Opportunities when you least expect them
The normal reaction when times get hard is to keep your head down and minimise any risks you may have – a sensible thought process. But why is Abranovich so wealthy? And when did the Rothschild dynasty make their money? The answer is they made their money when times were very tough and they had the courage to buy top class assets at reduced prices.
How does this logic apply to buying your overseas property? The key principle to understand here is that, when times are hard for property vendors, there will be some hard-pressed sellers who will be keen to sell and accept much lower prices than before. Over the last little while it would be safe to say that it has changed from a buyers market to a sellers market, and what you need to assess is exactly what price you can get your property for. Frankly, the time for cheeky offers is now.
This “keenness” can arise for a number of reasons which, to be honest, shouldn’t really interest you. The key is to identify quickly who are “keen” sellers: they will want cash right now and so then you start negotiating hard. Even if sterling is weak you may find that, with the right opportunity, you pay less in sterling terms for your property purchase than before.
Clearly you will need to have a good reason for buying the property, for example you are retiring in a year and will be emigrating. A lot could happen in that year and the opportunity may evaporate. The credit crunch could be resolved, confidence could return to the market and lo and behold: it is a sellers’ market again!
But if you do indeed decide to ‘seize the day’, remember to use a currency company such as Smart. Sometimes quite large savings can be made over using your high street bank and let’s face it, it’s all about paying the best price for your property. What some people fail to see is that paying careful attention to your currency exchange rate and fund transfer – or getting expert help from Smart Currency – can play a very large part in how much you ultimately spend on your property.
Better exchange rates, with currency bought at the right time and locked into a beneficial rate, can make a huge difference to the actual price you pay. All help at Smart Currency is free so call and have a chat – it would be rude not to, as ‘they’ say!
Call Smart on 0207 898 0541 or go to: http://www.Smartcurrencyexchange.com
Buying an Overseas Property?
Seventy five percent of the Smart consumer client base are overseas property buyers – that helps us to know quite a bit about the overseas property purchase process. We’ve been successfully transferring funds for deposits, staged payments, solicitors and other payments related to property purchases since 2004. And, more importantly, we’ve assisted our clients to Continue Reading…
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