5 Tips for Overseas Vacation Home Buying Success

Owning a vacation home abroad in an exotic location is a commonly shared dream – and for those serious about making their dream come true here are the five main things to remember when homes buying abroad.

International Vacation Home Buying Tips

The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us share, and because real estate proves itself time and again as a solid long term investment commodity, many more people are committing to purchasing real estate abroad as an investment that they and their family can also enjoy and benefit from.

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When buying a vacation home abroad there are a number of key considerations to bear in mind to avoid some of the traps and pitfalls sometimes associated with buying long distance and in an unfamiliar country.  With these 5 tips for overseas vacation home buying success you can quickly cut a swathe through the research process and move towards securing the dream swiftly and securely.

Tip One – Learn the Rules and Regulations

Different countries have different rules relating to the right or otherwise of foreign citizens to own the freehold title to immovable property.  Some widely publicised destinations don’t allow foreigners to directly own the land on which their property sits (Bulgaria) or more than one property (Cyprus) for example, and some countries are less economically or politically stable than your own which can mean that real estate related rules and regulations may change in the future.  Make sure you’re comfortable with the workings of the country you’re considering buying a vacation home in, and if in doubt seek professional advice about that country and the ambitions you hold for owning a holiday home in it.

Tip Two – Good Investment/Bad Investment

If you’re buying a vacation home with a hope that it will go up in value and be not only a family retreat but a great asset, know that real estate, just like any investment commodity, can go down in value as well as up.  Furthermore not all countries have a real estate economy the same as the one in your own country – a little research would be wise into the historic nature of the property market in your country of choice as well as predictions for its future.  While such data is not a direct indication of how well your investment will perform it will arm you with more data to hopefully make your decisions easier.

Tip Three – Title Deeds and Legalities

Legal systems and the title deed registration process differ from country to country therefore know your legal rights and try and find out about the essential searches, surveys and title deed checks that need to be conducted before you should commit to buying your overseas vacation home.  Never enter into any form of contractual agreement without the direct assistance of an independent lawyer and never accept someone’s word that a vacation home has its permissions and title deeds valid and up to date.  Insist on seeing and checking all important facts and data before signing on the dotted line.

Tip Four – Accessibility and Desirability

If you’re thinking about making an income from your vacation home or even hoping to holiday in it yourself regularly, one of the most important factors to bear in mind is the accessibility or otherwise of your vacation home.  If your real estate is difficult to reach, with many miles to traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach.

Tip Five – Enlisting Assistance

Consider enlisting the help of a reputable real estate agent, an independent lawyer and if you want to make money from your vacation home, a property management service.  Such professionals can save you time, effort and money and they can make the whole process of buying and owning a vacation home that much simpler.  Make sure you take references, examine credentials and see qualifications before employing anyone to assist you however, and if at all possible seek recommendations because anyone who does a good job will always get good press!

Let us guide you through the process with our international network of real estate professionals. As Global Property Specialists we are uniquely qualified to assist you in purchasing real estate internationally.

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 for guidance when buying international real estate

Gene Mock Realtor http://northernvirginiarealty.com/

5 Tips for Overseas Vacation Home Buying Success

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International Real Estate

Shifting Demographics: Chinese Residents Choose to Call Northern Virginia Home

Shifting Demographics: Chinese Residents Choose to Call Northern Virginia Home

Northern Virginia is caught in the midst of a revolution – not one of shifting governments, but of shifting demographics. Once upon a time, the area was primarily home to Caucasians and African Americans. That’s shifting today. Residents of Asian descent now make up a significant portion of the population, and they’re finding a welcoming community to call home. As of 2010, Asians made up 13.6% of the area’s population, compared to just 3.2% in the 1980s.

A Look at the Situation

Group Of Female Teenage Students Outdoors

In a story from the Washington Post in 2011, you can glean hints of just how long the shift has been on going. In mid-May of 2011, reporters Carol Morello and Dan Keating highlighted the fact that the Washington D.C. area’s Asian population had grown by 60% since 2000. They also highlighted an interesting breakdown in Asian populations throughout the greater area. While Indians might be the most populous segment in Fairfax and Loudon counties, and Koreans called Centreville home more often than other areas, Chinese residents most frequently move to D.C. and Montgomery County. Specifically, the cities of Rockville and Potomac now boast a high concentration of Chinese residents.

If you want some interesting statistics concerning the Asian population in the area, consider the following:

  • Only Boston has more Chinese residents than northern Virginia on the East Coast.
  • Only New York has more Japanese residents.
  • Only New Orleans has more residents of Vietnamese descent.
  • Fairfax County – 17.5% Asian
  • Fairfax (City) – 15% Asian
  • Loudoun – 14.7% Asian
  • Arlington – 9.6% Asian
  • Falls Church – 9.4% Asian

The Shifting Employment Options

What’s behind the influx? Actually, there are numerous reasons, but one of the prime causes is the shift in employment options. As northern Virginia becomes home to more and more information-technology jobs, highly educated Chinese residents find it more appealing. This is particularly true near the high-tech corridor close to Dulles International Airport.

Housing Affordability

Another reason for the surge in Chinese (and others of Asian descent) moving to northern Virginia is the relative affordability of housing. While not “cheap”, you’ll find properties of all types available for prices not found in areas with comparable proximity to government seats, employment, shopping and dining options.

Culturally Relevant Shopping

A decade ago, you would have been hard pressed to find an Asian grocery store in most towns in northern Virginia. Today, that’s not the case. You’ll find mom and pop stores, but also chains like Great Wall. There are numerous others either already entrenched in the area, or making plans to start their presence. This includes everything from grocers to clothing to nightlife and restaurant options. You’ll even find that theaters throughout the area have begun showing Asia-specific films. Bollywood is one example, but Chinese exports are close behind.

It’s more than just a trend – northern Virginia is in the midst of a cultural shift, and Chinese residents are making up more and more of the population.

Source:

http://www.washingtonpost.com/local/dc-regions-asian-population-is-up-60-percent-since-2000-census-data-show/2011/05/25/AGvgndBH_story.html

http://news.virginia.edu/content/uva-assesses-2010-census-data-virginias-asian-population

http://www.nytimes.com/2012/04/20/us/as-asians-flock-to-northern-virginia-laws-and-palates-collide.html?_r=0

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 for more information about Northern Virginia real estate

Gene Mock Realtor http://northernvirginiarealty.com/

 

Shifting Demographics: Chinese Residents Choose to Call Northern Virginia Home

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