With all the headlines about the global credit crunch and the forecasts of economic doom that seem to leap out at us every time we open a newspaper, it’s a wonder any of us are contemplating buying a property in this country, let one alone abroad. However, Amanda Lamb tells us why she thinks now might not be such a bad time to buy...
The credit crunch means that now is actually a very good time to buy. It’s definitely a buyers’ market. While it’s not the time to buy if you want to make a fast buck, if you’re looking for your own little piece of paradise and you’ve done your sums and raided the piggy bank, you could find yourself a lovely little bargain.
Recent A Place in the Sun Live exhibitions were absolutely buzzing, and they were full of people who were serious about buying. In some ways, I think the stories we’ve been reading have made us all stop and question what we actually want a property abroad for and, more importantly, whether we can afford it.
You only have to look at when we have had spells of fantastic weather in this country to see how much happier and nicer people are when the sun is shining. Everywhere you look, people are smiling at each other and saying ‘hello’ – the whole country seems to have a spring in its step. Who’d have thought it? It’s the same feeling we get when we go on holiday. I think we’ve all had that feeling of coming home from a holiday and thinking how great it would be to have a place there that we could revisit.
Having a place abroad, though, is a big thing to take on and you need to think carefully about it. There are so many questions you need to ask yourself. How many times will you use it each year? How long would it take you to get there, door-to-door; if it’s a nine-hour round trip will you really get enough use out of it? Will it require a lot of maintenance – if so, who’s going to do that? Would you be happy to learn a new language? Would the worry and the stress that comes with owning property outweigh the joy and pleasure of it? All these things need to be weighed up before you start your search.
However, the single most important question you should be asking yourself is whether or not you can actually afford it. I know that sounds pretty obvious, but you’d be surprised! I think a lot of the credit problems we’re seeing at the moment – particularly the horror stories about foreign property purchases – come from people who have stretched themselves too far financially.
Before you do anything else, make sure that you can cover the costs your place in the sun will incur. And when I say ‘costs’, I mean everything from a second mortgage to insurance, utility bills and taxes.
Don’t bank on renting it out to cover those costs, or do what some people do and pay two mortgages for a short while with a plan to sell their house in the UK and move abroad permanently. Now is definitely not the time to buy a property off plan and sell it on at completion – what if you can’t, what happens then? You need to make sure that you can comfortably cover the costs before you embark on your search.
Now more than ever, affordability is key. I sincerely hope you find a place that’s right for you – and when you do, will you send me a postcard?
Why not see how far your money might go if you buy abroad? Search for your dream overseas property on aplaceinthesun.com
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Amanda Lamb is on her travels finding you the ideal location for your new house
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