Tips On Buying A Second Home Abroad

What You Need To Know Before Buying A Second Home Abroad

First Published Date: Oct 21, 2009

Buying a second home is something that, for a lot of people, means they have truly arrived on the scene. Buying a second home abroad adds that little bit to the mix, giving you a spread in the world, a base from which to travel further. For a Canadian or American, the immediately obvious choice would be a home in the Caribbean, while anyone living in Europe has an enviable range of choices too, as do Australian residents. But before you choose to move to a new country, you need to keep aware of some important principles.

Firstly, it is essential to do some research before you move anywhere, but all the more so when you are moving to another country. However many similarities there may be between your first home country and your second home country, there will be subtle differences that can be quite disruptive if you have to face them every day. They are always surmountable, but only if you do prior research and make sure you are equipped to face the changes.

Secondly, it is necessary to become a part of the community wherever you move to. This does not mean you have to hold a party immediately on moving in and invite everyone to it. What you do need to do, though, is be active. Even if it is just going out for a walk in the morning to buy the newspaper, dining out every so often, or joining some clubs locally, it will vastly aid the settling in process.

You should also learn the language, if you are moving somewhere that has another language. There are many ex-pat communities in countries all over the world. Without a doubt, there are varying levels of welcome extended to them by the host communities, and by far the greatest level of welcome is that which is extended to those who can be bothered to learn the local language. It is simply common sense. If someone makes the effort to speak a second language, it demonstrates a level of courtesy which will be appreciated and reciprocated.

You should not expect to fit in immediately in your new country. No matter how prepared you are, how prepared you feel you are for the change of moving to a new country, there is always a settling in period. It is something which always makes demands of a person, because there is a total change. Things you have taken for granted are no longer there, little things that you didn’t realize you appreciated about your home country will suddenly become big things. Does it slightly irritate you when you are treated in a certain way in your home country? When the locals of your new home country fail to treat you in that way, you will resent it slightly. A lot of little changes go together to make a big change. Does this mean you shouldn’t go for it? No, it certainly doesn’t. The challenges we face in life make it what it is. Go for it.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Oct 12, 2009.

Real Estate Property In Croatia

Shopping the Beachfront in Croatia

First Published Date: Nov 18, 2009

Have you noticed the turning fad to buy foreign vacation property is booming once again? One of the premiere hotspots is the Adriatic coastline of Croatia. If you have not checked out the realtor sites or the available properties then you should at least view some general pictures of this outstanding coast. It is absolutely beautiful and if the available prices are with in your ballpark it is a treat you cannot afford to miss. Not only is this Mediterranean country an interesting as well as beautiful vacation spectacular but the investment potential of owning real estate for personal or business ventures is looking to be very promising.

One may wonder why this magnificent country had not been available until recently. In the late 90’s, once the war had ended and the communistic government had fallen it became more open to foreign land purchases. The property was fairly inexpensive yet several down falls kept most investors at bay. Buying property could take almost 5 years to finalize the excruciating processes. Problems with original ownership ensued because of the original owners such as Serbs had left many properties abandoned after the war. These giving great grievances to those buying from faulty owners who had assumed residence and later tried to sale. The government now though is going to great lengths to make these land values more available.

Not only is the coastline of Croatia amazing but there are also 700 some plus outlying islands. Not all of these are available for sale, as some 300 plus are already owned under private sanctions. Many of Hollywood’s elite have snatched some of these islands already, giving the beautiful Islands and Croatian Coast a glitz of paradise. Many like to follow the trends of Hollywood only adding to the increasing value of this amazing country. Some areas such as the popular city of Dubrovnik are unavailable, in which you would be hard pressed to find properties. This area began soaring in popularity in 2000 and prices have been increasing every since.

However many of the remaining areas are still offering several available properties and lands for sale. The islands of course are made available first to the Croatian government for sanction or resale, so owning your own Mediterranean island may not be impossible but prospects are thinner than to purchase private properties from owners. Current property owners have the rights to sale to whom ever they enter into contract.

While researching your new vacation prospects, include that the Croatian country is soon to be joining the European Union and has been in process since it has been invited in 2005. This may change or alter the market and land availability, which in turn may also drive property prices sky high. If the opportunity presents itself to become a Croatian landowner, investor or vacationer, then it is best you seize the day.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Nov 18, 2009.

Real Estate Hotspot The Adriatic Coast and Montenegro

Adriatic Sea Dream

First Published Date: July 1, 2015

Who does not remember that it was only a couple of years ago when the Adriatic regions of what used to be called Yugoslavia was known for all the wrong reasons. All that we got from the media was generally about bloodshed and what came to be known as ethic cleansing. In a little while the former communist republic began disintegrating and small tribal units were seceding and becoming republics on their own, whether they had international support or not.

Talking about the region today and mentioning places like Montenegro you will elicit a completely new set of feelings, especially from people who are very keen on real estate. Every international investor you know about is jostling for a share of the former hotspot of the bloodbaths of modern Europe because people just discovered the golden coasts that been forgotten for years on end. After the years of war and destruction, reconstruction has begun in earnest and the focal point seems to be the Adriatic coast. There are all manner of developments already taking place and foreign investors are falling over themselves to build up the coastal are and right now it is littered with industrial investments and holiday resorts of the highest standards you can ever imagine.

What seems to have awakened the great interest may be the fact the several celebrities have toured the Adriatic sea coasts of the former Yugoslavia not just as tourists, but they have ended up buying a piece of the cake and you will be in for a surprise if you found who has property in this lovely coast. From film stars to rally champions and all the rest you can mention, the destination is the Adriatic Sea coast and Montenegro is real hot spot currently. You know what follows when famous people invade a place, the prices of property begin sky rocketing and this is what is happening in Montenegro right now. The ordinary Joe will be hard pressed to manage anything at this time. What with prices rising by up to 40% in just one year.

One of the hottest spots in Montenegro where the high and mighty are settling is known as Kotorska Bay, which is a scenic are that has mountains overlooking three sizeable bays and because of space and height limitations, the developments here are not allowed to go more than three storey high. The one thing that has also catapulted the developmental status of this enclave is the recognition by UNESCO to make it a world heritage site. The sandy beaches are always full of people and the cost of property is just not what you would expect of an area with history like this one.

And for those who would love to acquire built up properties, there is no shortage of apartments that have been put up overlooking the sea, where you stay as you enjoy the cool breeze of the evening. All that was lacking due to the bad history that the area went through just a few years ago, moneyed investors and developers are bridging the gap with so much zeal. The good news is that real estate lovers are not letting them down, seizing every available piece of lane or built up apartments.

Real Estate In Belize

Do You want to buy, build or rent in Belize

Published Date : Nov 29, 2009

There is a great amount of interest from prospective real estate investors in the country of Belize, especially among those folks who are looking for retirement homes or basically people who want to relocate abroad to escape from the rat race they have known all their lives. Those in the know come back with information of how easy it is to acquire a home in Belize and even for those who do not want to buy, rent itself is so low you will not believe when people report rents of between $100 and $200 a month. And for the adventurous ones who want to build their dream homes, the cost of land is not anything people of this generation have heard of at anytime in their lives, only the very old can relate to the low figures.

Currently there are no restrictions to any foreigner who wants to acquire a piece of real estate in Belize and if anything there may actually be incentives to attract more people to come and own. Just like you would do when you want to buy a house any where else, investing in Belize should not be an exception where the rules are involved. You will realize that the rule that dictates the place of demand in determining prices applies even here. Many foreign investors want to buy houses next to the beach and for that reason the costs of such properties is obviously high. We have hundreds of people relocating from the United States, UK and even Canada and because they come with the dollars then you can expect the cost to rise dramatically.

You will need to come over armed with your good negotiating skills because these guys will take any chance to milk you out of all your cash if you are willing to pay any figure they are going to quote for the house you want to acquire or even rent. You know it appear to be fact all over the world the person who makes money in real estate is the buyer and not the seller so at any rate you have a deal when you buy. The experts in real estate will tell you that knowledge is king and therefore if you spend just a little more time in Belize before settling on a deal, you are likely to clinch a real winner when you finally sign the dotted line.

Just like with any other lucrative market there could be a few bad guys out there who will be looking out to dispose that piece of property that is really worthless. The old adage about the deal that is too good being suspect will hold true here more than anywhere else. There are countless people who have bought what they thought was a real sweet piece of beach land during the dry season and when the rains came they discovered it was actually marsh land which has no real value. So it pays for any prospective buyer of a house or piece of land in Belize to take just a little more time before they commit themselves, the watchword would then be that you don’t come with an itchy pocket, be willing woo wait just a little longer and you will be glad you did.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Nov 29, 2009.

The A to Z of Mortgages

A is For Amortization

First Published Date: June 9, 2009

Taking out a mortgage is something that most of us do, sooner or later. There is a lot of fear and uncertainty attached to the idea of taking out a mortgage, not least because the term of a loan taken out to buy a house will generally be longer than if it were taken to buy something a bit smaller. Typically, the term for a mortgage will be in the region of 25 years – a very long time by anyone’s estimation, and a time in which so many things can change. Think about it – the average length of time an individual spends in a job these days has fallen to about three years. Although the average does not apply to everyone, and takes into account that people will spend a very short time in some jobs, it still offers the possibility that you will change jobs more than a couple of times during the term of your loan.

In addition, mortgages are considered to be a little bit nerve-wracking by some because of the jargon which is so often used by those who are selling a mortgage or by the financial experts discussing what the future holds for mortgage owners on the daily news – something of a motif of the age, it has to be said. Maybe most people just about understand what a mortgage is but beyond that, all bets are off. Take the average person (someone without a mortgage, as a preference) and ask them what a “principal” is. Someone who works in a school, or an actor in a lead role? That’s likely to be the response. Even if you mention that you’re talking about money, you’re still more likely to get a confused frown than an accurate reply.

When things get even more complicated, therefore, the average consumer is likely to become still more confused. Ask the average individual, mortgage holder or not, to tell you what “amortization” is, and the eyes will begin to glaze over before you have even mentally added the question mark. This is a pretty important part of a mortgage account, and there are still several people who will be unable to tell you what it is. The reason? No-one has thought to tell them. It could be argued that this kind of thing should be taught in schools, because money smart kids will be less likely to get wrapped up in debt later on.

Amortization is defined as “the allocation of a lump sum amount to different time periods”, and an amortization schedule forms part of any mortgage agreement you may have or take out in future. On a typical amortization schedule, the amount you pay each month towards your mortgage account will be detailed both in terms of how much will go to paying down your principal and how much will pay off the interest on your loan. As time goes on, assuming your loan has positive amortization, you will find that more of your payments are going towards paying off the balance of the loan. The kind of amortization you have will be influential in how efficiently you can pay off your mortgage, so ask any mortgage advisor to take you through your options.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on June 9, 2009.