Many people now days are buying a second
home abroad in St.Lucia as either a holiday
location or because they have decided to
relocate to that area due to work
commitments or because they are retiring and
would like to enjoy a bit more sun.
When people are thinking of buying Real
Estate abroad there are a number of issues
you may need to consider before making that
all important purchase and I list below some
of them.
1. How much capital do you have available to
invest in the new property and if you need
to obtain additional capital for the
purchase will it be through your current
lender or will you be requesting it from
another source, say a lender in the country
where you are looking to purchase your
property. If you wish to lend from a
financial institute in St.Lucia you will need to investigate what
percentage of borrowing you allow, in some
countries you will only provide them with an
80% loan, which means you will need to
provide the other 20% capital for your
purchase.
2. The type of property you are wishing to
purchase? Will it be a town house, an
apartment or villa? Also what sort of
location are you looking for? Do you want to
be in a gated community or a complex, the
country, town or village? Also what sort of
facilities do you want close to your
property, such as shops, restaurants, bars,
and sports facilities?
3. Make sure that you contact a reputable
real estate agent in St.Lucia, one who will be able to
provide them with all the necessary
information on the property that you are
looking to purchase, including all building
regulations and planning permissions that
should be held. Also this agent should be
able to put them in contact with a
solicitor/legal advisor who will be able to
deal with the drawing up and completion of
the contracts of sale.
4. As stated above, where possible request
that the real estate agent provides you with
the necessary paperwork relating to the
buildings legality. In some countries an
issue has arisen where people have bought
properties and then find that permission for
the property to be built has not been given
and the consequences in some respects have
ended up with these people not only losing
their homes but also all the money they have
invested in the property.
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The house is open plan, with lots of Brazilian hardwood and raised ceilings. Since the stove and double ovens are built into the kitchen cabinetry, they are included in the purchase of the property.
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5. Another thing I would suggest you carry
out is research on any local customs or laws
for the region you are looking to move to,
as in some countries you may find their laws
and regulations are not so relaxed as where
you reside now, say for instance you decide
to purchase Real Estate in Dubai you will
find that you are only allowed to drink
alcohol within the confines of your own
home, in hotels or at a licensed premises
any where else and you could find yourself
at the mercy of the local police force.
Finally another reason for buying a second
property abroad that could influence your
decision is the currency exchange rates, for
example you may find that the money you have
to buy a property at home, say a two bedroom
apartment will in fact allow you to purchase
a three bedroom apartment in the country
where you are looking to purchase.
Buying a property within a group of friends
as a Holiday home is probably the cheapest
way to afford a vacation home in St.Lucia or
anywhere else.
The obvious advantage of buying with someone
else is that it allows you to buy a bigger
and possibly better home in the area of your
choice. .
No matter how well you get on with your
co-owner, there are risks to be considered.
If one of you can't meet your obligations,
it will fall upon the other(s) to make up
the balance of mortgage payments. You must
also consider what you'd do if either of you
couldn't work due to illness, lost their
job, wanted to move out, or died.
You should seriously consider taking out
private health insurance or critical illness
cover. It is also worth drawing up a legal
contract to cover any eventuality.
It's important that the estate agents regard
you as a serious applicant. Show willing and
be eager to view, and you'll be top of the
list when something new comes on the books.
Call them regularly - they'll think of you
first when a property comes on the market.
Many estate agencies now have their own
websites, where you can browse available
properties. Be aware, however, that many
don't update their sites as often as their
shop windows.
Here are some useful tips to keep in mind
when looking for buying Real Estate in
St.Luia.
View the properties as soon as possible.
Leave it too long and you could lose the
house.
Keep within your budget. It is always very
tempting to select a property above your
means.
Make good use of websites and ask for
pictures and video of the property you are
interested in.
If a group of you is buying, select a chief
negotiator who can make decisions in the
absence of the rest of the group.
Decide who will view the house if within a
group. Who pays for the trip, hotel etc.
Don't be afraid to make numerous visits with
tradesmen to find out what you're letting
yourself in for.
Check the history of any cheap property. If
it's been rented it may have had a
succession of landlords, all of whom may
have done the bare minimum in repair and
upkeep.
If you're tempted to buy a run-down property
to renovate, check how long it's been on the
market. If it's been there a long time, it
suggests there may be a serious problem.
It's human nature to try to strike a deal,
but if you find your ideal home and it seems
to be priced correctly, consider offering
the full asking price. This means you'll be
taken seriously, there won't be any
time-wasting and it will lessen the
possibility of another party stepping.
All offers should be made with the
stipulation of taking the property off the
market. |
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Rodney Bay, Rodney Bay
US$800,000
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Bonne Terre, Bonne Terre
US$440,000
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Beausejour, Rodney Bay
US$465,000
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Vigie, Castries
US$2,900,000
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Cap Estate, Cap Estate
US$2,400,000
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Cap Estate, Cap Estate
US$725,000
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