A Guide to Buying that Holiday Home

A Guide to Buying that Holiday Home by Joe Kocsis
MILLIONS of Britons dream of owning a holiday home or a place in the sun, that they can escape to regularly. We watch holiday programmes on TV and just dream of being able to jet away from the cold and grey skies of winter, to the wonderful climates of the Mediterranean or far away exotic places such as Thailand. The British pioneering attitude has led to million of people buying property in previously undiscovered places and they have either made large profits or have untold bad luck stories and have lost everything that they had invested. Whether it's your dream villa in the sun, the perfect holiday retreat, a romantic finca in a picturesque village, a modern apartment in a cosmopolitan town or marina or purely a lucrative buy to let investment opportunity, consider the following: How do you buy that property abroad and what are the pitfalls along the way? Here are some top tips for you to consider if you are contemplating that holiday home, property abroad purchase. · Never sign a contract that you do not understand (for example - if it is in a foreign language). · Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there.
· Before proceeding with the purchase (and would especially apply to a re-sale property, regardless of age), ensure an Independent Valuation of the property is carried out, which should point out any problems with the property - Example: subsidence, damp, wiring defects - and could also possibly highlight any boundary disputes etc.
· Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check - Example: If the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer's bank.
· Always give yourself a `cooling off` period if you see a `must-have property` and are tempted to put down a deposit there and then.
· If you are arranging finance on the property, ensure that this is stated in any contract and you have an, 'opt-out clause' if the loan is not agreed (which will ensure any deposit paid is refunded).
· Try to arrange your mortgage finance 'in principle', before agreeing to purchase the property, or before signing any contracts and paying over a deposit. · Arrange your mortgage in the currency that you earn in where possible, unless you are going to receive rental income from that property in the local currency and then this may be a possible alternative option, dependent on the lender's criteria.
· Think about combining your cash with friends or family: it could bring a Villa with pool within your financial reach, rather than simply an Apartment.
· Check with the Estate Agent or vendor that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country. · Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country.
· Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property. · Remember that bills do not end at the asking price. Lawyer's fees, Taxes, Insurance etc must all be met in your host country and can often be more expensive. What different ways are there to buy that dream place in the sun?One obvious way is the buy the property with cash but if you don't have the cash, there are three other ways to pay for foreign property or holiday home and it can be easy to choose the route that suits you the best. UK Mortgage LendersProviding that a UK lender is prepared to lend in that country you could raise the money this way but not many UK lenders will lend for foreign property or if they do, it will be the International arm of the Bank that needs to be sought. UK RemortgagesThe great explosion in the UK property market has seen prices double in the last five years and as a consequence property owners are sat on a vast amount of unused equity. One way of unlocking this potential is by remortgaging the property and using the released money to either fund the cost of the deposit or the outright purchase. You should however be aware that not all lenders will allow you to raise money for capital raising purposes and may restrict this to debt consolidation or home improvements only and you should seek specialist advice from a whole of market UK mortgage broker to identify the lenders that will allow indefinite capital raise remortgages Foreign Property MortgagesNormally, foreign mortgages can be arranged for properties for sale in, Andorra, Australia, Bulgaria, Canada, Caribbean, Cyprus (South), Canaries, Florida, France, Greece, Ireland, Israel, Italy, Malta, Monaco, New Zealand, Poland, Portugal, South Africa, Spain, Switzerland, Tenerife, USA. Interest rates can be arranged in euros, Swiss francs, and US dollars as well as in the local currency. Foreign properties generally have continued to rise in price this year and the pound has weakened against the euro. On the other hand if you are buying property in another country your home will be valued in that currency so it could make more sense to take out a mortgage in that currency. Risk warning:You need to be aware of all the risks. Taking out a foreign currency mortgage could be dangerous. The pound can move against the euro or other currencies - if it weakens your payments will increase.
About the Author
The author has over twenty years of experience in the UK Financial Services Industry. Follow this link http://www.mortgages2.co.uk for further information

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Buying Your Dream Home by David Riewe

Even though it's not easy for everyone to buy a home, it is in fact easier than ever to get a home these days with most lending agencies and banks being more liberal than ever with providing home loans and mortgages. Even if you don't have a lot of capital or a lot of money to put down, you can still get the home of your dreams at a very affordable price.
A lot of us think that buying a home is a tough process, needing a large down payment, although this isn't always the case. Buying a home largely depends on your budget. If you put a down payment on your home purchase, it will go towards your overall purchase. The more money you put down on a home when you purchase, the lower your monthly payments will be.
Those of us who don't own a home live in rental houses and apartments. This can be a worthwhile solution, although your still paying money towards your housing that you could instead be putting towards a home of your own. Owning a home is a dream for many of us, especially when it comes to that dream home that we all hope to own one day. Apartments and homes are great to rent - although most these days will cost you just as much as a mortgage payment - which doesn't make any sense at all.
Instead, you can easily convert your rental payments into monthly installments towards your own home. All across the United States, you can find of lot of banks and lenders that offer easy to get loans for purchasing your own home or real estate property at low interest rates. With a lot interest rate, you can get the home of your dreams and enjoy low monthly payments.
Keep in mind, you need to choose a loan plan that's best for you. You can go through bank, through a lender, or use a service online. There are many different ways that you can go, although real estate agents seem to be the most common now days. Good real estate agents will be more than willing to help you get a great deal on the home, at prices that are right for you. Anytime you buy a house, you should always plan ahead, get yourself a real estate agent, and then pursue your dream home.
If you plan your budget and take things one step at a time, you'll be closer than you think to the home of your dreams. If you choose to keep renting and pay money toward something you don't own - the home of your dreams will continue to slip away. Take action now and stop renting - find the home of your dreams and put your money towards owning it instead.
About the Author
Published by Daves-InfoRama, Real Estate Facts & Tips and How To Generate Real Estate Leads
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