BS: advice on acquiring holiday property

Subject: BS: advice on acquiring holiday property
From: jimmyt
Date: 04 Jun 06 - 08:19 AM

I have been wanting to buy an investment property in either Croatia or Montenegro. I know some catters own there and I also know lots of British people holiday there. Can you tell me what your criteria for renting a holiday property are so I can narrow my search? For example, I would much prefer an ancient ruin that is restored rather than a purpose built flat. I do, however, need to consider the need to keep this place occupied a lot to make the investment cashflow. I would appreciate any input about areas, types and amenities required for your holiday needs.    thanks jimmyt

Subject: RE: BS: advice on acquiring holiday property
From: John MacKenzie
Date: 04 Jun 06 - 08:30 AM

Believe it or not Jimmy, but the smart money is on Bulgaria, and almost [getting more expensive] Turkey.
Wouldn't touch Croatia or Montenegro for the simple reason that I don't think they are stable enough politically for me to risk my money there.
Still some good stuff in N Africa too, Tunis Morocco et al.
Giok

Subject: RE: BS: advice on acquiring holiday property
From: jimmyt
Date: 04 Jun 06 - 09:40 PM

Thanks for the good advice, Giok. I had remembered a couple catters who owned some holiday flats in Croatia and I have been there on holiday and it is quite beautiful.   From what I have found on the internet, though, the prices are just about as cheap in Italy,and I imagine a little more politically stable. A nice little place in Scotland might just fill the bill, though!

Subject: RE: BS: advice on acquiring holiday property
From: bobad
Date: 04 Jun 06 - 10:10 PM

Jaysus, I knew I shoulda gone into dentistry.

Subject: RE: BS: advice on acquiring holiday property
From: jimmyt
Date: 04 Jun 06 - 10:32 PM

I probably won't actually have the guts to do this, Bobad. I don't belong to a Country Club or have a boat or motorcycle or any other toys or expensive habits except some travel and buying an instrument from time to time. I imagine when push comes to shove, I will decide to keep my retirement funds in the stock market where I can watch them. probably not do much, but at least where I can keep an eye on the account.

Subject: RE: BS: advice on acquiring holiday property
From: Big Al Whittle
Date: 05 Jun 06 - 03:42 AM

These things are very user friendly and attractive to get into, but they ain't much fun getting out of.

My Dad retired to Spain. I'm still getting grief (and legal bills)from the Spanish authorities two years after his death and six months after selling the property.

Make sure you pass the property on long before you croak. Foreigners are all millionaires - just there to be plundered.

Subject: RE: BS: advice on acquiring holiday property
From: Paul Burke
Date: 05 Jun 06 - 04:38 AM

Before you buy, consider what investing in holiday property does to the area. Sometimes it can be beneficial, and provide local employment, but all too often, it simply increases prices for local people, resulting in depopulation and loss of young people to the cities. Because the holiday homes are empty much of the time, when a small community has several of these, shops and other services decline.

I'm not saying don't do it, just think carefully about the possible effects.

Subject: RE: BS: advice on acquiring holiday property
From: Bobert
Date: 05 Jun 06 - 08:09 AM

Stick to playin' yer bass as a hobby, jimmyt... I don't wanta turn on the 6 o'clock news an see you running thru the streets with overturned cars and riotin' all around you...

That's Advice #1...

Asvice #2 is don't buy nuthin' from anyone who is wearing a plaid sports coat...

Sorry...

Subject: RE: BS: advice on acquiring holiday property
From: bobad
Date: 05 Jun 06 - 09:43 AM

I just heard a report on the radio that the average price of a cottage property in Canada has exceeded that of the average price for a standard two story home $413,694 vs $340,956.

Subject: RE: BS: advice on acquiring holiday property
From: pdq
Date: 05 Jun 06 - 09:59 AM

Only buy property in the United States. If you get ripped-off in a foreign country the authorities will always side with the locals. I wouldn't even consider buying in New Orleans, New Jersey or most of the big eastern US cities either. Too much corruption.

Subject: RE: BS: advice on acquiring holiday property
From: jimmyt
Date: 05 Jun 06 - 04:46 PM

Bobert, I am guessin' the guy who sold you that giant gas guzzlin' SUV had a plaid sportcoat as well as a mullet for a hairdo

Subject: RE: BS: advice on acquiring holiday property
From: The Fooles Troupe
Date: 05 Jun 06 - 07:40 PM

"acquiring holiday property"

Do what George did - go to Iraq!

Subject: RE: BS: advice on acquiring holiday property
From: Bobert
Date: 05 Jun 06 - 07:50 PM

Well, jimmyt, truth be known the guy was Hispanic and conservatively dressed and

Subject: RE: BS: advice on acquiring holiday property
From: Terry K
Date: 06 Jun 06 - 03:26 AM

One thing you need to consider is how long the "season" is. For example, Croatia is quite hard to get to outside of the popular school holiday season, so you would be unlikely to attract off-peakers like the retired or those who go for specific things like bird watching, walking etc. It implies that your season would be quite short and the yield quite low.

The other thing to watch for is just exactly why prices are low. Bulgaria and Turkey may have their attractions, but you may well have to wait for the places to fully develop. Most of the low priced developments are in new areas with little infrastucture. You will find that the really nice stuff is already priced closely equivalent to the lesser places in Spain, Greek Islands etc. Do you really want the risk of hoping the place you choose will actually make it to good rental returns? From the other things you say, my guess is no.

For my part, I am only interested in places where there is no speculation - just don't expect sky high yields - leave the "opportunities" for the speculators. Also, if you want to use it yourself for any length of time, pick a place where you know you will enjoy being, otherwise you will tend not to go there at all.

At the end of the day, it's probably not really worth it from a financial standpoint, but I'm only here once so intend to enjoy whatever life I've got left.

My advice? - Italy. No prizes for guessing why!

cheers, Terry

Subject: RE: BS: advice on acquiring holiday property
From: Big Al Whittle
Date: 06 Jun 06 - 04:08 AM

haven't got a clue. why Italy?

Subject: RE: BS: advice on acquiring holiday property
From: John MacKenzie
Date: 06 Jun 06 - 04:20 AM

As a person who spent a lot of time in Italy over the years, I would be wary of the 'official' part of doing business there. Dealing with solicitors and the Guardia di Finanza, can be a long drawn out and expensive pastime. I myself have had to pay the occasional 'sweetener' in Italy.
It's really up to you my friend where you end up, and as it's your money it's also your choice. While I would be more than pleased to see you buy a place in Scotland, do remember that property here is ridiculously expensive, largely fuelled by people buying holiday homes, I might add. Also the weather is not of the best, don't expect too much sunshine.
If you did decide to look here I will always be willing to give you a helping hand.
Giok

Subject: RE: BS: advice on acquiring holiday property
From: GUEST
Date: 06 Jun 06 - 07:42 PM

Excellent forum for buyers of property abroad.

You'll find everything you need to know in this forum..and if you don't , just post your own question. Lots of Croatian advice in past threads. But MORROCCO is the place to invest.

Subject: RE: BS: advice on acquiring holiday property
From: GUEST,noddy
Date: 07 Jun 06 - 05:38 AM

if you buy in Croatia make it Paklenica. Absolutley stunning and great for rock climbing! Even better than in the Verdoun.

Subject: RE: BS: advice on acquiring holiday property
From: Paco Rabanne
Date: 07 Jun 06 - 05:49 AM

Why abroad? Why not America?

Subject: RE: BS: advice on acquiring holiday property
From: jimmyt
Date: 07 Jun 06 - 07:14 AM

Well, Ted, THe intrigue to me is somehow having ownership of some ancient stone cottage in a land steeped in history. I know that is probably silly but in America our holiday places are 35 years old if they are old. Built last week if they are new.

Subject: RE: BS: advice on acquiring holiday property
From: GUEST
Date: 07 Jun 06 - 07:51 AM

If you are thinking of investing your RETIREMENT funds in a Europeon property, Jimmy I would to you there are far better ways to use your excess retirement funds. The overhead expensese on such a venture would surely negate any return you might receive. Why not buy US property which you know your heirs could more easily dispose of once you pass on? sincerely, friendly guest

Subject: RE: BS: advice on acquiring holiday property
From: GUEST,Q as guest
Date: 07 Jun 06 - 05:11 PM

I used to get the bug.
On a trip to Scotland I was intrigued by an old place in Cromarty. The sun was shining brightly and the flowers were lovely and the building was intriguing and the price was right. I probably would have made money (this was some 20 years ago). However, chances were small that I would spend much time there. Also, I forget to remember that the weather is miserable for 9 months of the year.

A daughter lives in the Kootenays in British Columbia. The weather was wonderful when I got there last week for a vacation. The view across the valley to the west front of the Livingston Range and the abundant deer and elk made it a wonderful place to sit on the porch. Two days later (this is early June) I needed long johns, a parka and oilskins. Still a wonderful place, and prices are increasing rapidly.

We did succumb once. We bought a small farm in Alberta with frontage on the North Saskatchewan River. It was an old 'river lot', roughly a quarter section, set up in a small settlement (now ghost) created by Hudsons Bay for Metis, with a cottage and the old log settler's cabin from the 1860's, and half-treed. My wife spent the summers there, and I visited on weekends and holidays. We hated to sell but age was catching up with us. We made money, but that didn't cover our regret at having to leave.

My wife and I always wanted to build an adobe in Santa Fe but my job kept me away from that region. The lot I was interested in now has a 3 million dollar residence on it, owned by an NFL player, they tell me. A missed opportunity.

I would echo advice given above- invest in your own country, and close enough that you can keep an eye on it. Don't buy in Canada; it is crowded enough already.