Holiday homes, what is your fears?

[siamak]

Hello

I want to open my own estate agency in london to help people purchase retirement homes under the sun. I would like to know some fears to have prevented you from purchasing overseas, so i could possibly provide a better quality of service. Any tips would be appreciated.

THankyou

 

[MichaelB]

We don't buy real estate abroad because we don't want or need any.

 

[REWahoo]

OP, have you read the Community Rules?

Our user base is not an unlimited resource to be "mined" by individuals, groups, or businesses, for profit or not for profit.

 

[yakers]

I want an affordable retirement home in London, Los Angeles is too hot


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[braumeister]

You've definitely touched a nerve with me, so I'll go ahead and answer you as best I can.

retirement homes under the sun

This is my dream. And London is one of my favorite cities, so having a retirement home under the sun in say, Kensington or Knightsbridge would be ideal.

Oh, I know that some think London is less than "sunny" much of the time, but on the odd occasions when old Sol shows himself it can be quite nice, actually.

How do you plan to market these homes? Would it be possible to pay in various currencies? I think you would do best to restrict your offerings to the higher price ranges, so people could set up 50-year mortgages at the current low interest rates.

I would like to know some fears to have prevented you from purchasing overseas

Good approach. I have a great many fears in this regard. One of them is a fear of crossing large bodies of water. Perhaps you could arrange some sort of alternative travel scheme for buyers like me. How do you see me getting from the American Midwest to London in order to take possession of my retirement home under the sun?

Another of my fears is being taken for a sucker. Once I managed to go on an inspection tour, I found that the "high, dry Florida savannah property" I purchased through a magazine advertisement was actually snake-infested malarial swampland, I began to get a bit skeptical of those who market such opportunities. Of course, I don't suspect you of any nefarious intent, but I wonder if you might provide some references to your good character?

 

[siamak]

Well my idea was to market homes located near coastlines in countries such as pain/italy/turkey/Greece, to clients in london. @braumeister , i want to do property properly, my intention will never be to rip off clients, not because of my heart of gold, but because i want repeated business (from their friends). I believe running a trusted agency will in the long term be more beneficial, and i believe in karma, i want to help people to enjoy their retirement, rather than mope about in london which inflated house prices with massive equity, which i might add is the most depressing city in the UK.

 

[Rick_Head]

My fear is that my agent in London might not be licensed in (nor know squat about) real estate markets in Spain/Italy/Turkey/Greece. All real-estate is local.

 

[NW-Bound]

I want an affordable retirement home in London, Los Angeles is too hot

For a mere $280K, you can have this gem in London.

 

[athena53]

My fear is that my agent in London might not be licensed in (nor know squat about) real estate markets in Spain/Italy/Turkey/Greece. All real-estate is local.

A few years ago I read about people in the UK who paid significant amounts of money to build holiday homes in Spain. Shortly before they were to be finished, the government decided that there was some legal problem (zoning or something similar) and the homes could not be occupied. I'd be darn wary of buying real estate in another country. There's always someone willing to help foreigners spend their money.

Maintenance/management would be a concern also. Whether it's rented out or stays vacant when I'm not there, someone has to keep it clean, maintain the yard, etc. If rented: who screens the tenants? How predictable is the rental income? Will it dry up if exchange rates go the wrong way or fuel costs increase?

DH and I will continue to rent others' properties, thank you!

 

[lemming]

It's sunny in Nigeria this time of year.

 

[NW-Bound]

A few years ago I read about people in the UK who paid significant amounts of money to build holiday homes in Spain. Shortly before they were to be finished, the government decided that there was some legal problem (zoning or something similar) and the homes could not be occupied...

I recall reading about that too. The housing development exploded in Spain as new houses were built for the British expats or retirees. The allure was nice weather, lower home prices, and better cost of living.

Then, it turned out that many homes were built on state or public land, meaning the builder had no title to the lots. Several home buyers lost it all, as the homes had to be demolished.

 

[SJ1_]

We don't buy real estate abroad because we don't want or need any.

+1

never crossed my mind

 

[Bamaman]

My niece had a beautiful condo in the Algarve region of Portugal--down by Gibraltar. With EasyJet flying into Faro inexpensively, it's a great place for British citizens to go for sun and warmth. They had it rented through VBRO online.

But I would think licensure of real estate professionals exists in Portugal, and that might stop you from doing business there. It might not stop you if you were purchasing properties yourself and flipping them. But long distance flipping doesn't work well.