle in another country. You pack your belongings and leave your country behind. You can imagine the little table, chair and parasol on your terrace overlooking the beach. You are watching the sun set peacefully into to azure sea, while drinking a glass of local red wine and eating olives hand picked from your own trees. You are relaxing away from the stresses and strains of your current life and enjoying a life that you so rightly deserve…

Well, we all have fantasies but, this is the real world and things are simply not always that easy. Are you planning to book a cheap package holiday for a week or two, spend a couple of days looking around, and then buy the perfect little house on the spot? Or have you really thought about what’s involved in purchasing a property in Greece? Have you done your homework, research and planning? Do you know where you want to live when you reach your dream destination? A little forward planning will help you achieve your goal of living the dream. It’s much better than leaving things to chance.

What do I really want from a property in Greece?

The first question you should ask yourself is exactly why you wish to purchase property in Greece. For example, are you looking for a retirement or holiday home? Do you want a summer, winter or permanent home? Are you seeking a sound investment or do you wish to work or start a business? Probably you will find that there are a number of reasons you wish to buy a property in Greece. If this is the case there are many more factor to take into consideration then just buying a holiday home. Take some time to decide what kind of property you would like to purchase, and then discuss your ideas with your partner and family. If you are at all unsure of what or where to buy, the best decision is usually to rent for a while first.

When buying a property you need to consider where you would like to live. Resorts are lively in the summer, but may be crowded with tourists. However, in the winter they may be completely closed, with nothing in the way of facilities or shops. In the mountains or villages a few kilometres in land you will probably be a part of a friendly village community, but if the village is remote no-one may speak your language, so you will have to learn theirs quickly. Another option is to excel at mime. You can make many friends among the villagers this way and have great fun too.

Financial Considerations

One of the most important aspects of buying a property in Greece and living there is finance, which includes everything from transferring and changing money to mortgages and taxes. If you are investing in property or a business it is important to consider the exchange rate. Take a realistic look. It is easy to imagine that you have more money to spend on your dream property than you actually have. The cost of purchasing a house and costs of repairs can spiral dramatically without you being prepared for it. If you need to borrow money to fund your dream property, be careful where you borrow the money from.

Many mortgage companies will not lend money for property overseas. It may seem trivial to mention, but always remember that if you borrow money to buy property, or to rebuild it, you have to pay the money back! This statement is one that should be at the forefront of your mind when you are making your plans. It’s advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.

Do not count on holiday lettings for your property to tourists during the months you are not there. In the last two years there has been a decline in the tourism in most parts of Greece, and income from letting property has declined with it. To let out rooms legally, you must have a license from the Greek Tourism Board. You must also fulfil fire and safety regulations, and you must pay tax on this income. Authorities are having a clamp down on illegal lets, and fines are enormous!

If you are planning to move permanently to Greece, unless you have enough private income for you to live well on, you must consider employment in the place you are going to live. You must ensure that this will be possible before you buy a house. What kind of job can you really expect to do? What are your qualifications and experience? Are they recognized? Do you speak fluent Greek? Unless your Greek is fluent you wont be completing on equal terms with the local workforce (you wont anyway, but that a different issue!). Most Greeks aren’t interested in employing people who do not have a good knowledge of the Greek language unless it deals exclusively with foreigners. Are there any jobs in your profession or trade in the area that you plan to live? Answer to these questions and others can be quite disheartening. However, it is better to ask them before moving to Greece, rather than afterwards.

The Greek equivalent of the English Job Centre is the OAED which has a special department for Europeans seeking work, although you should expect it to be easy to find a job. Unemployment rates in mainland Greece is generally high. It is higher still on the islands. Some islanders can only find work during the summer season, when tourists visit. This means they either have to save enough money when they are working to live on during the winter, or learn to survive on unemployment benefit in the winter months. Unemployment benefit is only paid if they have enough national insurance stamps credited to them over eighteen months. Working one summer season will not earn you enough to be paid benefits. If you are self employed in Greece you are not entitled to benefits at all.

Looking For Your Dream Greek Property

After you have answered all these question and more your will be ready to start looking for a property to suit you and your family. Now do your research. The internet is a helpful tool. Listed below are links to relevant articles and information about property and the prefecture of Messinia which will help with your research.

Take notes about the kind of properties that are available and their location. Also note down any that are just below your price range (just below, because you will need some money to pay for taxes, legal fees, and hidden costs of buying property). Discuss the properties that you have found with your family and friends. Find out about the area to see if it suits your requirements. Study maps and guide book descriptions of each location.

When you have established what your requirements are contact the real estate sites you have been looking at. Find out if the online property list is up to date, quite often agents only advertise a small selection of the properties that they have available. Let the agents know your full requirement (be as detailed as possible) and leave your up to date contact details with them. Ask the agents to let you know when any suitable property comes up. This will make it easier for them to narrow down the search so you do not spend months looking at unsuitable properties.

If you intend booking a holiday in order to view properties, it is important to let the real estate agent know you are going to be arriving at least a couple of weeks in advance. Tell the agent where you will be staying. Take a mobile phone with you that works overseas, so they can contact you if they need to. The agents will be able to arrange viewing of properties for you while you are in the country, and hopefully, will be able to find several properties in each area you are interested in.

Be open minded, it may be worth considering purchasing a plot of land, rather than a house that already exists. Design and build properties are easy to find and are a very popular choice. Check if the plot has planning permission. It is often automatic if the land has road frontage, with all services (water, etc) nearby. If the land is within the town planning area it should also be buildable, but always check, and get it in writing. Prefabricated buildings are available in Greece now, they can be built by the manufacturers, or by yourself. If you plan to build any property yourself you it is important to remember that you have to build to Greek and European building and safety regulations. These are very different from UK regulations. All buildings must be built to withstand earthquakes, for example!

When you have found the property you would like to buy, it is advisable to get a survey done. This is a step that is often missed out in Greece. Some areas are prone to flooding, earth tremor damage, or sink holes (A large hole that suddenly appears in the earth when the limestone beneath is eroded away by water). Save yourself a lot of trouble in the future by paying for a good survey. When you have found a good lawyer (who speaks your language, as well as Greek) and a good accountant (to sort out a tax number for you, and some financial details), you are ready to make an offer.

It is normal to pay a deposit of 10 – 20 % of the agreed purchase price. This seals the contact between the seller and buyer. If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return. Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months. You must not pay the full amount until all the documents are in place and your lawyer has made it all legal!

Good Luck with the purchase of your dream Greek property. Enjoy your little piece of Paradise, you’ve earned it.

Claire May is a recognized author of articles about property in Greece and Messinia. An article of her successful undertaking was published in the Escape property magazine. For more information about Messinian properties come and view our website http://www.claires-messinian-properties.com

Author: Claire May
Article Source: EzineArticles.com
Tissot virtual reality

Many people want to buy property overseas in a sunny, stress fee destination. However in their haste they lay themselves wide open to all the pitfalls that may occur. A little time and thought before hand will ensure that when you buy property overseas, you are making the right choice.

Why do you want to buy property overseas?

1 – Will you buy property overseas as an investment only?. If so then you need to think about off plan property, rental guarantee or buying in an area which potentially is not fully developed. for example the resort of Altinkum in Turkey has property starting from as low £17000 purely because the infra structure is not fully established. The potential rise in prices over the next ten years could see you making more than 50% profit.

2 – Will you buy property overseas purely to use as a holiday home? If so be realistic, you might like that villa in Florida but will your children like the 8 hour flights four times a year? Can you afford frequent flights? Have you visited the holiday destination before hand? You will be amazed at how many people buy property overseas when they have never visited the resort before.

Remember to research.

Once you have established whether you are buying property purely as a holiday home, investment or both, then the next step is to move onto research. In the current day and age with the popular use of the Internet there is no excuse for not researching before hand.

1 – Forums are great to research the topic of buying property overseas. Join in with as many as possible and ask questions as you will find a lot of members who have been there and done it and can tell you which agents to avoid and the pitfalls to be aware of.

2 – Many real estate agents now have blogs. Type your phrase IE “buy property overseas” into Google and then ask it to search blogs instead of the web. When you come across a blog post that you like, you have the ability to ask the agent questions. If they are a good agent they will respond with 48 hours.

3 – If you find a company that you like then email them with a list of your questions. Have these questions already prepared on a list of paper as you can be sure that buying property overseas is the equivalent to information overload. Ask the agent for a company profile, previous customers telephone numbers that you can ring. Any good company will not hesitate to give you these.

4 – Viewing trips. Please bear in mind that if you book a viewing trip with one company and then go off viewing property with another company whilst at the destination, that this can lead to very big problems. If you are not 100% certain that you will buy a property from a certain company then it is better to book your own flights, accommodation and arrange an appointment to meet whilst at the destination.

Last but not least, is to take your time. Don’t be rushed if you are not 100% certain that the property is for you.

If you want to buy property overseas then consider Turkey as a wise investment because of the potential for growth and return on your monies. Our portfolio of apartments and villas starts in price from just 18,000.

Whether you want to buy property overseas to use as a holiday home or for an investment, Turkey ticks all the right boxes. If done right then it can be a worth while investment and provide enjoyment for years to come.

Author: Natalie Sayin
Article Source: EzineArticles.com
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Many people just ‘fall’ into buying property abroad. Either they go to a show and like the look of the fancy developer photos and get sucked in by the patter of the clever salesmen (usually ex time share sales people!) or they go on holiday, meet someone in a bar, get invited to a ‘free’ event and with little due diligence hand over tens of thousands of pounds. Don’t let this happen to YOU!

Before you buy or invest in a holiday type home, firstly make sure it is what you want. A £100,000 goes a long way to hiring a holiday home over the next 30 years, without the hassle of dealing with currency fluctuations, managing property from a distance, maintenance costs and complicated tax laws. Many people who buy a holiday home rarely make money, the best case to expect is to break even on your investment.

So before you hand over any cheques:-

1. Make sure your purchase delivers what you want. Cheap holidays abroad or if investing, what you want from it. If it’s income – how much? If it’s capital growth – how much and by when?

2. Don’t be fooled by marketing brochures. They will only give you the ‘good news’. What they won’t tell you is what else will be built in front or behind your property, nor will they declare the finances of all the companies involved and whether they are about to go bust!

3. Just because an area has increased in price today, doesn’t mean it will by the time you come to sell. Think of those who have invested on the coast in Bulgaria. Many can’t even sell for half the price they bought them for!

4. Ensure the prices you are being charged are the same as a local would pay. Many places (Cape Verde for example) were hailed as the next ‘Caribbean’. Properties were therefore already being sold at similar levels to ones you could buy property in the Caribbean for!

5. Don’t buying anything overseas until you have visited the country, secured independent valuations from people NOT connected to the company you are looking to buy from.

6. Work out your costs from start to finish. What are the purchase fees? What will it cost you sell it? What tax will you pay? Are there different inheritance laws? What are the predictions from foreign currency experts on the exchange rate versus £ now and in the future? If you don’t have time to work these out or don’t know how, ask a professional or don’t buy!

7. Make sure you have two solicitors – a local solicitor AND an international solicitor. That’s how the professional investors buy, because they know it’s a false economy not to.

8. If buying the property requires you to use the developer’s legal and/or finance company run away as fast as you can, as it suggests a lack of transparency and makes it easier for disreputable companies to fleece you blind. You HAVE been warned!

9. Weigh up the risk of investing abroad versus investing at home. Force yourself to write down the pros and cons of investing abroad/the country you are looking at.

10. Make sure you work with currency specialist, never buy through your bank, it’ll cost you a fortune!

Finally you need to be aware you avoid all the mistakes other investors overseas have made who have lost money in the likes of Bulgaria, Spain and many other countries, for example:-

Spain, key issues included

• People buying properties ‘overlooking’ the sea, then new ones were built in front and obscured the view.
• Builders took people’s money and went bust – taking deposits with them.
• Properties were built on land without the proper authority and the buyers weren’t given the right paperwork to make the property legal.
• People bought properties off plan in areas that were then flooded with competing properties built at the same time or coming onto the market cheaper.
• Those that wanted to sell after five or more years found the market was too competitive and the new builds brought their property’s price down.

Bulgaria, key issues included

• From a coastal perspective, too many properties were built to cope with demand.
• It was often cheaper to stay in a hotel locally than to rent an apartment.
• No local demand, only overseas.

Cape Verdi, key issues included

• Island sold as ‘the next Caribbean’ but properties were sold at built in ‘Caribbean prices’ for example £60,000 for a one bed coastal flat which would buy you a three bed locals house in a village. In St Lucia, 5-10 minute drive from the coast would buy you a three bed property in a good area that could also be rented to locals or people on long holidays/working away.

I am one of the UK’s top property experts being regularly quoted in the press including the Telegraph, Independent, Times, Daily Mail and Express and have appeared on BBC2, featured on BBC Radio 4, Channel 4 and a number of local BBC Radio stations.

I have been a consultant to the property sector for a number of years and renovating properties for over 20 years. I have also written a number of books, including four for Which? – Buy, Sell, Move House, Renting and Letting, Develop your Property and the Property Investment Handbook.

For answers to all your property questions, contact me at Designs on Property on 0845 838 1763 or visit our website and blog using the links below:-

http://www.designsonproperty.co.uk/ and
http://factsnotheadlines.blogspot.com/

Author: Kate Faulkner
Article Source: EzineArticles.com
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OK, so you’ve had a fab holiday, drinking Ouzo or G&T’s and spent every day on the beach! You couldn’t help but notice a few ‘for sale’ signs for some lovely properties, perhaps ramshackle farm cottages in need of TLC or beautiful beach front penthouse apartments and villas.

And, in case you don’t step outside of the hotel to see properties for sale, all the tourist brochures seem to be full of information about “how to buy a holiday home in three easy steps” and make lots of money from renting it out to other holiday makers or selling it at a huge profit.

However, buying a home abroad isn’t:

1. As easy as ‘one, two, three’!

2. Means you incur taxes in the UK and in the country you own the property in.

3. The same as buying and selling in the UK.

It’s easy to get caught into buying abroad, especially when it’s so wet here! However it’s worth checking out the finances of whether it’s a good idea or not.

For example, I’m looking at buying in St Lucia. I want to buy for several reasons, I:

1. Love St Lucia and the people and would like to be able to spend a month or more there.

2. Would enjoy renting the property to friends and family so they can enjoy St Lucia too.

3. Think I have found a way of buying land and building two properties and covering my costs by selling the other.

4. Want to be able to visit there for longer periods of time when I retire (a little way away yet though!)

5. Relish the challenge of buying and building a property abroad.

Why haven’t I bought yet?
I haven’t done it yet, despite visiting there five times in the last 10 years! Why? I don’t feel I’ve done enough research yet. Every time we visit we have a good look around. When I seriously decided it was an option, we then had to work out what we could afford and what we wanted – and where.

Where should I buy?
So we spent two holidays touring the island and getting to know each of the different areas from a price perspective, but more importantly from a ‘will we fit in with the locals’ perspective.

What we worked out is we don’t want a beach front villa; I’m nervous of a hurricane wiping out my home, so I’d rather be inland and have a short drive to the beach instead.

What should I watch for?
I also wanted to really understand how property ownership worked, what the pitfalls would be of buying in St Lucia – what if oil prices go up so much I can’t fly there? What was the government’s attitude to foreigners buying? I didn’t want to end up in the same situation as other holiday home owners have when they buy and then the government changes ownership rule or finds a reason to tear the property down, as they have in Spain.

Who can I rely on?
I also needed to get to know some locals really well so that I could have people I could trust to help me understand the rules and regulations. It also meant that I have people on the ground to keep an eye on the property, or do an emergency visit if needed.

Credit Crunch and Currency Exchange!
Our last visit was an interesting one. Sterling had fallen against the Caribbean dollar, so prices had effectively increased by 25%, even though they weren’t charging anymore for properties than the year before and there were some bargains to be had.

We did find a great property in a great area, and only for £100,000. We looked at it twice for some time. However, what we really learnt was that although this property would have been lovely, my heart lies in buying some land and building a simple Caribbean style hut or two and we want to live in an area where locals can afford to buy. 

Cheaper to Rent?
We also found out something even more interesting. To rent a property for a month or two didn’t actually cost anywhere near as much as we thought it would. In fact at the moment, it’s almost cheaper and certainly a lot less hassle.

So, we’ve decided not to be under any pressure to buy and build as we know that if we don’t get to do it, we can still achieve pretty much everything we want and that although we’d compromise on owning our own property, we wouldn’t have any of the risks or hassle of owning a property so far away!

I am one of the UK’s top property experts being regularly quoted in the press including the Telegraph, Independent, Times, Daily Mail and Express and have appeared on BBC2, featured on BBC Radio 4, Channel 4 and a number of local BBC Radio stations.

I have been a consultant to the property sector for a number of years and renovating properties for over 20 years. I have also written a number of books, including four for Which? – Buy, Sell, Move House, Renting and Letting, Develop your Property and the Property Investment Handbook.

For answers to all your property questions, contact me at Designs on Property on 0845 838 1763 or visit our website and blog using the links below:

http://www.designsonproperty.co.uk/
http://factsnotheadlines.blogspot.com/

Author: Kate Faulkner
Article Source: EzineArticles.com
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You may have made the definite decision to buy a second home abroad and you may have made the decision on what country. If you have chosen Italy and selected Sicily, then you still need to carefully consider where in Sicily you will buy. Living in a rural area and finding yourself bored senseless, or finding yourself in a busy, slightly wild city such as Palermo may equally be incorrect for your needs. So where in Sicily should you buy real estate or property. Where is the ideal place to buy a villa or apartment?

There are several factors you might want to consider when choosing a location especially:

- Your reason for buying (i.e. investment or for personal use)

- What transportation you will have at your disposal. Getting to and from your country of residence to the holiday/investment home

- Your hobbies/interest

- Language

YOUR REASON FOR BUYING YOUR VILLA/HOME

In Sicily, you may be buying real estate as an investment opportunity or you may be buying as a holiday home. If buying as an investment opportunity, both rental opportunities and capital growth will likely be of concern to you. An area such as the stunning seaside town of Taormina, despite being expensive, can offer a very reasonable yield on a 1 or 2 bedroom apartment. For investment parts of Catania might also be worth considering. If buying for a holiday home then the ideas below wil become more important.

TRANSPORTATION

Getting from your country of residence to the door of your property is a very important consideration. You may have do a trip to your property for some unexpected reason, in addition to the regular trips to sort out the buying process and for visiting your property. Public transportation is not the best in Sicily hence this is an important consideration. The main airports into Sicily are Catania and Palermo airports and car hire is reasonably easy to sort out in these airports. Consider though that the Italian and even more so, the Sicilian way of driving can be very stressful for someone not used to it. To get to Sicily with your own car can be difficult thus buying with reach of Catania or Palermo may be worth considering.

YOUR HOBBIES AND INTERESTS

If you are planning to spend time in your Sicily property yourself, think carefully about how your own interests and hobbies match the place you buy. If you enjoy beach life, eating fresh sea-food every night and also having enough to do in the evenings i.e. theatre, then consider a main city such as Catania. If you enjoy tranquillity and wish to write or paint but still enjoy the sea life, then maybe somewhere such as Messina or Noto. Do your research carefully.

LANGUAGE

In terms of language, Sicily I think it fair to say, is further behind compared to many other places in Europe. People tend NOT to speak English and if they do it will be in the main cities. If moving and buying an apartment, villa or casa in rural Sicily, ENSURE you learn Italian.

Paul writes for Sicily Villas and apartments and South Korean people & culture

Author: Paul Symonds
Article Source: EzineArticles.com
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