How to buy a holiday home abroad

The thought of owning a second home in the sun or a ski lodge or mountain retreat where we can escape whenever the mood takes us is of course a commonly held dream.

And with the simplification of re-mortgaging facilities, the affordability of home loans and the growth in underlying equity many of us have enjoyed on our principal residences, there couldn’t be a better time to turn that dream into a reality than today.

Here’s how to buy a holiday home abroad and avoid all the common traps and pitfalls that people can fall foul of.

First things first you need to decide whether it make sense for you to release the equity that has built up in your principal residence to buy a property overseas, to raise a mortgage on the overseas property or to pay for it in cash.

Unfortunately there is no straight answer to this dilemma! The answer will lie somewhere among your own personal circumstances, your ability to afford an extension on your home loan or an overseas mortgage, the country in which you’re buying abroad and whether or not it offers good investment potential. However, there are two simple facts that the majority of financial advisers and mortgage lenders agree upon and these may help you make your decision: –

1) taking the money that has built up in equity on one property and using it to buy another property is probably the most sensible thing to do when releasing equity

2) over the medium to long term real estate as an equity class is one of the most consistent returning investment mechanisms.

The next issue relates to which country you should buy your holiday home in. You may have a very positive idea of which country you would most like to spend your holiday time in – if you have a country in mind it’s probably a country you know well and have had enjoyable times in before.

If on the other hand you’re unsure and are looking abroad for a holiday home as an investment property in an emerging market or a market with strong room for growth, you should draw yourself a shortlist based upon what you’re looking for in a holiday home – i. e., if you want a European beach house with 300 days sunshine a year you’re more likely to look at the Mediterranean region rather than the Ukraine or the UK!

Whichever country you’re considering, do research into the laws relating to foreign freehold ownership of real estate in that country and on the projected prospects for the property sector over the medium term – all this sort of information is available on the internet.

Once you have a country in mind you need to set yourself a realistic budget – realistic in that it is an amount you can afford and also that it is an amount that will buy you a quality property abroad. Going back to the Mediterranean region in Europe for a moment, those with a large budget could acquire a decent property on the Spanish coast, those with a small budget could only acquire substandard or renovation property on the Spanish coast but could purchase something far more substantial in the interior of Spain. Think about the amount you can afford and then look at the country you’re interested in – where will you get the most for your money?

Always employ independent legal representation to assist you in any transactions you enter into abroad. You may not fully understand the language or legal system of the country you’re buying your holiday home in so you need a lawyer who does! Furthermore you need a lawyer who is working solely for you and not representing your interests together with those of the vendor or property constructor as well!

Get any contracts or papers you sign officially translated into English before signing, have any promises made or deals verbally brokered written into the contract, make a will that includes your new property purchase and don’t rush into a decision because pressure is being put upon you or because your time abroad to organise everything is short. The world will not run out of holiday homes for sale in our lifetime. If you keep your wits about you and remember the golden rule – i. e., if something seems too good to be true it probably is – you’ll be just fine!

Relocation to oregon real estate benefits of forest heights

The Pacific Northwest -- specifically Portland, Oregon -- is renowned for pairing the convenience and luxury of urban life with the unmatched beauty of nearby parks and wilderness. Portland seems to be bursting with city parks, and Portland residents take great advantage of having a number of green areas right in their own backyards. The Forest Heights neighborhood of Portland is perhaps the best example of this combination; homeowners are treated to spacious and beautiful lots in the heart of a breathtaking natural setting. And the welcoming surroundings aren't the only reason to consider relocating to Forest Heights. Top notch schools, clean streets and parks, and a bustling market center are just a few reasons why Forest Heights may be the perfect neighborhood for you.

It may be an old real estate axiom, but it still rings true; location, location, location. Nestled in the gorgeous, rolling West Hills of Portland, Forest Heights gives homeowners acres of pristine residential and forest areas to explore and enjoy. The neighborhood is conveniently located to the darling Northwest 23rd Street district, minutes from Downtown and a quick commute to the outlying Beaverton and Hillsboro areas. The natural beauty of the West Hills accents the diverse array of architectural types available to Forest Height homeowners. Unlike many cookie-cutter residential communities, Forest Height architects and designers make sure the mix of house styles is not only varied but aesthetically complimentary to the rest of the neighborhood. Classic Northwest-, Colonial - and Mediterranean-influenced houses mix to create as attractive a planned community as can be found in the Portland/Metro area.

Location may be important but it certainly isn't everything. Luckily for homeowners, Forest Heights provides many opportunities for active residents to get involved in their community. Indeed, many Forest Height residents are responsible for helping maintain the charm and individuality of their own neighborhood. Apart from the beautiful parks, trails and old-fashioned streets, Forest Heights residents are also invited to participate in and attend special events as a way to build a greater sense of community and safety in the neighborhood.

Of course, a neighborhood is only as charming as its local merchants, and Forest Heights happens to have one of the most pleasant and convenient merchant centers in the area. The Forest Heights Village Center started in 2005 and boasts a broad spectrum of shops and services. Looking for a relaxing way to spend a Saturday afternoon? Treat yourself to a few hours of massage and beautification at DentSpa before checking out the fine hand-crafted needlepoint designs of In Stitches. Running errands between business meetings? Get those copies done at Postal Annex while shooting down some espresso from the nearby Starbucks. Or perhaps you're looking for a fun or romantic night out with a loved one? Fill up at Pizzicato Gourmet Pizza and then try to squeeze in a little dessert at Sweet Ambrosia Bakery. Each business in the Village Center is on a five-year lease, meaning you won't lose your favorite hairstylist or barista soon after settling in to your new neighborhood. And the Forest Heights Village Center also offers several special events throughout the year, such as holiday celebrations and summer music concerts. The Village Center offers such a dizzying array of shops and events, it's amazing Forest Heights residents ever make it back to their homes.

For those home owners in the process of or planning to raise a family, Forest Park Elementary School allows children to get a solid education in the comfort of their own community. Forest Heights is also conveniently located to a number of Portland's best public schools, and the Forest Heights bus service makes sure students get to their classes safe and on time.

Portland is quickly becoming one of the Pacific Northwest's premiere relocation destinations, and with communities such as Forest Heights it is easy to see why. The jaw-dropping landscape, convenient location, community involvement, education options and merchant center provide residents with virtually everything they might need. Small-town simplicity is combined with urban eccentricities into one fun, safe and attractive community. If you're looking into relocating to the Pacific Northwest, make sure to consider Forest Heights; it may be the best Portland's West Hills have to offer.

~Ben Anton, 2008

Finding letting agents in plymouth

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A little bit about Plymouth

Plymouth is situated in the South West Corner of England in the County of Devon, undoubtedly one of the most beautiful counties in England. Plymouth is steeped in history with the main focal point on the harbour where the Pilgrim Fathers set sail, Darwin and Cook. Plymouth has obviously moved on since those days but still keeps its heritage while moving into the 21st Century.

Plymouth is a large City with the Plymouth City Council area housing a population of 240,718. Of course like all large Cities there are all the expected facilities and good rail, road and air links to other parts of the UK. Below are some links that may give some more information on Demographics, facilities available and places to see in Plymouth and the surrounding areas.

Some useful links:-

Plymouth City Council

UpMyStreet for Plymouth

Looking for your Rental Property

When starting to think about a rental home, whether it is a long term rental or a short term rental it can seem quite a large task. The key to making your move as painless as possible is organisation. In this article are some tips on how to handle the process and make the move a little less of a headache.

Use the Four Stage Rule

When looking for your rental property there is an easy to remember 4 stage process, these stages are:-

Do your Property Research

Ensure that you are fully prepared before even considering starting your search. It is vital that you are aware of your restrictions within the market place. Make sure you are aware of what type of property you can afford to rent. Which areas of the City are suitable for you and match your requirements.

The best start is simply sit down and make a list of what is important to you. This needs to include two different sections. The first section is within the property for example you may only want to rent a flat, or maybe a house with a garage, you may require three bedrooms, a garden, large kitchen, central heating, electric shower, two bathrooms. Make a note in order of importance your top 10 requirements.

The second section needs to be area requirements, for example, maybe you need to be close to the train station, near the town centre, on a bus route, close to the motorway, near to the shopping development, a quiet area. Or maybe you have specific locations that you want to live within the City.

Secondly is setting your budget. It is vital that you know exactly how much you have per month or per week to be able to afford your rental property. Sit down and make a note of all of your outgoings including household amenities such as gas, water, electricity. Make a provision for council tax, petrol, loans, credit cards, car loan and all other outgoings. From this you can decide on how much per month you are able to afford on your rental property. It is highly important that you stick to this budget or below in order to ensure that there are no complications with your rent payment to the letting agent in the long term.

That is the worst bit out the way, now you can begin on stage two of the four step process.

Start your Property Search

There are a number of methods to achieve the desired result; this could include visiting all the letting agents in the town (very time consuming). Maybe complete a search of all the websites on the internet one by one (again very time consuming).

Alternatively you could try using one of online property portal sites, depending which you chose it is possible to send multiple emails to the letting agents expressing your requirements (let them do the hard work in contacting you with property) or maybe do a search on the site of listed property and contact them to arrange to have more details on specific ones advertised or arrange a viewing. Or simply gain quick and simple access to multiple letting agent websites from just one place.

A good site to start is Rentright this offers all of the above and much more, why not visit the Rentright Plymouth Page now and see what property is being advertised by the registered letting agents or contact all the agents with your details.

There are many other sites on the internet designed to make your search much easier, not all are dedicated to rental property and if you cannot find what you are looking for on one you may on another.

Arrange to View your Chosen Rental Home

Once you have made contact with the letting agent then arrange the viewing of the property. It is important that you remember your criteria that you set earlier. Take an impartial person with you on the visit as they may be able to give you some guidance and opinion on what they think of the property. Revisit the area on different times to view the rental property in order that you get a good feel of the location. Don’t make a hasty decision there and then, think about it for a while and ensure you are completely happy to go ahead. Once you have given the letting agent the retaining deposit if you change your mind then this will be lost.

Make your Move

Once you have chosen your rental property then on move in day remember that you will need normally but not in all instants, 1 months’ rent and 1 months retaining deposit for long term rents. Then you will sign the short hold tenancy agreement and be given the keys to your new rental property. If the house is furnished then there maybe an inventory make sure that this is correct, also if you see any damage that you had not spotted previously then be sure to make the letting agent aware of this as soon as possible.

The letting agent is there to help you so if there are any problems with the property then make sure to seek advice from them; if it is a fully managed letting service. If it is a tenant find only then be sure to make contact with the landlord (who of which you would have met previously) if there are any problems.

Some Letting Agents in Plymouth that may be of Interest

Just Lets, Trundlewood Property Management, Bullard & Scholes Residential Lettings

Coinciding settlements clauses - moving issues

People who are selling their home in order to buy another frequently put a "coinciding settlements" clause into their contract offer on the new home. One reason for doing this is so they can move from one home to the other at the same time.

Coinciding Moving Day?

One reason people want coinciding settlements is so they can move out of one house and into the other the same day. Sometimes this works out. Sometimes not. If it doesn't work out, don't freak out.

For example, if the house you're buying is a new one, it may not be completed and have an occupancy permit by the date specified. Are you going to risk losing the sale of your old home by insisting that settlement be delayed? Not if you're smart and you really want to make this change. You might explore delaying settlement, or the option of a "lease back" period. If those ideas don't fly, it's time to cope.

Depending on your budget and the length of time between moving out of your old home and moving into your new one, you could:

1) Have the moving company store your furniture and household goods, or

2) Rent a "smart box," pack your household items into it, and leave it parked in front of your old home, or park it in front of your new one (depending on who grants permission), or

3) Store your things in the basement or garage of your new home (with permission), or

4) Rent a storage unit by the month, or

5) Store your things in the basement or garage of a relative or friend, AND

A) Stay in a hotel or motel for a few nights, or

B) Stay in an extended-stay hotel or motel suite, or

C) Stay with family or friends, or

D) Go camping, or

E) Some combination of the above.

The point is to act like a mature adult. Be flexible. You're making a big change. The chances it'll go off without a hitch are slim. Keep things in perspective. Practice creative problem solving. You'll be proud of yourself and have a smile on your face when moving day comes.

The key to successfully investing in investment real estate in latvia

With annual real estate price gains in the region of 40% achievable from certain areas of the Latvian property market, surely the key to successfully investing in real estate in Latvia is just getting into the market right now and enjoying the record price increases?

Well no actually!

While property price gains of 40% in parts of Latvia’s capital city of Riga have been recorded and have resulted in a surge of overseas investor interest in this new European Union member state, the key to long term success is in understanding the local Latvian economy.

Although Latvia is an attractive, interesting and historic country of diverse geography which creates a stunning natural environment for tourists to explore, it is not a tourism hotspot and not a country trying to target tourism. Rather it is a country with a government committed to transforming its economy from the one paying the lowest wages in Europe to the one attracting the largest amounts of foreign direct investment in the European Union.

The success or otherwise of the Latvian government’s commitment to improving levels of foreign direct investment and boosting the local economy is key to the ongoing and long term success of the investment real estate market in Latvia.

Why?

Because a real estate investor’s target audience – whether for rental property or resale real estate – is the local Latvian people. And if their government can continue to improve their economy, push up GDP, increase the wealth of the common man and make owning property a real prospect for more and more Latvians as is their vision, then a real estate investor buying into an incredibly cheap market now will have a growing audience gaining in wealth status to target for his rental income or equity appreciation in the future.

An indication that the Latvian real estate market is going to prove successful and that property investors who carefully select their investment real estate assets in Latvia will profit from them over the medium to long term is that the mortgage market in Latvia, which is in its absolute infancy, is gaining substantial strength.

Interest rates in Latvia are incredibly low in real terms and outstanding mortgage loan figures in Latvia are at least 40% lower than in other EU countries. This means that more and more local and international lenders are becoming aware of the huge potential for profit in Latvia and are beginning to enter the marketplace – this should give an investor great confidence for two reasons…firstly the financial institutions committing to the mortgage marketplace are not in it for the short haul and secondly the increase in availability and affordability of home loans means that an increasing number of Latvians are being afforded greater purchasing power and are gaining in financial strength. Because, as stated, it is the local market that will ultimately provide an investor with his target audience, this bodes well for the long term profitability of property investments made in Latvia today.