Hello again.
Are you off to have a look for your dream home? And have you decided where to buy? Someone I was chatting to a few days ago was telling me that her dream had always been to live on Lake Como but that George Clooney et al had put paid to that!
And I suppose that price-wise Lake Como is a trifle out of most ordinary people’s price range now. The presence of Clooney plus folk like Sting caused a boom in the market that caused a 25% rise in prices in little over two years. Forget the global housing crash, prices here aren’t going to drop any time soon, with demand from wealthy Milanese and financiers and bankers based across the Swiss border still buying in the area, plus Hollywood’s elite baying at the gates!
But, as I said to my friend, don’t give up hope if the area you love is beyond your price range. Many people have found that you don’t necessarily need a movie star’s bank balance to pick up a property on or near the Lake. And the same thing applies worldwide. If you find that the area you love is too expensive, have a look nearby. For instance in Spain, prices are at a premium near the sea, especially around the Costas – Costa Brava etc.. Just a few kilometres inland there is a dramatic drop in property prices – the same applies to Portugal and the Algarve area. A few miles back from the water or in the lesser known western area of the Algarve prices are considerably lower.
What I am trying to point out is that sometimes you need to move only a short distance away from the really expensive areas to find places that are still within your price range. And sometimes circumstances change.
In Greece for instance I know of a new coastal development in Messinia in the southwest Peloponnese, one of the most enchanting coastal landscapes in the Mediterranean. On completion, Costa Navarino will have 5-star resorts, luxury high-end residences, state-of-the-art conference facilities, world-class spa centres and golf courses. Now, the point is that I feel sure this will raise the property prices in the area and getting in early may just be a good idea. So do your homework and take advice from locals. But don’t necessarily buy from them – this then becomes a conflict of interest that many people have been tricked by…!
So…as I have indicated before, it’s all down to good planning and research. Plus of course a really good estate agent can prove invaluable. Good luck!
Until next week.
Kim
Friday, 30 July 2010
Friday, 23 July 2010
Make Sure You Use An Independent Lawyer
Hello again.
In my years with the OGC, I have spoken to lots of people buying abroad, most of whom were thrilled with the outcome, but sadly there have been a few that have had tragic tales to tell.
One such couple had bought the holiday home of their dreams, with lovely views of the sea, and were excitedly planning regular visits accompanied by their children and grandchildren. You can imagine their horror when they visited their property as it neared completion only to discover that a block of flats had been erected which totally obscured their sea view. I must say I was utterly heartbroken on their behalf. Here is another tale, as emailed to me:
“…none of our documents were translated by our English speaking lawyer, introduced by the agent! (I know - classic mistake and one we are paying for in stress and also money!). We thought we had bought a house complete with the land, but our documents tell a different story which is that we bought the land for one price. We then bought the shell of the building and employed the builder to complete the house (he still hasn't). This contract also states that if the builder does not get his money then he can sell the house and take everything in it (about £30,000’s worth of furniture and fittings).”
Why am I telling you all this?
If there is one ‘classic mistake’ that I have identified more than once, it is that people do not use the services of an independent lawyer, thoroughly conversant in English. This really is absolutely vital: retain your own lawyer and do not, under any circumstances, use one recommended by the seller or developer unless you can get personal recommendations from other people who have used him/her successfully. If you do, you may well find that such a lawyer will have conflicting loyalties. You don’t have to be a rocket scientist to know who they will ultimately look after - you, with your one-of purchase, or the estate agent/developer, with whom they do business on a regular basis. It’s a no-brainer.
Suffice it to say that if both these buyers had used good, thorough lawyers both the above set of circumstances could and indeed should have been avoided.
You also need to make very sure that you understand every word on the contract and that you’re paying as building stages are reached if you are buying off plan. That way you can’t be forced to pay by a certain time. I have heard of people paying almost the full price on a property before the builder has even started the build – it’s a very old con and one that still catches people out.
Please don’t neglect to do the things that you as a buyer would routinely do in the UK…as mentioned, retain your own lawyer, and also make sure you have all documents translated so that you can read and fully understand them and that you get personal references on all builders and developers that you use. A survey would also be on my ‘to-do- list.
I would love to hear how your plans to buy property are coming along. Also, there is masses on really detailed information in the OGC Buying Guides – I have put them all in case you may know someone interested in buying elsewhere! Just go to:
http://www.GreeceBuyingGuide.com/guide.htm
http://www.ItalyBuyingGuide.com/guide.htm
http://www.FranceBuyingGuide.com/guide.htm
http://www.PortugalBuyingGuide.com/guide.htm
http://www.EmigrationGuide.com/guide.htm
Best regards and a sunny smile from me – I am off boating down the canals in my friend’s longboat again!
Kim
http://www.emigrationguide.com
In my years with the OGC, I have spoken to lots of people buying abroad, most of whom were thrilled with the outcome, but sadly there have been a few that have had tragic tales to tell.
One such couple had bought the holiday home of their dreams, with lovely views of the sea, and were excitedly planning regular visits accompanied by their children and grandchildren. You can imagine their horror when they visited their property as it neared completion only to discover that a block of flats had been erected which totally obscured their sea view. I must say I was utterly heartbroken on their behalf. Here is another tale, as emailed to me:
“…none of our documents were translated by our English speaking lawyer, introduced by the agent! (I know - classic mistake and one we are paying for in stress and also money!). We thought we had bought a house complete with the land, but our documents tell a different story which is that we bought the land for one price. We then bought the shell of the building and employed the builder to complete the house (he still hasn't). This contract also states that if the builder does not get his money then he can sell the house and take everything in it (about £30,000’s worth of furniture and fittings).”
Why am I telling you all this?
If there is one ‘classic mistake’ that I have identified more than once, it is that people do not use the services of an independent lawyer, thoroughly conversant in English. This really is absolutely vital: retain your own lawyer and do not, under any circumstances, use one recommended by the seller or developer unless you can get personal recommendations from other people who have used him/her successfully. If you do, you may well find that such a lawyer will have conflicting loyalties. You don’t have to be a rocket scientist to know who they will ultimately look after - you, with your one-of purchase, or the estate agent/developer, with whom they do business on a regular basis. It’s a no-brainer.
Suffice it to say that if both these buyers had used good, thorough lawyers both the above set of circumstances could and indeed should have been avoided.
You also need to make very sure that you understand every word on the contract and that you’re paying as building stages are reached if you are buying off plan. That way you can’t be forced to pay by a certain time. I have heard of people paying almost the full price on a property before the builder has even started the build – it’s a very old con and one that still catches people out.
Please don’t neglect to do the things that you as a buyer would routinely do in the UK…as mentioned, retain your own lawyer, and also make sure you have all documents translated so that you can read and fully understand them and that you get personal references on all builders and developers that you use. A survey would also be on my ‘to-do- list.
I would love to hear how your plans to buy property are coming along. Also, there is masses on really detailed information in the OGC Buying Guides – I have put them all in case you may know someone interested in buying elsewhere! Just go to:
http://www.GreeceBuyingGuide.com/guide.htm
http://www.ItalyBuyingGuide.com/guide.htm
http://www.FranceBuyingGuide.com/guide.htm
http://www.PortugalBuyingGuide.com/guide.htm
http://www.EmigrationGuide.com/guide.htm
Best regards and a sunny smile from me – I am off boating down the canals in my friend’s longboat again!
Kim
http://www.emigrationguide.com
Friday, 16 July 2010
Keep the costs down
Hello – how are you? This is a happy week for me as my daughter is in town. She lives in Dubai and is here to complete a course module for her studies. She arrived in London hoping to escape the heat in Dubai, only to be met with uncharacteristically hot weather here! I did warn her in advance – but do kids ever listen to their mothers? Thank heavens it’s cooling down a little now, for both our sakes!
Are you going abroad this summer, either on holiday to ‘recce’ out your new projected homeland, or indeed to actually relocate? For those sun worshippers amongst us, it may interest you to know that the number of tourists worldwide have dropped, mainly of course due to the almost universal slump in the economy.
So…what to do about this?
If you Google holiday deals, you will find that many holiday companies are offering cheaper deals that ever - a sign of the times. But, if like me, you like to travel independently, you may find that planning a trip yourself can work out very economically. I have often renegotiated accommodation prices and today, with tourism in the doldrums, I would certainly try this. In Greece for instance, admittedly out of season, I have seen from the prices on the back of the door that I paid only a third of the room price! There are low cost airline flights plus a growing choice of self-catering options, as well as keenly priced hotels. You may find B & Bs an even better option that the bigger hotels as they can be more flexible price-wise.
Sometimes too it pays to go just a short distance from the most popular areas – the price can drop dramatically. Most visitors to the Algarve for instance go west from Faro airport to the busy coastal resorts of Albufeira, Portimão and Lagos. These are the most popular destinations, and therefore the most pricey. If you go east to the nearby pretty riverside town of Tavira for instance your holiday can cost half as much! Food is much more affordable and so is the accommodation.
Try and go where the locals go rather than where the tourists congregate – they know a whole lot more than we do about their own country!
And if your trip is part of a property viewing trip, this could be a very good time. Prices have dropped virtually worldwide and some are not expecting the market situation to improve before the second half of 2012. You do however really need to focus on accessibility – always important but never more so than now. You don’t want to have to spend hours – or hard earned cash – getting to your property.
I write a monthly Emigration newsletter and I am dedicating my end July/ early August one to transport – you may like to look at it. Just go to: http://www.emigrationguide.com/newsarchive.htm around about 29th July.
Enjoy summer and keep smiling!
Carol.
Are you going abroad this summer, either on holiday to ‘recce’ out your new projected homeland, or indeed to actually relocate? For those sun worshippers amongst us, it may interest you to know that the number of tourists worldwide have dropped, mainly of course due to the almost universal slump in the economy.
So…what to do about this?
If you Google holiday deals, you will find that many holiday companies are offering cheaper deals that ever - a sign of the times. But, if like me, you like to travel independently, you may find that planning a trip yourself can work out very economically. I have often renegotiated accommodation prices and today, with tourism in the doldrums, I would certainly try this. In Greece for instance, admittedly out of season, I have seen from the prices on the back of the door that I paid only a third of the room price! There are low cost airline flights plus a growing choice of self-catering options, as well as keenly priced hotels. You may find B & Bs an even better option that the bigger hotels as they can be more flexible price-wise.
Sometimes too it pays to go just a short distance from the most popular areas – the price can drop dramatically. Most visitors to the Algarve for instance go west from Faro airport to the busy coastal resorts of Albufeira, Portimão and Lagos. These are the most popular destinations, and therefore the most pricey. If you go east to the nearby pretty riverside town of Tavira for instance your holiday can cost half as much! Food is much more affordable and so is the accommodation.
Try and go where the locals go rather than where the tourists congregate – they know a whole lot more than we do about their own country!
And if your trip is part of a property viewing trip, this could be a very good time. Prices have dropped virtually worldwide and some are not expecting the market situation to improve before the second half of 2012. You do however really need to focus on accessibility – always important but never more so than now. You don’t want to have to spend hours – or hard earned cash – getting to your property.
I write a monthly Emigration newsletter and I am dedicating my end July/ early August one to transport – you may like to look at it. Just go to: http://www.emigrationguide.com/newsarchive.htm around about 29th July.
Enjoy summer and keep smiling!
Carol.
Friday, 9 July 2010
Money Saving Tips Abroad
Hi there – how are you?
I never, in my wildest dreams, imagined that I would be hoping for a cloudy, cool day here in London. While my friends were here and Wimbledon was on, it would have been a tad churlish to wish for overcast skies but this week at last I welcome the cooler weather!
Are you going away this summer? Whether you are looking to buy a property abroad or just joining the steadily declining number of holiday makers overseas, there is no doubt that financial restraints have meant that tourism has dropped. Most of us or having to tighten our belts and count the pennies, to use two clichés in one sentence! Not only is getting out there more costly but accommodation is stretching budgets too, so here are a few of my own tips for saving money next time you are abroad:
Food shopping
Bye for another week – take care!
Carol.
http://www.emigrationguide.com/
I never, in my wildest dreams, imagined that I would be hoping for a cloudy, cool day here in London. While my friends were here and Wimbledon was on, it would have been a tad churlish to wish for overcast skies but this week at last I welcome the cooler weather!
Are you going away this summer? Whether you are looking to buy a property abroad or just joining the steadily declining number of holiday makers overseas, there is no doubt that financial restraints have meant that tourism has dropped. Most of us or having to tighten our belts and count the pennies, to use two clichés in one sentence! Not only is getting out there more costly but accommodation is stretching budgets too, so here are a few of my own tips for saving money next time you are abroad:
Food shopping
- It’s true that there are usually some lovely specialist stores nearby but prices can be on the high side if there is little competition in rural areas. It may be wise to consider shopping online if you can. This will mean that you can compare pricing and buy cheaper plus you will be less inclined to impulse buy!
- You could also find out if they have something like special offers or ‘double point’s days’ at your local supermarket and make an effort only to shop on those days. Also have a look at the items in the section for ‘nearing sell by date’. I have had lots of success here – things are sometimes quite dramatically reduced and are absolutely fine if you are going to eat them straight away or freeze them
- Last but by no means least, make a point of using your local fresh produce market for the bulk of your general day to day fruit and veggies if there is one in the vicinity. You may have to queue at the popular stalls but produce is usually cheaper and often much better than at the supermarkets
- Once you have your own property, think about growing your own vegetables. Some friends of mine have a small plot and were absolutely delighted this year to be able to pick the most wonderful green beans, potatoes and tomatoes from their own garden. It is tremendous fun to watch something you have planted grow from seed and not difficult to achieve
- Invest in a water butt to catch rainwater for your garden
- Every village or town has one or more. Look out for adverts in your supermarket and patronise these – you will be surprised what you can find.
- Good insulation helps cut heating bills down in winter and air con. Bills in summer. Sealing outside doors also helps here
- A wood burning stove and/or an open fire may well be all you need for many of the winter months instead of more costly central heating
- Remember to turn off your TV, PC and mobile phone charger when not in use – from the wall and not just on the remote! A little goes a long way in saving you money!
- Both petrol and diesel are usually cheaper at supermarkets. Try to avoid motorway service stations if you possibly can, they can be quite a bit more expensive
- This is always worth looking into properly. You need to look at the cover you have as well as any excess and compare to other companies
- This is vital. Communication with your neighbours, local shopkeepers and new friends is vital, not only for your peace of mind and happiness but for helping you to save money on your general living expenses. When I first bought my house abroad a kind neighbour told me where to get the very freshest bread in the morning which also happened to be a little cheaper than the bakery I had been going to. OK, a small point but a good example of how integration can help you in so many ways. So don’t be shy, socialise as much as you can and both you and your pocket are bound to benefit!
Bye for another week – take care!
Carol.
http://www.emigrationguide.com/
Friday, 2 July 2010
Make YOUR financial plan come together….
Hi there.
Well, miracles DO happen! Can you believe the wonderful weather Wimbledon experienced in the run-up to the finals? As I may have mentioned, friends of mine came from South Africa and the USA to watch, and their chief concern was that they didn’t get sunburnt – not a problem usually encountered at Wimbledon! And what a gripping series it is, with the both the men’s and the woman’s favourites out – unbelievable.
I heard recently that they were doing a remake of that classic TV series, The A Team…I know it was ridiculous, but somehow it reminds me of my kid’s childhood, of a less sophisticated era when we all clustered around the TV together to watch instead of the family being spread throughout the house, each at their own computer or laptop.
Remember the catch-phrase – ‘I love it when a plan comes together?’ Well, wouldn’t it be wonderful to jet away to your place in the sun for your summer break, all your plans having come together? If only buying abroad was that easy….or is it? Well, thousands of us Brits do so every year according to the statistics – why not become one of them?
However, has the family agreed on the motive for buying? Is it a heart pounding, emotional fuelled, lifestyle purchase? Or is it a level-headed, pragmatic, money making decision? The majority of people probably want it all - the best of both worlds. However, that peaceful mountain retreat might not rent like the hedonistic beach front apartment…or should it be the city centre apartment which could rent well…but then…do you really want to stay in the business district yourself?
Whatever motivates your purchase, there are certain concerns that you should bear in mind, one of the most important being what financial liability are you taking on and if you can afford it. The papers have been full of property market crashes around the world – indeed mortgages were one of the main factors in many of the bank’s problems.
With 80% of overseas purchases being mortgaged, you need to make sure you choose the correct bank to fund your purchase. This can save you thousands in the long run. Do you need a bank that can facilitate re-finance? What about over-payments, what about off-setting income against mortgage costs? Is there a robust legal process and who should represent you? Cut costs here and you could lose the lot. Also, have you considered what type of property rents well in your chosen area: apartments or villas? Is there a glut of rentable property in the area you are looking at? These and many other factors need serious consideration upfront.
The bottom line is that all of the above involves money and lots of it, so talking to professionals is key. This is a big commitment with big responsibilities. How does it fit into your overall financial plan? Speak to financial advisors who have overseas property experience (not all do), and are familiar with property investment strategies. Understanding the full financial commitment you are taking on, you can then feel confident that you are buying within your budget and not be in for any shocks along the way.
Your plan will only come together only if you actually have one…and then stick to it! Even when buying the holiday home of your dreams the numbers must work… you must understand them, work them out in advance, and then confidently buy, knowing that you have catered for every contingency.
Take care in the week ahead and enjoy the summer sun!
Best,
Carol.
http://www.emigrationguide.com
Well, miracles DO happen! Can you believe the wonderful weather Wimbledon experienced in the run-up to the finals? As I may have mentioned, friends of mine came from South Africa and the USA to watch, and their chief concern was that they didn’t get sunburnt – not a problem usually encountered at Wimbledon! And what a gripping series it is, with the both the men’s and the woman’s favourites out – unbelievable.
I heard recently that they were doing a remake of that classic TV series, The A Team…I know it was ridiculous, but somehow it reminds me of my kid’s childhood, of a less sophisticated era when we all clustered around the TV together to watch instead of the family being spread throughout the house, each at their own computer or laptop.
Remember the catch-phrase – ‘I love it when a plan comes together?’ Well, wouldn’t it be wonderful to jet away to your place in the sun for your summer break, all your plans having come together? If only buying abroad was that easy….or is it? Well, thousands of us Brits do so every year according to the statistics – why not become one of them?
However, has the family agreed on the motive for buying? Is it a heart pounding, emotional fuelled, lifestyle purchase? Or is it a level-headed, pragmatic, money making decision? The majority of people probably want it all - the best of both worlds. However, that peaceful mountain retreat might not rent like the hedonistic beach front apartment…or should it be the city centre apartment which could rent well…but then…do you really want to stay in the business district yourself?
Whatever motivates your purchase, there are certain concerns that you should bear in mind, one of the most important being what financial liability are you taking on and if you can afford it. The papers have been full of property market crashes around the world – indeed mortgages were one of the main factors in many of the bank’s problems.
With 80% of overseas purchases being mortgaged, you need to make sure you choose the correct bank to fund your purchase. This can save you thousands in the long run. Do you need a bank that can facilitate re-finance? What about over-payments, what about off-setting income against mortgage costs? Is there a robust legal process and who should represent you? Cut costs here and you could lose the lot. Also, have you considered what type of property rents well in your chosen area: apartments or villas? Is there a glut of rentable property in the area you are looking at? These and many other factors need serious consideration upfront.
The bottom line is that all of the above involves money and lots of it, so talking to professionals is key. This is a big commitment with big responsibilities. How does it fit into your overall financial plan? Speak to financial advisors who have overseas property experience (not all do), and are familiar with property investment strategies. Understanding the full financial commitment you are taking on, you can then feel confident that you are buying within your budget and not be in for any shocks along the way.
Your plan will only come together only if you actually have one…and then stick to it! Even when buying the holiday home of your dreams the numbers must work… you must understand them, work them out in advance, and then confidently buy, knowing that you have catered for every contingency.
Take care in the week ahead and enjoy the summer sun!
Best,
Carol.
http://www.emigrationguide.com
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