Can't buy in UK - so where else?

EagerLearner

Hi all,

We've given up on the Uk house ladder and thinking about property abroad. In our thirties, open minded and more willing to take a gamble on countries that are unknown now but will be valuable in years to come. Bulgaria, Croatia and Marocco seem interesting - can anyone give us any tips as to some areas in those countries that they think may become popular?

If we can make it happen we'd buy something to rent and use as a holiday home, restore it over the years etc. Prices in Bulgaria start at £4k ish although in areas that are not well connected (yet).

I know it's a strange and wide-ranging request but really any ideas to get us on the right path would be much appreaciated. :T :beer:

dolce_vita

Whilst I sympathise with your predicament regarding high house prices here, do you really want to contribute to bulgarians, croatians etc ending up priced put of their home market because of HPI caused by speculators like yourselves.

Anyway, it looks as though things are looking shaky in bulgaria. See below

http://www.sofiaecho.com/article/property-focus-apartments-in-bulgarias-coastal-resorts-remain-unsold/id_23445/catid_23

advent1122

Do you want to holiday in Bulgaria???

wymondham

long way to go to work!

EagerLearner

I see, so I am not allowed to want to own a property ? I can't get one here, so I am forced out of the market by my own country to look abroad because I am not foolish enough to agree to ridiculous lending criteria on my salary (that would eventually hang me). And I want to be able to have more than a studio flat for my £130k mortage!

I'm thinking you're being sarcastic because you already have a property and can afford to poke fun. I see your point about Bulgaria being overvalued and lacking sales, but my point still remains valid - if I want to own a property my government won't help me get there so I have to look elsewhere. There are millions of 'speculators like ourselves' here in the UK - they are called the Buy To Let Brigade. Oh, and also abroad - called Ex Pats Abroad, no doubt they are responsible for overpricing people out of poor countries like Spain (nothing to do with locals wanting to make money hand over fist). I grew up in Portugal but am half Brit - have seen both sides - and I still think that buying in an emerging market is the only option left to FTB who have less than £20k to spend and can buy even a ramshakle for cash but own it.

dolce_vita wrote: »

Whilst I sympathise with your predicament regarding high house prices here, do you really want to contribute to bulgarians, croatians etc ending up priced put of their home market because of HPI caused by speculators like yourselves.

Anyway, it looks as though things are looking shaky in bulgaria. See below

http://www.sofiaecho.com/article/property-focus-apartments-in-bulgarias-coastal-resorts-remain-unsold/id_23445/catid_23

lynzpower

Are you REALLY priced out of the UK?

This is the first question I would ask? there are scores of properties up and down the land that I expect you could afford ( whether the areas are up to the standard you expect/ are used to, Ill leave to your judgement)

But heres a few to look at

http://www.rightmove.co.uk/viewdetails-8369991.rsp?pa_n=1&tr_t=buy
http://www.rightmove.co.uk/viewdetails-15645758.rsp?pa_n=2&tr_t=buy

http://www.rightmove.co.uk/viewdetails-8570934.rsp?pa_n=2&tr_t=buy

http://www.rightmove.co.uk/viewdetails-8570934.rsp?pa_n=2&tr_t=buy

So are you meaning you want to buy somewhere overseas, wait for the HPI then sell, then use capital to fund property here? Or are you looking for somewhere to emigrate to?

A mate of mine bought in a bulgarian village. it turned into a long nightmare, with financial ruin at the end of it. No doubt people will tell you horror stories,so I wont bother to add mine.

You need to be clear on what you are doing and why, and then find something that fits with your plan . If you are looking to sell in say 5 years, you have to look to a country where the earnings will meet what you expect toget back. Personally I dont back morocco to be earning anywhere near the sort of salary you'll need to recreate the profits if you are looking to buy here.

Holiday homes are a bit of a nightmare by all accounts, check the channel4/homes forum theres plenty of people stating that they cannot get rent. So theres another outgoing you have to fund at the expense of your current investments.

Personally, I wouldnt, but then as you know im quite risk averse. by all means if you wanted to buy somewhere to live in then great, but id sooner do a BTL here than overseas and bank on holidaymakers. At least here youd get someone on 12 months, as oposed to scrabbling about hoping for 2 week bookings.

Generali

Hmm. Those are some basketcase countries that you've chosen.

Bulgaria - a kleptocracy. Unemployment rate 18%.

Croatia - part of a particularly bloody Civil War until 12 years ago. Unemployment rate 20%

Morocco - Could well become a theorocracy in the near future. Itermitantly at war over West Sahara. Unemployment rate 19.5%.

None of those 3 places have a stable tradition of property rights. If you want a high risk-high return venture I reckon you're better off putting the money on black in Vegas (or possibly red DYOR).

If you're thinking of taking a punt with a few grand, then it really doesn't matter if you lose it - go for it, why not. If you're thinking of taking a few grand, using it to borrow £80k or something and spending that then go and lie down in a darkened room until the idea passes!

Guy_Montag

EL I sympathise with your plight, I don't own a house, & I'm not likely to at this rate.

However, I don't see the point of pricing people out in their own countries anymore than I would buy to let in a cheap part of this country just to get on the ladder with no intention of living there.

Complain noisily to your MP, get things changed here, don't spoil someone else's country with the scourge that is HPI. Join pricedout.org.uk instead.

Having said all that, Generalli is right, think carefully about where you want to "invest". My guess is as soon as the money stops coming in from rich, stupid, western "investors", you'll find your investment squatted, appropriated, knocked down or burned out.

ixwood

I'd think twice. Twice. Foriegn property !!!!!! shows do make it seem easy and fool proof. A guy at work wanted one last year (for real growth!!) at the same time he was buying his 1st house here. I thought it was craziness.

Living there is different, but a big step. Certainly something I wouldn't consider, jusyt because house prices are high here currently.

ixwood

I have seen someone on TV who's Bulgarian BTL didn't have any windows, or door frames when he went back.

Rent cheap and save hard. Impatient one, come, your time will..

TTMCMschine

This is how crazy it's got - you're considering buying in Bulgaria. Probably somewhere you've never even been. Do you even know what language they speak. This is the madness we've got ourselves into, and people call it the norm. I don't think these properties are going to be your future bread and butter. They are the answer to peoples' desperation, and fascination with investing money and new fads. I think they are just that though - fads. Just look at the pure stupidity of the housing situation now, and take it with a pinch of salt - i can't see how it can continue. Of course you don't have to listen to me - i could be wrong. ps i don't own a property - would like to - but right now they're a rip off.