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Archive for the ‘Overseas Property’ Category

A big chunk of investors from progressive countries are now beginning to invest in real estate property overseas. In the United Kingdom alone, an estimated 275,000 of its citizens are property owners overseas and experts predict a continuing increase in this statistics. In opting to finance properties abroad, it is essential that you understand the key elements as to how you will pay and whether you are making the right investment.

Some of the most known countries that experience an influx of property investors include Spain and France but as the market and investors mature, a lot of them are now looking into exotic islands such as Cyprus or the Cayman Islands. Learning about the certain facilities that can equip you in owning your dream holiday homes or getting your luxurious beach front house is very important.

Acquiring a mortgage for your overseas property has its own gains and setbacks. As with any other mortgage financing, keeping up with the monthly payments are especially crucial. As you are making a huge investment into getting your beach villa or holiday home, it is important to carefully analyze and weigh your capabilities in paying off your mortgage. Knowing the fundamentals in acquiring a mortgage financing loan is pertinent.

The first and most important step is to determine how much you can borrow and whether you have the capacity to place this loan. Online mortgage calculators are essential and easy tools for you to have a rough idea of what to expect. Your financial capabilities will set the bar as to the size of your loan able amount. You will be asked to submit personal documents to justify your ability to acquire and pay off your loan. Since you are planning to purchase properties outside of your native country, you also need to seek the help of local banks, realtors as well as lawyers to ensure that every detail is put in proper order.

In purchasing overseas property, make sure that you will be given complete ownership of the title and the property upon payment completion and see to it that all the necessary documents are properly rescinded. If you are buying a new property, confirm the exact date of its registration under your name. Take into consideration all other incidental costs that may be incurred in acquiring your mortgage loan. As you are dealing with a different country, they may charge additional fees for foreign ownership of their properties.

Investing in a foreign country may be a good way to go especially in these uncertain times, just be sure to take the necessary precautions before jumping on this growing trend.

If you’re a senior citizen who’s recently retired, you may be considering downsizing your home to free up some cash, cut down on maintenance and take advantage of the amenities offered by a planned retirement community.

Senior communities will typically have rules to ensure residents and their neighbours have similarities in lifestyle, based on a minimum age and sometimes restrictions on residents who work, or who work full time, so that people are not all leaving in the day time.

Find out any restrictions or extra requirements in the rules of any senior community you consider. For example, can a family member live with you if necessary, and can you have a pet? What are the security arrangements for visitors and guests, and what parking is available? Are you allowed to decorate, and within what limits? Are there requirements for lawn care or maintenance of shared building areas?

Consider whether you want your community to provide shared amenities and a social program. If not, some retirement housing developments consist of smaller housing adapted for seniors, with public amenities available nearby in the local community.

While some seniors are happy to take the plunge and move from state to state for the sunnier weather or favorable taxes of Nevada, Arizona or Florida, many prefer to stay closer to home, and some have the best of both worlds. In Britain, popular retirement flats in Devon are within reach of pensioners who can cash in on the boom in Devon house prices in recent years.

Senior communities need to be located close enough to public transportation, shopping and healthcare facilities, as well as any suitable local amenities. More all-inclusive communities may include superb amenities within the housing development area.

Some senior communities offer a full range of sporting, entertainment and social activities. For the more active, swimming, golf and horseback riding may be available. Concert tickets, entertainment nights, book clubs and social groups may all be organised, but no one is forced to join in, though many like the chance to be there when they feel like taking it.

Less active residents may appreciate services such as security, adult day care and health related therapies. Support services such as home maintenance, handyman services and gardening may also be available.

Do any background checks possible. Ask friends and relatives, even your doctor, and make sure you stick to your requirements to ensure your lifestyle will be happy in a senior community.

Purchasing a home is almost always the biggest investment of a person’s life. However, in a down economy it is often difficult for a young family or a consumer who worries about job loss to be able to afford to purchase a new home. In order to help these potential buyers out the base rate has been lowered to historically low levels which allow for some of the best mortgage rates in decades. A lower interest rate on a UK mortgage can save a borrower tens of thousands of dollars over the course of a thirty year mortgage in interest charges! The current mortgage interest rates can either make a house more affordable for a purchaser, or it can give the purchaser enough buying power to purchase an even bigger home for their family.

How do I find the best interest rate on my mortgage?

Beginning the process of purchasing a new home can often be quite overwhelming. The easiest way to get started is to get prequalified for your loan. What this means is that a lender will look at your personal financial info, including credit rating, income, debts, etc. and they will be able to tell you how large of loan he can offer you and at what interest rate. You now have a general idea of what your market is for a home and it can help narrow down your home search based on the price you are prequalified for. After getting your first quote you should compare it to other rates offered by other lenders. Visit local banks as well as mortgage lenders online to get updated on the current mortgage rates news in the UK. Online you can do some comparative shopping to make sure that you are getting the best deal possible! Be sure to watch out for high closing costs though!

So I’m prequalified, now what?

Now you do the fun part, find your home! You can search the internet to help you get an idea of what kind of home you would like to purchase for the amount you are prequalified for. It is often best to consult a real estate broker who specializes in the area that you are searching because he may know where to find the best deals or what the new up-and-coming neighborhoods are! Your agent will also be able to help you schedule showings of the homes you are interested in as well as help you negotiate!

Are there any other ways I can lower my costs when buying a home.

There is always room for negotiation! In a down housing market a little patience will go a long way. Some sellers are very desperate to get rid of their homes, therefore they will sell for much less than what they initially asked for as long as you hold your ground. The current UK mortgage rates can also become lowered. If you put more money down as a down payment or if you choose to take on a shorter term of a mortgage you can often have your mortgage rate lowered.

Current mortgage rates in the UK are the lowest they have been in decades. This gives greater buying power to the consumer, which for many has opened the door to the opportunity of a lifetime! Speak with a mortgage representative today to get prequalified!

Belize is a tiny country that is often overlooked by investors in the region. Those that do visit often leave enthralled with what the country has to offer from classic Caribbean coastlines to rich jungle highlands in the interior. With the wide range of choices available, both on the mainland and offshore islands, it can be hard for a property investor or person looking to retire in Belize to decide where to zero in for a closer look.  In this article we categorize the property opportunities in Belize into three broad types.

photo credit: World Resources

1) Tourism hotpots

Tourist visitors often evolve into real estate purchasers.  You know how it goes: You spend an idyllic weak in a vacation spot and enjoy it so much that you decide to buy a corner of it for yourself.  In Belize this trend has played out most strongly in Ambergris Caye, the palm fringed island just offshore from Belize City.  Divers first come for the world-class diving – the second largest barrier reef in the world runs north and sough along the Caye  – and some return as property owners.

2) Areas where infrastructure upgrades are planned or underway

A popular form of speculative investing is to hunt down areas that are currently undeveloped but where future infrastructure is planned or underway.  Placencia Peninsula on the mainland of Belize falls into this category. The road running to Placencia village from the southern highway has recently been paved and a new international airport is under construction at the north end of the peninsula in an area called Riversdale.  New businesses and real estate projects are launching in Placencia on the back of these improvements, with more likely to follow.

3) Ground floor investing

Ground floor investing involves seeking out low cost areas that look to be poised for growth.  Corozal, the small fishing town just south of the border to Mexico fits in this category.  The real estate prices are lower in Corozal than in Placencia and Ambergris Caye, but overtime, if the area develops, the gap could close.

These three categories of investing have their own particular risk/reward balance.  Those with a higher appetite for risk will tend to focus on ground floor investing or places where infrastructure improvements have not yet started.  People looking for retirement overseas or a vacation home they can use right away will tend to gravitate to more mature areas and tourism center.

There are wonderful opportunities to buy coastal property in other countries like Canada and Europe. In fact, some of the best coastal property in North America is categorized as Sault Ste Marie real estate on the shores of the Great Lakes in Canada.

photo credit: TheMarque

This coastal area is very picturesque, and in many locations is still virtually untouched wilderness.This may not be your cup of tea, but if it is then you can find property that’s even nicer than some of the best beaches in California. Of course, you only have 3 months of summer to enjoy it, but that’s another discussion.

The property prices in this area of the world are dramatically lower than many places in the United States, yet property laws and cultures are very similar. For example, a piece of beachfront property worth $2 or $3 million dollars in California only costs approximately $300,000 in the Great Lakes region of North America.

Most property in Canada and other countries is handled by real estate agents much like the United States. There is a multiple listing service in Canada, and you can also deal directly with the owner if they choose to sell direct.

Mortgage financing is provided by one of 5 or 6 national banks. There tends to be a little less competition for rates and features, but the stability of the national banks in Canada is renowned. They are backed by the Bank of Canada, and their terms and facilities are very similar to most US banks.

If you want to a mortgage renewal in Canada the process is usually very similar to the United States. Five and ten  year balloons are common, as are 15 and 25 year amortization periods. What isn’t very common are the highly speculative mortgage instruments. In general, you will need a 25% downpayment, especially if you’re a foreign investor.

If you’re adventurous and like to explore new places, then with a little work and help from experienced professionals you can own a valuable piece of coastal real estate in a foreign country.