Real Estate Articles

"Hey, Mister, Wanna Buy a Cheap Piece of Beach?"

International Living Postcards-- Saturday Edition

Saturday, April 28, 2007

You're walking down the street of a foreign city and you hear "Pssst…hey, mister, wanna buy a cheap Rolex?" The guy pulls you aside and goes through his sales pitch showing you a shiny watch. Even if you are in the market for a watch, you're not going to buy the "cheap Rolex" from this English-speaking guy on the street. You know the watch is fake or stolen.

You get back to your hotel and sit down in the bar for a drink. Another guy who speaks good English sits down next to you and starts up a conversation. "Are you in town for business or pleasure?" He says he knows of some property on the beach that's for sale at a cheap price. In fact…he's just had an appointment for tomorrow cancel, so he can take you to see the beach, if you like. Next thing you know, you've signed a contract and paid a deposit on a piece of real estate. You should have bought the "Rolex" instead.

The Ultimate Expat Real Estate Portfolio

International Living Postcards-- Saturday Edition

Saturday, April 21, 2007

Real estate is the key ingredient to an international lifestyle. As you work toward a "perpetual traveler" lifestyle, you need a base in the countries you plan to spend the most time.

You don't have to buy a half dozen homes around the world to enjoy the perpetual traveler's life…and you don't have to do it all at once. Kathleen and I started years ago. Although the plan has changed slightly over the years, we are well on our way to having homes in the locations in which we would like to regularly spend time once the kids are out of the house.

How to Make the Best International Real Estate Deals Find You

International Living Postcards-- Saturday Edition

Saturday, April 7, 2007

The best real estate deals never reach the real estate agent's window…or, in the case of the modern world, the agent's website. When shopping for a property in Europe, you can literally go window shopping. Real estate agents put in their windows the best-looking properties, to get passers-by to stop…and hopefully step into the office. These window properties are not the greatest deals; they are the properties that photograph best.

Are You an Investor or a Vacationer?

International Living Postcards-- Saturday Edition

Saturday, March 10, 2007

You've got a specific amount of capital you want to invest in international real estate…a budget you've determined based on your overall investment portfolio. Further, you've got your eye on a part of the world where you'd like to spend more time.

Back up.

Where you invest in real estate overseas and where you want to spend your personal time overseas needn't necessarily be the same place. In fact, I'd suggest that, most of the time, they shouldn't be in the same place--let your head run the numbers and your heart figure out where you spend summer vacation.

The hows and whys of equity release

by Lisa Hartwell

What is equity release and why should I consider it?
Equity release is a term commonly used to indicate the release of capital in some shape or form. If you own a property that is unencumbered (i.e. without mortgage), or even if you have a mortgage on it, this capital is the equity you have in the property. You can release some of this capital to make improvements to the property or to use at your own leisure for a personal project.

Negotiation 101

International Living Postcards-- Saturday Edition

Saturday, Feb. 17, 2007
Paris, France

When you buy real estate overseas, it's a lot like buying souvenirs at a local market; negotiating is expected. The price will go up if you appear too eager…unwittingly insult the vendor, and the whole deal may be off.

I was reminded of this when I was in Romania a few weeks ago. A developer I work with told me about a deal he helped put together…which he had to watch fall apart. An Irish developer, the story goes, planning a project near Bucharest, was in the market for a type of property (had been in the market for two years, in fact). My Romanian contact had found a suitable property, and the price was right.

Everything was set. The Irish developer's local contacts lined up a meeting between him and the land owner. Big mistake. I'm told the "lieutenants" do the deals in Romania. Bringing in the final decision maker to meet the land owner wasn't a good move.

Is it worth paying a broker fee?

by Lisa Hartwell

Only three years ago, there were about three local brokers offering to assist with the arrangement of mortgages in Spain. Today, dozens have sprung up, but not all are serious professionals.

Why contact a broker?
By going through a professional broker you will automatically have access to numerous banks. Your broker should do the legwork for you and source the best and the most varied products available on the market. This can save you time and money. For instance, banks occasionally change their criteria. Although your estate agent or solicitor may have recommended a particular bank in the past, your application may be refused because of the sudden change. A professional broker will always submit your application to at least four banks to prevent this from happening. He or she can also prevent loss of your deposit: if you only apply to one bank, you could lose your deposit if you don't close on the date set in the contract.

They Laughed When I Talked About $100,000 Houses, But When They Come to Visit…

International Living Postcards-- Saturday Edition

Saturday, Feb. 10, 2007
Paris, France

Last week I talked about good value properties for $50,000 (see below). Let's up the ante this week to $100,000. Again, you can buy property in the States for $100,000…but consider what you're buying.

I did a quick, non-exhaustive search of what you could buy in the gulf area of Alabama and Florida for this price range. Slim pickings. Under the "as is" section of one website, I found a distressed, 1,100-square-foot property in Florida, built in 1943, listed for $96,900. Based on the photo, the house might be nice, once you put the work into it. I'm guessing this isn't in a good neighborhood. However, it is in Pensacola, and, therefore, not far from the ocean.