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Where would you buy a house/home?

Where would you buy a house/home?

Old Mar 29th 2013, 4:52 am
  #1  
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Question Where would you buy a house/home?

Inspired by another thread where someone advised someone else to buy a house elsewhere in the world with their savings of 60k (and here I am assume they meant "and get a mortgage on top")...

Where & what would you buy?

Constraints:
British citizen only - no rights to buy due to marriage to non-Brit spouse;
house price around GBP 300 k (ie the 60k gives you a 20% deposit);
somewhere you could leave empty for large parts of the year whilst you worked elsewhere

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Old Mar 29th 2013, 5:34 am
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Default Re: Where would you buy a house/home?

Originally Posted by OriginalSunshine View Post
Inspired by another thread where someone advised someone else to buy a house elsewhere in the world with their savings of 60k (and here I am assume they meant "and get a mortgage on top")...

Where & what would you buy?

Constraints:
British citizen only - no rights to buy due to marriage to non-Brit spouse;
house price around GBP 300 k (ie the 60k gives you a 20% deposit);
somewhere you could leave empty for large parts of the year whilst you worked elsewhere

I don't understand Constraint No 1??
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Old Mar 29th 2013, 5:47 am
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Default Re: Where would you buy a house/home?

Wouldn't it be hard to get a mortgage for 240K? It's surprising what you can get in France for less than Euro100K so long as you don't target the south coast.
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Old Mar 29th 2013, 5:56 am
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Default Re: Where would you buy a house/home?

Originally Posted by The Dean View Post
I don't understand Constraint No 1??
Well, not everyone married a Thai/Indonesian spouse and therefore has legal access to cheap permanent residential accommodation. So some suggestions where people who only have British citizenship would be useful

Wouldn't it be hard to get a mortgage for 240K? It's surprising what you can get in France for less than Euro100K so long as you don't target the south coast.
Not really - lots of the bigger banks can give overseas mortgages if you have a good credit history. E100K is fine as well though, and obviously more affordable. I was just putting an upper limit to get more realistic options.

Sheesh - play along now guys

Last edited by OriginalSunshine; Mar 29th 2013 at 5:58 am. Reason: quote not working. ffs.
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Old Mar 29th 2013, 6:16 am
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Default Re: Where would you buy a house/home?

Originally Posted by OriginalSunshine View Post
Well, not everyone married a Thai/Indonesian spouse and therefore has legal access to cheap permanent residential accommodation. So some suggestions where people who only have British citizenship would be useful



Not really - lots of the bigger banks can give overseas mortgages if you have a good credit history. E100K is fine as well though, and obviously more affordable. I was just putting an upper limit to get more realistic options.

Sheesh - play along now guys
So............ Florida then..............
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Old Mar 29th 2013, 6:39 am
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Default Re: Where would you buy a house/home?

Originally Posted by The Dean View Post
So............ Florida then..............
Nah forget Florida, all the crazies live there. Also forget New Jersey, it's the armpit of America.
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Old Mar 29th 2013, 6:58 am
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Default Re: Where would you buy a house/home?

France is a good call.

They have that 20yr scheme where you buy a house and then rent it to the govt for tourism. The rent pays off your mortgage as long as you put up 15-20% deposit if not you will need to top up. During this time you can use it for a few weeks a year. After the 20yrs it is yours pretty much for gratis.
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Old Mar 29th 2013, 7:06 am
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Default Re: Where would you buy a house/home?

Florida - have actually visited there, but really never appealed. Probably coloured by the fact we got evacuated out whilst on holiday due to a rather large incoming hurricane.

20yr scheme - sounds a great idea in theory, but do you know anyone who it has actually worked for? When I checked it out, all the prices of the places you could get that tourism scheme for seemed to be more expensive than outright purchase?
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Old Mar 29th 2013, 7:21 am
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Default Re: Where would you buy a house/home?

Florida is a huge state with its redneck areas and its posh areas. It's hard to describe Palm Beach and Naples as full of crazies.

The disadvantage is that it's difficult for overseas buyers to obtain mortgages in the US due to the lack of a local credit history. Banks willing to loan to overseas buyers will require a much higher down payment and interest rates.

Here's a novel idea: the UK. Cornwall, Devon, Dorset, Somerset? Decent tourist market in these counties where you can rent out your property on a weekly basis.

Otherwise what about Italy? Sicily could be interesting. Or Croatia?
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Old Mar 29th 2013, 7:21 am
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Default Re: Where would you buy a house/home?

I did look into it a few years ago and I didn't see any difference price wise. I 'think' it can be any property as long as its in an area where there is a lack of available tourist accom.

Saying that, no I don't know anyone who has done it but from what I have heard its pretty common.
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Old Mar 29th 2013, 7:23 am
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Default Re: Where would you buy a house/home?

Bulgaria?

Any ski resort, although avoid Switzerland as its apparently a nightmare getting a mortgage over there.
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Old Mar 29th 2013, 7:31 am
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Default Re: Where would you buy a house/home?

Originally Posted by Ethos83 View Post
Florida is a huge state with its redneck areas and its posh areas. It's hard to describe Palm Beach and Naples as full of crazies.
Rush Limbaugh lives in Palm Beach.
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Old Mar 29th 2013, 8:29 am
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Default Re: Where would you buy a house/home?

Originally Posted by Boomhauer View Post
Rush Limbaugh lives in Palm Beach.
Never heard of that person. Is it a man or a woman? If American then that probably explains it. I'm guessing that property in Cyprus may be a little cheaper right now.
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Old Mar 29th 2013, 9:16 am
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Default Re: Where would you buy a house/home?

Originally Posted by jam25mack View Post
France is a good call.

They have that 20yr scheme where you buy a house and then rent it to the govt for tourism. The rent pays off your mortgage as long as you put up 15-20% deposit if not you will need to top up. During this time you can use it for a few weeks a year. After the 20yrs it is yours pretty much for gratis.
My advice is NOT to buy anywhere in the Eurozone. The Cyprus disgrace is almost certainly the tip of the iceberg............ wait for it:

"Yes Sir, I know the house in Bordeaux is yours, but you see Italy's goverment really has spent too much money and........... "
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Old Mar 29th 2013, 9:32 am
  #15  
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Default Re: Where would you buy a house/home?

Originally Posted by The Dean View Post
My advice is NOT to buy anywhere in the Eurozone. The Cyprus disgrace is almost certainly the tip of the iceberg............ wait for it:

"Yes Sir, I know the house in Bordeaux is yours, but you see Italy's goverment really has spent too much money and........... "
Yeah

I'm wondering what will happen to the UK market when there are enough calls for "British houses for British people" which I do in all honesty have a lot of sympathy for. It makes me really when locals tell me they "Love, absolutely love London/Edinburgh" especially their appt/house that they bought for X million......
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