UK Landlord Forum / Life

I wouldn't mind buying a place in L.A, place called Venice beach. I was on vacation there last month and fell in love with the place. It wouldn't necessarily be an investment purchase, but more of holiday home.

Of course, buying in America right now wouldn't be all that bad, because they're going through property crash, and their currency is shot to pieces!

Anyone else ever thought about buying abroad?

dont get me started!   However, yes your right there is never a better time than now, crap exhange rate for the yanks and the property market is on its arse, also its very regualted in most states. Things to consider are on -costs, management costs, mortgage (alien mortgages avaiable but rates high) - and exit strategy, when you come to sell its not unusual for a realtor to want between 6-8% fee, also 10% of selling price is witheld for up to 18 months while the IRS satisfies itself that they have all their money.

Buying costs average about 3%, again as foresign buyer a lot of pre-payments of taxes etc (in -case you do a bunk)
I have just escaped the Florida market and would never go back, what you get for your money is amazing but boy be careful who you trust!!

Quote from: hopson on April 24, 2008, 02:53:47 PM
dont get me started!   However, yes your right there is never a better time than now, crap exhange rate for the yanks and the property market is on its arse, also its very regualted in most states. Things to consider are on -costs, management costs, mortgage (alien mortgages avaiable but rates high) - and exit strategy, when you come to sell its not unusual for a realtor to want between 6-8% fee, also 10% of selling price is witheld for up to 18 months while the IRS satisfies itself that they have all their money.

Buying costs average about 3%, again as foresign buyer a lot of pre-payments of taxes etc (in -case you do a bunk)
I have just escaped the Florida market and would never go back, what you get for your money is amazing but boy be careful who you trust!!

Oh man, the costs sound extortionate!!

How did you end up transferring all your money over? I remember you having problems...

Moneys still out there, exchange rate to bad to bring back- very simple to do through HIFX or similar when the time is right

That must be frustrating.

How did you find an estate agent out there? Did you just look online?

agents are easy to find, best to go on recommendation (let me know if looking at Florida) in most states the 'realtors' have to be licensed, and if anything goes wrong with the sale or they dont highlight a problem you sue the companys arse, hence they are very compliant and meticulous in most cases. There is also a website that you can check the agents licence againt and even if they have had complaints levied againt them and what the judments were etc

Nice.
As mentioned, I'm looking for property in L.A, place called Venice Beach! I'll start Googling later, I guess

I've thought about buying abroad ... US (briefly), and Germany. I'd never want to rule out the possibility. As with all investments, it just depends on whether the numbers stack.


V

I guess if anyone is serious about buying in America, now is the time...