You may have bought a property abroad to stay yourself during holidays. You may however from time to time consider renting it out. Here are a few vital tips to remember:
1. Think about employing someone to make sure the gardens and the pool are kept looking immaculate. There is nothing more off-putting than a dirty pool and a messy garden. You will need to factor in an extra cost for someone to keep on top of maintenance if you are not there to do it yourself.
2. It is essential that bathrooms and kitchens are clean and well stocked. Inexpensive and easy to replace cutlery, crockery and glassware are essential in the kitchen plus toilet paper and towels in the bathroom.
3. If your property is suitable for families, most now expect there to be a washing machine - and a dishwasher is necessary too. Would you want to spend half your time washing by hand or washing up after each meal when on holiday?
4. Get a decent kitchen stove. My preference is for an electric stove – people can’t leave the gas on and cause an explosion.
5. When renting out, remove all objects that are precious to you. Trust me, they will be the things that get broken first – sod’s law! Many people put a lock on a cupboard or a loft and put all valuables safely hidden away.
6. Furniture should be strong, solid and robust. Ikea type is great, but ‘cheap as chips’ will probably turn out to be false economy.
7. You know how many people can stay in the house – in fact, when you rent it out you will no doubt specify this. Make sure there are enough chairs, crockery etc for the number of people that will be renting.
8. Spend a little extra on strong, firm yet comfortable mattresses. There is nothing like a really good, comfortable night’s sleep to make someone hasten to return or to recommend your property to friends and family.
9. Create an area and attractions guide. You’ll want to map out where the best pubs and restaurants are plus all the unmissable walks…This is just the sort of thing that makes people return time after time.
10. Throw in a welcome pack for each visitor; supply basic essentials like milk and bread together with some details of nearby shops, doctors, garages etc. Adding a bottle of the local wine cost very little but it will really endear you to your guest! (Letting agents will do this for you in you are not around)
11. You need to make sure that you are fully insured for visitors in your rental property. This is an absolute must.
12. Always ask for testimonials and feedback. That way you can correct any shortcomings and promote you property to prospective renters.
If you want a home with these qualities already built in, then I suggest you run them by your estate agent from the beginning of your search if you have not yet bought. And if you need any help just call the OGC Resource Team 0207 898 0549 - there is no cost or obligation to use our recommendations.
Kim Brown
The Overseas Guides Company
http://www.overseasbuyingguide.com/
Thursday, 24 February 2011
Thursday, 17 February 2011
Setting your intention to by overseas
The first step to buying overseas is to consider your options and to formalise your intentions. These may change or you may head off in another direction, but at least you’re organising your thoughts. So, if you are in the very early stages of thinking about buying overseas but are not quite sure where to go from there, or who to turn to for advice, settle down for a good read and let’s begin at the beginning.
Take the time to create a specific intention detailing what you would ideally like to achieve. For example, if you’re going to buy a holiday home, what would be the perfect property and the perfect location? If you’re buying for investment purposes, how much money do you want to make over and above the mortgage payments? At this stage, you may be totally off the mark about what is available – or indeed possible – but you need to start somewhere. Have a look at a few brief points below and see if you can start by answering some of them:
- Any idea of which area or region you are interested in?
- Town or countryside?
- What sort and size of house?
- An old house or a new build?
- How big a garden/terrace?
- Distance from shops/restaurants?
And what about answers to these questions?
- Distance from airport?
- Will you renovate or redecorate?
- What do other family members want?
- How soon do you want to get the ball rolling?
- How much time to you want to spend at the property?
- When would you like to have the property?
- How would you feel once you get your property?
- If you were to think of the ideal scenario, what would it look like? Don’t be afraid to let your imagination run wild.
Once you’ve had a chance to mull your intentions around in your head, write them down. This will allow you to start your search and successfully do your research! After you’ve determined your budget, done a few sums, researched information and gathered data from a variety of sources, you’ll then be in a position to think about accurately setting an objective.
The more time you take to really get to grips with what you want, why you want it and when you want to achieve it, the easier it will be for you to achieve you ambitions. Many people set off not knowing what they want and end up getting something that is not really ‘perfect’. With a bit of time for day dreaming and a log of your notes, you’ll set yourself up for a better outcome than just ‘winging it’.
Kim Brown
The Overseas Guides Company
http://www.Overseasbuyingguide.com
Take the time to create a specific intention detailing what you would ideally like to achieve. For example, if you’re going to buy a holiday home, what would be the perfect property and the perfect location? If you’re buying for investment purposes, how much money do you want to make over and above the mortgage payments? At this stage, you may be totally off the mark about what is available – or indeed possible – but you need to start somewhere. Have a look at a few brief points below and see if you can start by answering some of them:
- Any idea of which area or region you are interested in?
- Town or countryside?
- What sort and size of house?
- An old house or a new build?
- How big a garden/terrace?
- Distance from shops/restaurants?
And what about answers to these questions?
- Distance from airport?
- Will you renovate or redecorate?
- What do other family members want?
- How soon do you want to get the ball rolling?
- How much time to you want to spend at the property?
- When would you like to have the property?
- How would you feel once you get your property?
- If you were to think of the ideal scenario, what would it look like? Don’t be afraid to let your imagination run wild.
Once you’ve had a chance to mull your intentions around in your head, write them down. This will allow you to start your search and successfully do your research! After you’ve determined your budget, done a few sums, researched information and gathered data from a variety of sources, you’ll then be in a position to think about accurately setting an objective.
The more time you take to really get to grips with what you want, why you want it and when you want to achieve it, the easier it will be for you to achieve you ambitions. Many people set off not knowing what they want and end up getting something that is not really ‘perfect’. With a bit of time for day dreaming and a log of your notes, you’ll set yourself up for a better outcome than just ‘winging it’.
Kim Brown
The Overseas Guides Company
http://www.Overseasbuyingguide.com
Thursday, 10 February 2011
How to find an independent solicitor or lawyer
When buying a property abroad, you’ll want to make sure that the contract of sale protects you, your money and your future property. With this in mind, it is absolutely essential that you get an independent and legally registered solicitor. However, doing this is not always as easy as you would think.
When you have decided on your property, it’s quite common for the developer or estate agent to simply take you to a solicitor who will handle the legal aspects of the purchase. This solicitor is often the same one that represents the property company - or one of a few that the agents send all their clients to.
Quite clearly, going to the solicitor who works for the property company creates a serious conflict of interest. If you were buying a home in the UK you would never consider buying a property from, say, Barratt Homes and then asking their solicitor to draw up your contract – would you? No – you would get your own solicitor to ensure that the correct searches are completed, that the contract protects you and the whole process is legally compliant.
Alternatively, going to an ‘independent’ solicitor the agent recommends means there is a good chance that the lawyers are beholden to the agent for future business…not good news for you.
In some countries it’s illegal for solicitors to advertise their services so they rely heavily on word-of-mouth and property agent recommendations. And because there are usually quite a few lawyers, many agents or developers choose to work with those who make sure the sale goes through easily and smoothly and works to their benefit.
Unfortunately, neither situation is good for the property buyer.
Buying in a foreign country does mean that if you choose to find a solicitor on your own, chances are they may be linked to your developer or agent anyway without you even knowing it. To avoid this some ex-pat organisations recommend that Brits choose a solicitor outside the area of purchase. By doing so, you’ll have more chance that your legal representative will do the right thing rather than bow to the needs and pressure of local developers.
In the UK, it is standard practice for your solicitor to work for your protection, but abroad it may be a case of ‘if you don’t ask, you don’t get’, especially if the solicitor is protecting the agent’s interests rather than yours. You need to remember too that you have the right to get your solicitor to insert any clause in your purchase contract that you deem reasonable. The developer/agent may or may not be happy with your requests, but it is your right to ask for what you want. Consider asking for the following:
- Protection against late delivery – ensure there is a hefty penalty charge for every month the property is late
- Make sure you can get your money back immediately if there is a situation where building permission is not granted
- Ask for freedom to sell the property at any time
- Dictate that the developer must insure the property against fire, earthquake and any foreseeable risk during the build
- Request there is a maximum fee for cancellation agreements (currently developers charge whatever they want!)
To conclude, there may be no foolproof way to find an ‘independent’ solicitor abroad, but there are definitely actions you can take to get as close as is humanly possible!
Never just take people at their word; do your own homework and your own research.
Just because lawyers in the UK have a high level of standards and ethics, don’t assume that it’s necessarily the same abroad. Not that I am implying that all solicitors abroad are not honest, but there is no doubt that some owe an allegiance to agents and /or developers and thus will not necessarily give you the protection that you need.
Kim Brown
The Overseas Guides Company
http://www.Overseasbuyingguide.com
When you have decided on your property, it’s quite common for the developer or estate agent to simply take you to a solicitor who will handle the legal aspects of the purchase. This solicitor is often the same one that represents the property company - or one of a few that the agents send all their clients to.
Quite clearly, going to the solicitor who works for the property company creates a serious conflict of interest. If you were buying a home in the UK you would never consider buying a property from, say, Barratt Homes and then asking their solicitor to draw up your contract – would you? No – you would get your own solicitor to ensure that the correct searches are completed, that the contract protects you and the whole process is legally compliant.
Alternatively, going to an ‘independent’ solicitor the agent recommends means there is a good chance that the lawyers are beholden to the agent for future business…not good news for you.
In some countries it’s illegal for solicitors to advertise their services so they rely heavily on word-of-mouth and property agent recommendations. And because there are usually quite a few lawyers, many agents or developers choose to work with those who make sure the sale goes through easily and smoothly and works to their benefit.
Unfortunately, neither situation is good for the property buyer.
Buying in a foreign country does mean that if you choose to find a solicitor on your own, chances are they may be linked to your developer or agent anyway without you even knowing it. To avoid this some ex-pat organisations recommend that Brits choose a solicitor outside the area of purchase. By doing so, you’ll have more chance that your legal representative will do the right thing rather than bow to the needs and pressure of local developers.
In the UK, it is standard practice for your solicitor to work for your protection, but abroad it may be a case of ‘if you don’t ask, you don’t get’, especially if the solicitor is protecting the agent’s interests rather than yours. You need to remember too that you have the right to get your solicitor to insert any clause in your purchase contract that you deem reasonable. The developer/agent may or may not be happy with your requests, but it is your right to ask for what you want. Consider asking for the following:
- Protection against late delivery – ensure there is a hefty penalty charge for every month the property is late
- Make sure you can get your money back immediately if there is a situation where building permission is not granted
- Ask for freedom to sell the property at any time
- Dictate that the developer must insure the property against fire, earthquake and any foreseeable risk during the build
- Request there is a maximum fee for cancellation agreements (currently developers charge whatever they want!)
To conclude, there may be no foolproof way to find an ‘independent’ solicitor abroad, but there are definitely actions you can take to get as close as is humanly possible!
Never just take people at their word; do your own homework and your own research.
Just because lawyers in the UK have a high level of standards and ethics, don’t assume that it’s necessarily the same abroad. Not that I am implying that all solicitors abroad are not honest, but there is no doubt that some owe an allegiance to agents and /or developers and thus will not necessarily give you the protection that you need.
Kim Brown
The Overseas Guides Company
http://www.Overseasbuyingguide.com
Thursday, 3 February 2011
The Overseas Guides Company - a reader's story
Brian Dorey, along with many other British expats, has chosen to buy a home abroad for the most commonly cited reason: the sunny climate. But he also investigated the financial implications and discovered that there is no wealth tax on local or foreign investments plus taxes are lower on income too, all of which was very attractive. Altogether this seemed a very promising start and, when added to the fact that property is cheaper where he chose than in many other popular Mediterranean countries, Brian decided it was ‘all systems go’.
So began a really thorough search for his dream property. Brian takes up the tale: “Having searched the internet, I found a Buying Guide website where purchased the detailed, helpful guide and subscribed to the free newsletters offered. It was amazingly easy using the tips and suggestions to define my requirements and to establish my strategy for what I really wanted.
“Once I had made use of the network of friendly and helpful associate available through the website, everything fell into place” he continues. “This, despite some very attractive but potentially risky alternatives which I could have easily been tempted into, had I not had a plan to keep me on track.”
Brian had made the decision to buy a resale property instead of a new build option fairly early on: “I came to learn from the very minor maintenance aspects I encountered that I couldn't possibly have contended with the major stress and frustration of dealing with developers, the changing schedules or contentious deeds and planning problems” explains Brian.
Brian finally purchased a lovely villa in a village that has grown to be a very vibrant and welcoming while still retaining its charm, with a population of many nationalities, the majority of whom are either local or British ex pats. “Everyone I've met has been very friendly and helpful” comments Brian. “Funnily enough, all my immediate neighbours are also Brits and those I've met have been very kind. I couldn't have properly maintained my pool and garden plants at a distance without their ongoing help.”
The vendors that Brian purchased the property from are having a home built and Brian is considering renting the property to them until completion of their property. The decision as to whether to rent out the property on an ongoing basis has yet to be taken. “It was bought primarily as a retirement retreat, away from the UK and its wasteful tax regimes” Brian confides. “I have determined I definitely will not rent it out on a long-term basis - I don’t want to be prevented from occupying my home for long periods. I am still trying to decide on shorter letting periods” he adds.
Paying for the property from monies in the UK became the next issue. Scanning the Internet, Brian had seen much information on currency companies and their expertise in transferring currency and he decided to investigate this option. Talking to traders, he found that not only were their exchange rates far better than his high street bank but that transfer costs were often eliminated too.
“I contacted the currency company and found that it was very easy to set up an account with them and they were very helpful and accommodating. For instance, one of my banks would only allow me electronic transactions of up to £10K per day, so it took a lot of days to send some £170K! However, all was completed smoothly and on time – they helped me no end to achive my ambitions,” Brian recalls. ”I have now successfully purchased a unique property, which I believe I will enjoy during my future retirement in a friendly and more attractive climate than the UK.”
Contact the Overseas Guides Company for help with your Overseas dream on 0207 898 0549
Kim Brown
The Overseas Guides Company
http://www.overseasguidescompany.com
So began a really thorough search for his dream property. Brian takes up the tale: “Having searched the internet, I found a Buying Guide website where purchased the detailed, helpful guide and subscribed to the free newsletters offered. It was amazingly easy using the tips and suggestions to define my requirements and to establish my strategy for what I really wanted.
“Once I had made use of the network of friendly and helpful associate available through the website, everything fell into place” he continues. “This, despite some very attractive but potentially risky alternatives which I could have easily been tempted into, had I not had a plan to keep me on track.”
Brian had made the decision to buy a resale property instead of a new build option fairly early on: “I came to learn from the very minor maintenance aspects I encountered that I couldn't possibly have contended with the major stress and frustration of dealing with developers, the changing schedules or contentious deeds and planning problems” explains Brian.
Brian finally purchased a lovely villa in a village that has grown to be a very vibrant and welcoming while still retaining its charm, with a population of many nationalities, the majority of whom are either local or British ex pats. “Everyone I've met has been very friendly and helpful” comments Brian. “Funnily enough, all my immediate neighbours are also Brits and those I've met have been very kind. I couldn't have properly maintained my pool and garden plants at a distance without their ongoing help.”
The vendors that Brian purchased the property from are having a home built and Brian is considering renting the property to them until completion of their property. The decision as to whether to rent out the property on an ongoing basis has yet to be taken. “It was bought primarily as a retirement retreat, away from the UK and its wasteful tax regimes” Brian confides. “I have determined I definitely will not rent it out on a long-term basis - I don’t want to be prevented from occupying my home for long periods. I am still trying to decide on shorter letting periods” he adds.
Paying for the property from monies in the UK became the next issue. Scanning the Internet, Brian had seen much information on currency companies and their expertise in transferring currency and he decided to investigate this option. Talking to traders, he found that not only were their exchange rates far better than his high street bank but that transfer costs were often eliminated too.
“I contacted the currency company and found that it was very easy to set up an account with them and they were very helpful and accommodating. For instance, one of my banks would only allow me electronic transactions of up to £10K per day, so it took a lot of days to send some £170K! However, all was completed smoothly and on time – they helped me no end to achive my ambitions,” Brian recalls. ”I have now successfully purchased a unique property, which I believe I will enjoy during my future retirement in a friendly and more attractive climate than the UK.”
Contact the Overseas Guides Company for help with your Overseas dream on 0207 898 0549
Kim Brown
The Overseas Guides Company
http://www.overseasguidescompany.com
Wednesday, 26 January 2011
How to recognise a good estate agent
I have lost count of the number of estate agents I have spoken to and here’s the really strange thing. You would think that, in these economically challenging times, service and efficiency would be their mantra wouldn’t you? But not so with many that I have spoken to or dealt with.
I still believe that the best way to go about looking for a property is with a good, reliable and local property agent – but how do you tell the good from the bad?
My son is toying with the idea of buying a small flat in London and asked me to have a look at a few flats on his behalf. “Could we make it over the weekend?” I asked the agent. In South Africa, where I lived for years, this is the busiest period of an agent’s week – after all, most people buying a property actually work. “No”, was the dismissive reply, “we don’t work weekends”. I was absolutely outraged – what am I paying them commission for if they won’t accommodate my needs?
ANYWAY, after that little rant, what exactly sets a good agent apart from a bad one?
1. Telephone manners: If I had to name my pet hate, it would be when I phone a business and I sit for hours pushing buttons and just plan hanging on. I want immediate attention and, if there is no one who can attend to me immediately, I want my number taken and a return call with 15 minutes. The end…
2. Dependability: If someone says they will call me back, I want them to do so. If they say they will send me a few property details to look at, I must receive them within a short time. If I can’t depend upon them on the small things, how on earth can I trust them with thousands of pounds of my money?
3. A good website: Today there really is no excuse not to have a clear, concise website with lots of properties of all sizes and shapes. The site should be error free – if they can’t be bothered to check how they are perceived by others then they have no pride in themselves or their company. And I want a little extra: an agent I know writes a monthly blog telling of exactly what’s going on in their area – in this case, in Corfu. It makes a huge difference – you feel you know both the place and the person before you even get out there.
4. Honesty: Finally, but most importantly, they must be upfront and honest. Yes, it may take months before you get a phone installed. No, you don’t have access to the Internet yet in that area…do you really want to find out this kind of thing afterwards? Obviously not. It seems to me to be so short-sighted, as a few chats to locals will reveal the truth, and if they lie about small things then you’d be crazy to trust them in the big things – right?
I know this all sounds very obvious, but what I have found is that many people become a little distracted when buying abroad. Things that they would not hesitate to insist upon in the UK seem to escape their notice. Remember, this is not a new best friend that you need to be afraid of offending, this is purely a business relationship and you need to protect yourself against any possible misunderstandings or, even worse, shortcomings in your new property.
Good luck – and remember that help in the form of the OGC is at hand if you need it.
Kim Brown
The Overseas Guides Company
http://www.overseasbuyingguide.com
I still believe that the best way to go about looking for a property is with a good, reliable and local property agent – but how do you tell the good from the bad?
My son is toying with the idea of buying a small flat in London and asked me to have a look at a few flats on his behalf. “Could we make it over the weekend?” I asked the agent. In South Africa, where I lived for years, this is the busiest period of an agent’s week – after all, most people buying a property actually work. “No”, was the dismissive reply, “we don’t work weekends”. I was absolutely outraged – what am I paying them commission for if they won’t accommodate my needs?
ANYWAY, after that little rant, what exactly sets a good agent apart from a bad one?
1. Telephone manners: If I had to name my pet hate, it would be when I phone a business and I sit for hours pushing buttons and just plan hanging on. I want immediate attention and, if there is no one who can attend to me immediately, I want my number taken and a return call with 15 minutes. The end…
2. Dependability: If someone says they will call me back, I want them to do so. If they say they will send me a few property details to look at, I must receive them within a short time. If I can’t depend upon them on the small things, how on earth can I trust them with thousands of pounds of my money?
3. A good website: Today there really is no excuse not to have a clear, concise website with lots of properties of all sizes and shapes. The site should be error free – if they can’t be bothered to check how they are perceived by others then they have no pride in themselves or their company. And I want a little extra: an agent I know writes a monthly blog telling of exactly what’s going on in their area – in this case, in Corfu. It makes a huge difference – you feel you know both the place and the person before you even get out there.
4. Honesty: Finally, but most importantly, they must be upfront and honest. Yes, it may take months before you get a phone installed. No, you don’t have access to the Internet yet in that area…do you really want to find out this kind of thing afterwards? Obviously not. It seems to me to be so short-sighted, as a few chats to locals will reveal the truth, and if they lie about small things then you’d be crazy to trust them in the big things – right?
I know this all sounds very obvious, but what I have found is that many people become a little distracted when buying abroad. Things that they would not hesitate to insist upon in the UK seem to escape their notice. Remember, this is not a new best friend that you need to be afraid of offending, this is purely a business relationship and you need to protect yourself against any possible misunderstandings or, even worse, shortcomings in your new property.
Good luck – and remember that help in the form of the OGC is at hand if you need it.
Kim Brown
The Overseas Guides Company
http://www.overseasbuyingguide.com
Wednesday, 19 January 2011
Final checks before buying a property
I feel that some points are worth expanding on: I have this mental picture of someone taking YOU for a ride and me, too late, wishing that I had warned you, or elaborated
on something...
Here are a few thoughts that flitted through my mind about the final checks that you should be making before you sign your contract and commit yourself irrevocably.
Don't lose sight of the fact that you purchase the property accepting the condition that it is in on completion or on the date you sign your contract. Make sure that you are aware of anything that might have changed between the signing of the preliminary contract and completion or the final contract. If you are not in the country, get someone you REALLY trust to check this out for you.
It is important to check that nothing has been damaged in any way, for example by storms, earthquakes, vandals or the previous owner. If you have a lawyer or are buying through
an estate agent they should accompany you on this visit.
Also, do a final inventory check to make sure that you have everything that was included in the price. Do check that the appliances have not been substituted for cheaper models, that any fixtures and fittings such as light fittings and curtains purchased are still in place and that the garden is in the same state as when you first viewed it. One of my friends was startled to find that, when she moved in, all plats in the garden had been removed!
If you find that anything is missing or damaged, act immediately, before the final payment is made. If needs be, get your lawyer to delay the signing of the deed until you are completely happy. It will be almost impossible to get redress and satisfaction later. If you leave it too late and need to take this to the courts to get redress, years may elapse before something is done about it – if at all.
Until next time...
Kim
The Overseas Guides Company
http://www.Overseasbuyingguide.com
on something...
Here are a few thoughts that flitted through my mind about the final checks that you should be making before you sign your contract and commit yourself irrevocably.
Don't lose sight of the fact that you purchase the property accepting the condition that it is in on completion or on the date you sign your contract. Make sure that you are aware of anything that might have changed between the signing of the preliminary contract and completion or the final contract. If you are not in the country, get someone you REALLY trust to check this out for you.
It is important to check that nothing has been damaged in any way, for example by storms, earthquakes, vandals or the previous owner. If you have a lawyer or are buying through
an estate agent they should accompany you on this visit.
Also, do a final inventory check to make sure that you have everything that was included in the price. Do check that the appliances have not been substituted for cheaper models, that any fixtures and fittings such as light fittings and curtains purchased are still in place and that the garden is in the same state as when you first viewed it. One of my friends was startled to find that, when she moved in, all plats in the garden had been removed!
If you find that anything is missing or damaged, act immediately, before the final payment is made. If needs be, get your lawyer to delay the signing of the deed until you are completely happy. It will be almost impossible to get redress and satisfaction later. If you leave it too late and need to take this to the courts to get redress, years may elapse before something is done about it – if at all.
Until next time...
Kim
The Overseas Guides Company
http://www.Overseasbuyingguide.com
Wednesday, 12 January 2011
Viewing trips
I am often asked about Inspection trips, so here are my thought on this sometimes contentious matter!
Once you know your objective, have set a budget, decided upon the area that you’re interested in and understand the process, you should then make arrangements to visit. The longer you can stay the better. There are all sorts of packages that property companies offer; some even help to pay your flights and accommodation – yes, the ‘inspection trip’.
Inspection trips can vary considerably from agent to agent. There are some that are prepared to pay for a client to inspect their properties, paying for flights and accommodation. Others offer a rebated trip and deduct the expenses should the client end up buying a property.
Some go the route of one of my favourite agents in Southern Crete. They don't fund inspection trips per se but organise viewings and take as long as people need, usually a day or so, but it can be longer, as part of their service. They encourage people to first drive around themselves, as the ‘where’ is the hardest thing to decide upon. Once this is independently decided, then generally the property presents itself. Generally people then book time with them, are taken to the office, chat about what they want, are shown some property pictures and then driven around to different areas and properties they have chosen.
One of the biggest property developers has a different take on the matter: they ask for a £1000 reservation fee up front once the client has decided that they like the look of one of their properties. Then there is a ten day ‘cooling off’ period, in which time it is advisable to actually go and view the property. You can reclaim the money within that time if you decide not to go through with a sale.
They expect clients to pay their own air fare but will provide accommodation for 2 nights – in other words, it could be a three day stay. The price of the air fare (with a maximum of £200 each) will be deducted from the price of the final cost of the property once the deposit has been received should you buy through them and the £1000 will also go towards the price…sounds fair to me.
I asked yet another of the agents that I recommend and he tells me that by “inspection trip” they do not mean a two week holiday at their expense. They have conditions, which they explain to the potential buyer upfront, that include a rule of no more than 2 nights/3 day’s accommodation and the airfare pegged at economy class for no more than 2 persons.
“Any entourage of fan wavers, case carriers and general hangers on is just not catered for” he added…!
So...it’s up to you. Just remember this: deciding on which estate agent to use is one of the most important decisions you will make, and you need to be able to walk away if you decide that they are not to your liking or they are showing you unsuitable properties. This can be difficult to do if you are in an overseas country at their expense…
Give the OGC Resource Team a call. They are there to help you with this and many other things too: 0207 898 0549
Kim
The Overseas Guides Company
http://www.Overseasbuyingguide.com
Once you know your objective, have set a budget, decided upon the area that you’re interested in and understand the process, you should then make arrangements to visit. The longer you can stay the better. There are all sorts of packages that property companies offer; some even help to pay your flights and accommodation – yes, the ‘inspection trip’.
Inspection trips can vary considerably from agent to agent. There are some that are prepared to pay for a client to inspect their properties, paying for flights and accommodation. Others offer a rebated trip and deduct the expenses should the client end up buying a property.
Some go the route of one of my favourite agents in Southern Crete. They don't fund inspection trips per se but organise viewings and take as long as people need, usually a day or so, but it can be longer, as part of their service. They encourage people to first drive around themselves, as the ‘where’ is the hardest thing to decide upon. Once this is independently decided, then generally the property presents itself. Generally people then book time with them, are taken to the office, chat about what they want, are shown some property pictures and then driven around to different areas and properties they have chosen.
One of the biggest property developers has a different take on the matter: they ask for a £1000 reservation fee up front once the client has decided that they like the look of one of their properties. Then there is a ten day ‘cooling off’ period, in which time it is advisable to actually go and view the property. You can reclaim the money within that time if you decide not to go through with a sale.
They expect clients to pay their own air fare but will provide accommodation for 2 nights – in other words, it could be a three day stay. The price of the air fare (with a maximum of £200 each) will be deducted from the price of the final cost of the property once the deposit has been received should you buy through them and the £1000 will also go towards the price…sounds fair to me.
I asked yet another of the agents that I recommend and he tells me that by “inspection trip” they do not mean a two week holiday at their expense. They have conditions, which they explain to the potential buyer upfront, that include a rule of no more than 2 nights/3 day’s accommodation and the airfare pegged at economy class for no more than 2 persons.
“Any entourage of fan wavers, case carriers and general hangers on is just not catered for” he added…!
So...it’s up to you. Just remember this: deciding on which estate agent to use is one of the most important decisions you will make, and you need to be able to walk away if you decide that they are not to your liking or they are showing you unsuitable properties. This can be difficult to do if you are in an overseas country at their expense…
Give the OGC Resource Team a call. They are there to help you with this and many other things too: 0207 898 0549
Kim
The Overseas Guides Company
http://www.Overseasbuyingguide.com
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