The Hidden Costs of Buying Properties Abroad

You can fund the purchase of a property abroad by arranging a mortgage through a UK lender, such as the Halifax, Abbey or Barclays.You can also release equity from your home in the UK or by arranging a mortgage in the country you are moving to.

Your main home will be at additional risk if you use it as security to raise finance.On the other hand borrowing money overseas also carrys a risk, especially if currency exchanges rates move against your own interests.Normally there will be no problem in finding a favourable mortgage for popular holiday destinations like Spain, but the choice of mortgages for farther flung locations may be more limited.We recommend that you consult a mortgage adviser, who
specialises in overseas locations.

A Note on Legal Fees
The fees payable over and above the purchase price varies dramatically between different countries, so it is extremely important to take account of these costs when considering your budget.

What to pay and when to pay it
Having found a property and had your offer accepted, you will have to lodge a non-refundable deposit, which is generally 10% of the agreed price.
Check this out, as some countries like Portugal and Italy, require a third of the asking price in advance.

Never part with money until an initial contract has been agreed and even then make sure that the cash is lodged with a bonded estate agent or lawyer.
Italy is probably the most expensive country to purchase a property in, where the costs add up to a startling 16,500 pounds when purchasing a 100,000 pound property.This is made up of Estate Agent 3000 pounds.Legal Fees 1000 pounds.

Survey and other adminisration costs 1000 pounds and miscellaneous fees are an amazing 11,500 pounds.The latter includes land registry taxes, other notary fees and transfer taxes.Turkey was the cheapest country we found.Here the total cost over and above the purchase price was 7000 pounds, which breaks down as follows Estate Agent 3000 pounds.Legal fees 1000 pounds.Other fees amount to 3000 pounds.

Get the experts in
Different countries have different property laws and regulations, so it's important that you find a good, fluent English-speaking solicitor who is not connected to your seller, estate agent or property developer.
They should be used to dealing with overseas purchasers and go through all the possible fees, taxes, insurance issues, local authority rules and any possible pitfalls.The laws and procedures involved with every aspect of the house buying process are often different to British laws, so make sure the local knowledge of your solicitor is excellent.

If you have bought a plot of land and are having a property built make sure all planning permissions are covered and find a good architect.Again, the tourist office can help.If you think the service you are receiving is unsatisfactory, say so and explain if things do not improve you will go elsewhere.
Make an offer

Once you have found your ideal home, set a maximum price you will pay and don not go over it.

After your offer is accepted and you have instructed solicitors make sure you keep tabs on them and the estate agents.Ask for regular updates and make sure you fulfil all the requests made of you promptly.

About the Author

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Experienced Farm Insurance Agents Understand the Problems Estate Taxes Can Cause

I know you think estate taxes are a thing of the past, especially for someone like you whose farm business is small and who could take advantage of the transfer at death of your entire estate to your spouse.I also know that if you are fifty years old or older you have seen such swings in estate and income tax policies that you know for sure - just because they are the way they are today, doesn't mean that's the way they'll be when your family will have to pay them.

By the time you finish reading this article the Congress will have changed yet another law, repealed some and created others - some which will impact you this year and some you'll encounter next.And some you won't be impacted by for years to come.The question you will have to answer for yourself, maybe along with the insights of your farm insurance agent and other trusted advisors - is whether you want to be ready for those changes when they happen or if you want to do nothing today and hope for the best later.

Here's a little flashback, and maybe flash forward.When you die the IRS will establish a value for your farm business and they'll compare their figure with those on your estate tax return.Remember, that may or may not be important today - or when you read this for the first time, but you're not dead yet.

So it really doesn't matter now.Later however your executor may be dealing with the IRS and they will, naturally, have conflicting goals.Your executors will want to press on with how hard up you were and how little the land is worth, really.They will do whatever they can to keep your estate values low.

If you have been around long enough you have earned 12% on your CDs, you've seen fifty percent tax rates, and paid less than a dollar for a gallon of gas.Who knows what the estate tax situation will be when your estate is probated.

And if it is long enough into the future the value of the land may exceed anything you can imagine today.If you are able to pass it along to you widow without taxes being due - just imagine what they will do to her, or to your heirs - when she dies later on down the road.

The reason the IRS wants a high valuation is obvious.It will create the possibility of more taxes then or in the future.Whether we like the idea or not the IRS will be around long after we're gone.It is fair the speculate that we'll either pay them now or later, and they will work at creating the highest taxable estate possible for that eventuality.

In the old days when the IRS and executor disagreed matters often ended up in tax court for two or three or more years.During that time, regardless who the court agreed with, the estate ran up legal bills and the assets of the farm we tied up all the while.

If there was something you could do today that would avoid this potentiality, years even decades in the future - would you do it?If not then you are probably too naive to see your farm succeed for the long term anyway.

On the other hand if you are smart enough to want to stay in as much control of your farm's future as possible, you can solve the problems that happen to the well meaning farmers whose lawyers and accountants say, "don't worry about it" - hey it's not their farm.It's yours and if you don't worry about it who will?

Simply put, a well drafted buy-sell agreement solves the problems that may occur in the future by establishing a value for the farm business which is binding on the IRS for estate valuation purposes.If the agreement sets a fair price and you are obligated to sell both during your life and at death - the IRS will not be able to value the farm at a higher figure.

The agreement will also eliminate the delays and expenses which come with resolving a valuation dispute in tax court as well.No matter what the estate tax situation is today (the day you are reading this article) it is likely to be different on the day of your death.Do you want to do nothing and hope for the best, hope the IRS will not change its rules?Or do you want to get on top of the situation now and stay there?

Your buy-sell agreement also guarantees a fair price to your family which will make sure they receive value for your years of hard work.And it will allow the farm to continue on unencumbered in the hands of others based on decisions made by you when you are in your strongest bargaining position.

There are many other reasons for having a buy-sell agreement, whether you are in business alone or with partners.And there are people who will help you make the right decisions about the need and type of buy-sell agreement, and do so probably at no cost to you.

Farm insurance agents are unique among your other professional advisors.Generally they do their work on your behalf at no charge, relying on the commissions paid by the insurance companies they represent.In other words they get paid when you take action.

If you do nothing after their explanations, consultations, examples, and illustrations - farm insurance agents do not earn anything.That is their contract with you and the companies they represent.You will always get their best efforts on your behalf and the insurance company is paying for it.

About the Author

Successful farmers understand that concentrating on the immediate short term decisions that add to their profits , and that require countless hours of their time, should not take all of their energy, They understand that the valuable insights of their farm insurance agents can help them focus on what is important to them, their family, and the farm - for years to come.

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How Property Management Can Landscape A Real Estate Rental And Improve Profits

Property management experts sometimes get a beautiful real estate rental that is difficult to keep occupied and never seems to make an adequate profit. If you have one and wonder why, drive over and see what you notice about the exterior and the impression it gives you. Your target tenants might be approaching the apartment or house that sounded like Park Place only to find something different when they arrive. Landscaping may just be exactly what your rental property needs to attract the right tenants and reach profit goals. An investment like this doesn't need to be huge to make a significant difference.

Decide What Goes

Property management needs to determine what elements are taking away from the value and overall look of the unit. It could be trim or a fence that needs paint, a dying bush by the front door, or an intimidating path that doesn't do much to welcome visitors. Even just one of these things can make the building appear poorly maintained, even if it is perfect inside. See what others in the area are doing to make their homes appealing and note the style and feel of the neighborhood.

Deciding On Improvements

Color choices are an important element in landscaping for a profitable real estate rental. All of the paint, vegetation, and elements you select for the yard should fit into the area while still making your property stand out. Warm colors are popular for apartments and houses because of the welcoming feel they create. Texture and shape in vegetation and other components should add interest to the space and give the yard some life. For example, select a bush that blooms to frame in the yard and matching flowering perennials. Also, replace or repaint the front door to make it appear updated and match the rest of the design.

Components of the yard, like the path to the door, don't seem that important until you make a slight change. Replace the material on short walkways with a different set of stones or new cement. Make longer paths into an interesting shape rather than sticking with the same straight walkway. Faux rock coating is perfect for updating the yard without spending a lot of money. Finally, property management can add accessories such as large planters, statues, or an old-fashioned yard light to polish the look.

Save On Long Term Expenses

Sometimes property management expertly improves the landscaping and visual appeal of a real estate rental, but turns a good investment into a bad one in the process. How? Adding high maintenance elements that require a large amount of time and money to upkeep adds to the initial cost, making it a bad investment choice. When undertaking a project like this, make your choices carefully. Low maintenance vegetation that matches your region is necessary to save time and materials. For example, you can select perennials instead of annuals, mulch or filler plants to eliminate weeds, and drought resistant species to keep water costs down. For an apartment or condo building, save money on utilities by adding coniferous trees to block the sun in the hot weather and let in the sunshine in the colder months.

Potential tenants will assess the real estate rental within seconds of seeing it on the street. This makes it extremely important that their first impression is a positive one that invites them to see what else the real estate rental has to offer. Landscaping doesn't have to be a large investment for the property management to notice the difference. Even the smallest changes can improve the building's bottom line and get you on the way to success.
About the Author

Christine O'Kelly writes for Beal Property, LLC, a Chicago property management company. Beal Properties Chicago has managed several real estate rental properties in the historic lakeside neighborhoods for more than 80 years.

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