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We are the wrong side of the motivated seller and have a property to sell in Europe, as its costing us to keep the up keep and we no longer need it or use it as we have other properties.
It was on the market for €235k, which has dropped now to €195k we just had an offer in for €180k deduct fees this would leave €170 in the bank in Europe. This is the first offer in a long while.
So question time:
- Do we sell or push higher?
- If we sell, is it best to keep the funds in Europe until post Brexit?
- Are there options we're missing?
Thank you for any advice.
Europe is a big place, so unless you can be more specific about where in Europe it is rather difficult to answer questions like 'do we sell or push higher'
Enriching Expat lives through European Property investment
Thank you Louise... we sold and negotiated on the price. Thank you though.
All areas of Europe have there own property variables. Spain and Portugal are well documented for over supply and many forced sellers. Eastern Europe has seen some huge property rises. ex Warsaw Poland and Berlin. My flat in Warsaw has gone up more than London. As stated by previous poster it depends where your property is located. The main question of funds is what do you regard as your base currency. I have always advised to hold funds in the currency where you have the liabilities , ie costs and where you live for every day living. If excess funds then sterling or euro is currently a lottery. I can give you good reasons for both but don't be too concerned over Brexit as its other factors as well that are causing currency moves. Sterling tends to trade between moves in US$ and Euro. Currency predictions are the most difficult to predict. Remember the Swiss Franc when everyone thought it was a one way bet out of sterling and euro only to wake up one Monday morning facing massive losses. If base is Sterling I would go to sterling why. Europe is massively in debt and as this comes into play ( like now with Italy) the currency will take the heat. Uk is in fact well placed but with potential change of government it could change. For my part if I was speculating I would move to gold quoted in Swiss Francs this way you have both asset play and currency play- always a safe haven in these turbulent times.
Douglas, I really appreciate the response thank you and good tip re sterling. Most helpful thank you.