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  • Property-a-holics

    Invest at home or abroad?

    Costs deducted from the proceeds of my recent sale in Marbella Spain

    Agents fees     5% + 21% VAT

    Plus Valia         5% (local selling tax)

    CGT                3% (of selling price}

    Lawyers           £2000

    My buyer would have paid 10% of the purchase price as taxes and lawyers fees

         

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    Lower prices and higher yields means high risks. Even if you pick some of the biggest cities in some countries abroad, you may not find the liquidity to your liking, in that you may not be able to sell when you want to.

    In these cases sales need to be planned ahead, at the time of the purchase.

    Currency fluctuations are to be considered. If the local currency is strong historically, you may find you have to take an fx loss when repatriating sale proceeds back home.

    Despite the risk of a hard brexit, sterling is historically weak against many other currencies and even a hard brexit may only bring a short term drop, before a recovery, so the timing of investing abroad may not be right, although there will be exceptions of course.

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    Hi PaulFe,

    You are right there is so much doom and gloom around buy to let and it’s really not the case. There is plenty of great investment opportunities around England that give healthy returns and ones even on your door step. In terms of staying or going abroad, do what is best for you, what would you like to do. Think about the pros and cons of both that may help you.

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    Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.


    ``Think about the pros and cons of both that may help you.``

    Well naturally yes

    But I think the point is he wants advice / views on those pros and cons

    That`s why he posed the question in the first place!


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    Jonathan Clarke. http://www.buytoletmk.com

    If abroad, where do you have in mind ?

    What attracts you to that location ?

    Do you have the knowledge and network to make it happen and to overcome challenges you may face ?




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    Using the feedback I’ve been able to make an informed decision and have decided to go for it in England. We love Costa Adeje in Tenerife but as Jonathan and Vanessa pointed out it might end up being a bit of a millstone around my neck rather than an enjoyable and relaxing holiday.
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    I am invested in Eastern Europe property wise, but with a view to investing in UK assets after brexit, due to the currency advantages that will be on offer. I have local knowledge which is a must, but to be honest you are always learning everyday. Still it pays not to drop into to somewhere new without any experience or someone to hold your hand.

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    Keep your money this side of the water, the world is full of different holiday spots and a steady income from a local property can take you to each one in turn.
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    I have had property in Spain, that was a big headache. I own property in the UK and US now. They are not holiday homes, just cash flow homes. The problem tends to be , the places where there is high demand and low vacancy rates are also expensive to get into. The last property I bought I have never seen. Not sure if that is good or bad, but I viewed it entirely as an investment decision based on the estate agent, rental manager, and the survey report, plus about 6 months of research. I would never buy a holiday home, the stress and maintenance is too much for me.

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