Buying a property abroad?

SouthCoast

A different country, but a familiar story.

Spanish property: Polaris golf resort homes crash to a third of original price

http://www.guardian.co.uk/world/2012/may/25/spanish-property-polaris-homes-crash

mchale

Don't know if you have come across this: http://www.turkishliving.com/forums/horizon-sky-gulluk/

Littleweedj

FYI........if you look up Holiday Lettings there are some quite fabulous apartments to rent in Bodrum, Gullak area from £195-£495 per week in total for up to 4 people.

Superior developments charge owners upwards of £1000 per year and that's just for the maintenance of common areas such as swimming pools, landscaping etc. etc.

zappahey

Tweetinat wrote: »

We're looking to invest circa £55k.

I think you need to decide if you are buying a holiday home or an investment because they are not necessarily the same thing.

Investment suggests business and all the work that goes with it. Holiday home suggests expensive luxury with all the costs involved.

Jimbo1976

Whatever you do don't use a lawyer recommended by the vendor. We Brits tend to assume that lawyers represent the buyer when in actual fact they may be representing the interest of the vendor.

There are plenty of horror stories of people buying overseas and finding that the developers orignal loan is still outstanding.

Look on the local British Consulate web site for a list of english speaking local lawyers who will act for you.

seven-day-weekend

SouthCoast wrote: »

A different country, but a familiar story.

Spanish property: Polaris golf resort homes crash to a third of original price

http://www.guardian.co.uk/world/2012/may/25/spanish-property-polaris-homes-crash

We sold our house in Spain recently and actually made a small PROFIT but again, we were lucky. Lucky in that we had a traditional house in a traditional village in the mountains of Granada, rather than a holiday apartment on the coast (or a golf complex). Lucky in that the one serious viewer we had fell in love with it and offered on it. Lucky that we could afford to drop the price by 20%. Lucky that we had a good bi-lingual lawyer who was not corrupt.

I would not buy a house in Turkey at all, because of all the corruption, unless you can get it for a song and are prepared to walk away if necessary. .

Tweetinat

Thank you all for you replies; I've been very busy with work and not really had a chance to get back and read them properly before now. We've decided to put buying this property on the back-burner. While we love the development and location, there *are* quite a few units on the market at the moment which don't seem to be selling and that has really given us pause for thought. Thanks again.

samuelthomson240

hi regarding properties abroad where is the best value to buy which country and area mother and her sister would like to retire atleast part year abroad thanks john

seven-day-weekend

If you are thinking of southern Europe, at the moment I would rent, not buy, unless you have a sum of money you are prepared to walk away from if necessary.

Littleweedj

I agree - not just to buying in Europe - but to not buy anywhere abroad.

There is too much risk, too much happening with current global finance problems. You could find yourself stuck with a property which you are unable to sell in the future and all the other problems and worries that would create. Currency rates are so unstable and things look like they may get even worse.

Much much cheaper and less stress to rent then you have no owner worries. You are also not tied down and can rent in different areas and types of properties etc.

I speak from experience!!!