Buying abroad, advice welcome

gfplux

neverdespairgirl wrote: »

Past prices no guide to future performance......

Correct, you have been warned

airhostess

Hi there,

I bought an ancient one bed apartment in Nice, France with sea views in 2005 for 86,800 euro. I spent 14,000 euro renovating it. (New kitchen, bathroom, water heating system, flooring, lighting etc) I just had it valued by an agent at 170,000 euro.

Nice is France's 3rd biggest airport with 33 flights from the UK alone per day. It has massive holiday and long term rental potential (lots of renters work in the service industry - lots of hotels, restaurants, port & airport.) Monaco 20 mins away, Itay 40 mins away. New tramway being completed shortly for the city. Prices are rising a lot, but if you buy the right property and renovate, your rent should more than cover the mortgage.

I'd love to buy there again if I had another deposit/legal fees etc.

AH

mpsavuk

Tassotti wrote: »

To the above response...CRAP...just sold two places in Bulgaria and netted me £35K for 2 yrs of doing nothing.

Do you own, have you invested...tell me..

35k for 2 properties after 2 years? In a country thats been pumped up as the property investment opportunity of the century?

If you ask me, thats a crap return!

:rotfl:

tishme

mpsavuk wrote: »

35k for 2 properties after 2 years? In a country thats been pumped up as the property investment opportunity of the century?

If you ask me, thats a crap return!

:rotfl:

Its hardly crap as in % terms it will be high as initial property prices are so low. I own in Bulgaria as well as other destinations.

Regards

simpywimpy

Nice is a lovely place and as you say, so easy to get to. I was thinking of an apartment in the south of france but leaning more towards the languedoc area as the prices are cheaper but would consider Nice again now you've mentioned it.

Tassotti

mpsavuk wrote: »

35k for 2 properties after 2 years? In a country thats been pumped up as the property investment opportunity of the century?

If you ask me, thats a crap return!

:rotfl:

Thats after tax (40%) You'd be happy if someone put 35K in your pocket wouldn't you. Nice deposit on my new porsche :beer:

dolce_vita

Tassotti wrote: »

..... Nice deposit on my new porsche :beer:

Final proof (if proof were needed) that you are a complete kn0bhead.

:rotfl:

mpsavuk

dolce_vita wrote: »

Final proof (if proof were needed) that you are a complete kn0bhead.

:rotfl:

I guess thats the trouble with us Brits. We dislike successful people.

In America this guy would be a hero!

btloptingout

mpsavuk wrote: »

I guess thats the trouble with us Brits. We dislike successful people.

In America this guy would be a hero!

It's dreamers he dislikes.

PasturesNew

Tassotti wrote: »

To the above response...CRAP...just sold two places in Bulgaria and netted me £35K for 2 yrs of doing nothing.

Do you own, have you invested...tell me..

Angry little thing aren't you.

The other thing that many people forget is that they may be liable to pay taxes in the foreign country and in the UK while they own/rent the property.

Then on selling it, they will have to pay foreign taxes aborad and CGT here.

So, you just sold 2 properties. At the turning of a market there will still always be people who didn't know things were taking a downturn because they don't do diligent research. If they are making you so much money why did you sell them.

Would you rather people here stayed quiet about the fact (yes, fact) that prices ARE falling here/abroad? Or should we wait 2-3 years before responding to their postings here when they say "I was sold a property, nobody told me it was bad there too, I've lost my house/wife/dog/money..."?

Everybody can post their opinion/advice - and relevant links - in response to what they see the OP is asking, also any wider issues they think the OP should look into and any anecdotal experiences.

Maybe if you are the only right person in the world, you could create your own website to tell people: THE TRUTH ABOUT PROPERTY. IT ALWAYS RISES IN THE LONG TERM.

But don't attack people here for their opinions. It is not welcoming, nor nice for the people asking questions and responding.

Good day to you.