Italian property buying guide

When purchasing a property in Italy you should go through 3 stages:

1) Proposta irrevocabile d’acquisto (reservation offer)
2) Contratto preliminare di vendita (preliminary contract)
3) Atto di vendita (deed of sale)

Once you have chosen your property you should engage the services of a solicitor, whether you buy through a real estate agent or directly from the vendor. An Italian solicitor’s knowledge of Italian Real Estate Law is invaluable and he is there to look after your interests and your interests only!

When buying a property in Italy the first document you will be called upon to sign is the so called “proposta irrevocabile d’acquisto” (reservation offer), this is normal practice when purchasing through an estate agent. On the other hand when purchasing directly from the vendor (private sale) this document is not normally used. This is one of the many reasons why a solicitor should always be engaged.

By signing the proposta irrevocabile d’acquisto you will be taking the property off the market for a limited period of time, normally 15 days. During which time your solicitor, and where necessary assisted by a surveyor, will make all the necessary searches to ascertain that the property is without any debts, mortgages, claims etc. Thereby assuring that there will be no unpleasant and possibly costly surprises during the last stage of the purchase. At this stage you will be required to pay a small deposit, which is normally held by the estate agent or solicitor until the offer is formally accepted (signed) by the vendor. Should you finalize the purchase, this deposit will be considered as partial payment of the purchase price. If the vendor does not formally accept the offer your deposit shall be returned to you. It is important to highlight the fact that the reservation offer is only binding for the buyer until formal written acceptance of the vendor. Once signed by both parties it becomes a legally binding contract.

Normally at this stage, buyer and vendor having agreed to go ahead with the conveyance will formalize their agreement with the “contratto preliminare di vendita” (preliminary contract). Some estate agents and especially private sales choose or recommend leaving out this particular essential part of the purchase process. This legal document is essential because it sets detailed terms and conditions of the sale. This is why its highly advisable to engage the services of a solicitor as one of the services they offer is to draft this contract where possible and when not at least examine it very carefully before you sign it.

One of the essential legal elements of the preliminary contract is the payment of a deposit (caparra confirmatoria), normally equivalent to a minimum of 10% of the purchase price. This deposit will not be returned if you back out of the contract without a valid legal reason on the other hand, if the Vendor changes his mind about the sale he/she will under Italian law have to refund your deposit in full. You have the right if you wish, to also claim an amount equal to the deposit through the Italian courts.

In the preliminary contract the parties also set the date to finalize the conveyance in front of the notary public.

The Notary is a public official who has the authority according to Italian law to validate contracts transferring the ownership of a property, he is also charged with paying all registry fees and cadastral taxes and carrying out the relevant searches on the property. But having engaged a solicitor beforehand you will be confident that no unpleasant surprises will be revealed at this late stage of the purchase process.

The notary is supposed to be an absolutely neutral and impartial party in the transaction. This is why he cannot be a substitute for a solicitor in the defence of the interests of the buyer. The only way to be assured of total impartiality is to engage the services of an independent solicitor.

The final step of the conveyance is the so called “atto di vendita” (deed of sale). The deed is drafted by the Notary in his office, it has to be fully compliant with the preliminary contract. So it is the preliminary contract that is the document setting all the essential elements of the transaction. Once the Deed has been signed by all those present at the signing, the balance of the purchase price is paid to the Vendor and the keys are handed over to the new owners.

A copy of the Deeds will then be given to the new owners approximately one month after the signing. This is because it takes approximately one month for the new deeds to be registered at the relevant Registry Office.

If one of the parties does not understand the Italian language, according to the law the deed of sale must be drafted in both Italian and English.

If the buyer cannot be present in front of the Notary he can give power of attorney to his solicitor who will sign on his behalf.

The notary will read and explain the contract, the buyer will be able to read the English version and through the support of a bilingual solicitor, is entitled to ask questions.

GLOSSARY:
Proposta irrevocabile di acquisto : This is where an initial formal offer is made and a small deposit is left. The price you are willing to offer has been determined and also any conditions you may wish to make.

Contratto preliminare di vendita : This is the contract that sets out in detail the terms and conditions of the sale and also all the relevant cadastral and registry information. It is also known as a Compromesso.

Atto di Vendita : The moment when in front of a Notary public the exchange of contracts is made, the outstanding amount of the purchase price will be paid and the keys to the property will be handed over to the new owners.
Caparra confirmatoria : This is a deposit that is regulated under art.1385 of the Italian Civil Code . If a deposit is defined as a “caparra confirmatoria” it endows legal rights upon both parties.
Source:
Avv. Giandomenico De Tullio
http://www.detulliolawfirm.com

May 30, 2009
Categories: Real Estate Investments, Training . Tags: . Author: Greenfield Staff . Comments: Leave a Comment

A Good Time To Look At Roatan

“Most of the expats and retirees in Honduras,” explained Correspondent Michael Paladin yesterday, “have flocked either to the north of the mainland, beginning at Copan, variously described as the Athens or the Paris of the Mayan world, or to a few enclaves along the Caribbean coast and the Bay Islands, especially the famed diving island of Roatan.

“The current U.S. Ambassador to Honduras estimates that there may be some 3,000 American retirees among Roatan’s population of 30,000-plus.

“Roatan is where most of the development in this country has been focused to date, much of it to support the big volume of cruise-goer traffic this island has enjoyed until recently. Right now, the cruise ship business and other tourist traffic are off by 30%.

“At the same time, the second-home/vacation-getaway market is way, way down over the past year.

“As a result, all development on Roatan has stopped…with the exception of the new US$50 million cruise ship terminal and a Guatemalan-financed golf course.

“The island is feeling the pinch. Businesses are for sale, prices are soft, and offshore owners are anxious to unload their dreams.

“You can get a really great deal if you’re in the right place at the right time.

“For example, if living a simple, peaceful life on the quiet side of a Caribbean island retreat appeals to you, take a look right now at Fiddler’s Bight, a reggae-tinged village, where a one-bedroom house is for sale for US$10,000. Yes, it is on the water, accessible by a finger pier or a canoe. There’s no electricity and no water, but the views are spectacular. Not for everyone…

“The West End is the far more developed part of the island and its jewel, with white sandy beaches and streets, quaint boutique hotels, and superb restaurants. There are no bars on the windows, little crime other than stealing someone else’s date, and the water all around is turquoise. 

“You can rent a two bedroom ‘island-style’ home for as little as US$350.

“The East End and the middle of the island are commercial areas, with freighters, fishing boats, and small, seedy strip malls. The high-speed ferry from La Ceiba docks over here (the two-hour ride costs about US$20). A taxi from the airport to West End is US$20.

“Coxen Hole, Roatan’s aptly named port and present capital, will eventually fade away.

“Politically, Honduras is fairly stable and has been for the last 30 years. Honduras and Costa Rica were the only two countries in Central America to escape the regional troubles of the 1980s.

“Being on the Caribbean side of this country has its pluses and its minuses. Since the first of this year, seven planes have crash-landed while carrying drug shipments.

“So if the Cessna that’s heading your way appears to be off-course and lower than usual, it might be a good idea to duck for cover.”

Kathleen Peddicord

———-

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May 30, 2009
Categories: Great places for holidays or investments, holidays, Investments, Real Estate Investments . Tags: . Author: Greenfield Staff . Comments: 1 Comment

Words of Wisdom: Diversify to Succeed

REALTOR® Emeritus L. Harrell Pendleton attributes his successful, five-decade career to hard work and intrepid investing. Find out more about how he kept his business strong in good times and bad.

How did you get started in real estate?

 

PENDLETON: I got into it by accident. I was working for a local movie theater as a projectionist and part-time manager in the late 1940s. I was in my early 20s and had just returned from a tour of duty with the army in Japan. But between shifts at the movie house, I helped out my stepfather, W.S. Holdway, with his real estate business. I soon realized that real estate offered a lot more potential than the movie theater business. I received my real estate license in 1952 and worked with my stepfather, who really was a father to me, for 26 years. I then ran the business myself.

 

You experienced various housing downturns over 50 years. What strategies did you use to  get through them? 

 

PENDLETON: When times were hard, we provided loans to buyers who couldn’t qualify for the mortgages they needed or couldn’t afford the down payments. The banks might only loan them 60 percent of what they needed, so we’d come up with the rest, and we charged buyers a full 6 percent interest. We thought that was a pretty good rate. We were like our own little bank. This was common in the 1970s. Without us, a lot of people with small-town jobs would not have had the opportunity to own a house.

 

I also did appraisals, so when people refinanced, they needed a new appraisal. That got us through a lot of periods when sales were down. I was also asked to testify in court many times as an expert on property values and right-of-way issues.

 

What did you enjoy most about the business? 

 

PENDLETON: I liked being my own boss. But we never had more than five associates in the office. We didn’t want to grow any larger. We had so much to do as it was. I worked night and day for seven days a week when I was doing appraisal reports. The banks kept me busy, but I never felt pressure to inflate an appraisal. They were ethical businesses.

 

What advice do you have for today’s struggling practitioners? 

 

PENDLETON: I do feel sorry for people today who are having a hard time. It’s important to do as many different kinds of things as you can with your business. In addition to sales, I did development and construction, appraisals, and helped out with auctions. In my career, I did 16,000 appraisals for the banks, renovated 160 homes, and built 92 new ones.

 

For those that have the money to keep operating, I’d encourage people to buy property, as well as encourage their clients to buy. Real estate seems like a more reliable investment now than the stock market. You get something you can touch, compared to buying shares from Wall Street.

 

So you’re a strong believer in real estate as an investment? 

 

PENDLETON: Yes. I was never afraid to invest in properties. I would often buy homes at low prices and hold on to them until the right person came along to sell them to. People are afraid of their own judgments, and they shouldn’t be. I figured out how to do this, and I don’t even have any college degrees. I wasn’t trying to be Donald Trump. I just wanted to have a good, comfortable living.

 

Are you still an active real estate investor? 

 

PENDLETON: I may buy the house next door to me if we can get together on a price.

Source: www.realtor.org

 

May 29, 2009
Categories: People, Real Estate Investments . Tags: . Author: Greenfield Staff . Comments: 1 Comment

Use GPS to Send Buyers in the Right Direction

Not all buyers love jumping in the car with their real estate practitioner to scout out neighborhoods and homes, and some buyers don’t even want to take separate cars. Special situations may require that house hunters take solo trips to look at homes you’ve recommended.

 

Technology can make such scenarios as fruitful as possible. Practitioners are lending out preprogrammed automotive GPS devices to customers, who can use the technology to guide them from home to home. And some new in-car GPS products have Web access, which adds the ability to upload or remove addresses in real time, while customers are on the road.

 

“Because the device is connected to a wireless network, I can push new addresses to customers while they’re touring,” says Sven Andersen, ABR®, CRS®, a sales associate with RE/MAX Leading Edge/The Andersen Team in Winchester, Mass. An Internet-connected GPS also provides access to constantly updated traffic reports and information on local landmarks, stores, banks, or even home listings.

 

Andersen uses Dash Express GPS, which recently stopped production (the company is now licensing its software to other manufacturers). But there are other “connected” GPS devices on the market. 

 

Among them: Garmin’s nuvi 885T ($599.99), which includes an MSN Direct receiver and three months of service; after that, you must pay a subscription fee. There’s also TomTom’s Go 720 Live model ($399.99), with local search provided by Google. This device also —requires an extra Internet service after the first three months. All brands are different, so do your research before making a purchase to find out what Web sites will be accessible.

 

The tools are pricey, but the convenience factor is invaluable, says Andersen, who has used his two-way GPS to help clients target their search. Recently, he worked with a couple relocating from Milwaukee who wanted to explore the Boston area on their own to see the variety of homes available in their price range.

 

After phone conversations with the couple and an hour-long conference to prequalify their needs, Andersen handed them his GPS, programmed with more than two dozen homes that fit their criteria. 

 

The next day, he managed other clients, conducted an open house, and stayed in contact with the couple by phone—adding properties to the list based on their live feedback. The buyers checked out 26 properties on their own and reduced the number of viable homes to eight. They viewed those homes with Andersen and purchased one of them within 10 days.

 

“In this day, buyers want to look at everything in the market and buy when they’re ready,” Andersen says. “Two-way GPS let me cut the time I spent on showings in half and still provide an enhanced level of service.”

Source: www.realtor.org

May 29, 2009
Categories: Real Estate Investments, Technology . Tags: . Author: Greenfield Staff . Comments: Leave a Comment

Mortgage Update: Jumbos Remain Elusive

At a time when some mortgage products are showing signs of life, jumbo mortgages are hard to get and expensive, making it difficult for many would-be move-up buyers to take action. What to do?
Since the credit crunch hit about two years ago, many lenders have all but abandoned jumbos, which are too big for secondary mortgage market companies Fannie Mae and Freddie Mac to buy for packaging into securities and outside the limit of FHA. Yet with their reluctance, lenders are leaving money on the table, say analysts and professionals in the lending community.

 

A study by the NATIONAL ASSOCIATION OF REALTORS® released in mid-May shows that the supply of homes for sale is stabilizing in many markets, a sign that steeply discounted home prices are attracting buyers looking for bargains. Yet when higher-cost homes that would require jumbo financing are looked at separately, the supply rises dramatically, and in May, it stood at about 40 months.

 

The near-absence of lenders means a jumbo borrower, even one with stellar credit, pays a significant premium above what conforming-loan borrowers pay, even those with far poorer credit record. NAR Chief Economist Lawrence Yun, speaking with two jumbo mortgage lenders at NAR’s meetings in Washington last month, said if more lenders were to venture into the jumbo market, these buyers could help lift home sales, shore up prices, and, in turn, strengthen the broader economy.

 

“It’s a question of fairness,” Yun says, not just for buyers but for sellers and existing-home owners who need to refinance. With no affordable supply of loans available, sellers who can’t find buyers and those who want to stay put often go into foreclosure, fueling more price declines and reinforcing lenders’ reluctance to enter the market.

 

The lenders that are in the market say they’d welcome more competition because it would help everyone. “We need more lenders to come in,” says Vijay Lala of Bank of America, which reentered the jumbo market about eight months ago. The bank closed about $4 billion in jumbo loans in the first quarter of this year and closed about $16 billion last year, Lala says.

 

Yet it remains a market only for serious borrowers. To get Bank of America financing, borrowers must come with 20 percent down and have a good credit score. They’re also restricted in the amount of home they can buy: no more than $1.5 million, though that limit will rise later this year to $2 million, Lala says. Interest rates on these loans are 6.5 percent to 7 percent. Conforming loan rates, by contrast, are trending around 5 percent.

 

Although a $1.5-million loan limit might seem like the exclusive domain of the rich, in high-cost areas such as parts of California, New York, and Florida, jumbo borrowers are squarely in the middle-income range, says David Adamo, whose company, Luxury Mortgage, specializes in jumbo loans.

 

Adamo says the federal government can help simply by tweaking the so-called conforming-jumbo market composed of homes above the traditional conforming-loan limit of $417,000 and below the new conforming-loan limit of $729,750. Loan limits are set by county, and only about 75 counties in the United States are eligible for loans up to the $729,750 limit. All the other high-cost areas fall somewhere between $417,000 and that limit. Thus, high-cost homes in a county with a lower median home price can’t qualify for the higher conforming loans.

 

A simple regulatory fix that would eliminate the county-by-county restrictions would go a long way to clearing up the problem, Adamo says. Lenders should be allowed to decide which borrowers, based on their creditworthiness, can apply for jumbo conforming loans, letting their underwriting considerations determine loan decisions.

Source: www.realtor.org

May 29, 2009
Categories: Investments, Market data, Real Estate Investments . Tags: . Author: Greenfield Staff . Comments: 1 Comment

9 Ways to Get Glowing Online Reviews

Whether you like them or not, online rating Web sites are a reality for today’s real estate professionals. Those sites, in addition to Facebook and other social media outlets, create a powerful tool for spreading the word about you and your services. But to do it right, you need your customers’ help.  

 

The advent of social media has brought on the era of the educated real estate consumer. These days, customers go online not only to look at property listings, but also to research your experience, qualifications, and attitude. If you handle it right, the trend could present a major opportunity.

 

Here are nine ways to encourage your best clients to shout your name on the Web (and maybe even link to your site).

 

1. Be a problem solver.

The first thing you have to realize is that no amount of technology will get you a referral if you don’t earn it—and no one will know you’ve earned it unless you tell them. Most of us try so hard to keep all the dirty details away from our clients because we want their stress levels remain low. To them, it looks easy. While it’s important to make the transaction a smooth customer experience, it wouldn’t hurt to tell clients about all the effort we put in to resolving problems. They can’t appreciate all we do for them unless we share the fact that we handled the problems. Make sure you get the credit (and referrals) you deserve after you’ve solved them.

 

2. Ask for the referral.

The customers who love you, really love you! They may want to be able to give something back to you for all the hard work you put in on their behalf. They just don’t know how. Each time a client expresses how happy they are with you, ask them to do something to share that experience with the world. If they agree, explain how they can give you good online ratings and referrals. 

 

3.Tweet it to the world.

If they express an interest in giving you a referral or testimonial, ask them to put it on Twitter or Facebook. Or even better, show them how Ping.fm will update all of their social media platforms at once. You can offer to help them set it up and then ask them to make their first universal ping about how much they appreciate you. (With a link to your site of course—that’s great for search-engine optimization!)

 

4.Yelp!

If they want to do more, see if they’d be willing to fill out a review for you on Yelp or LinkedIn (preferably both, but don’t make it too hard or they won’t do anything).

 

5. Encourage them to use an online review site.

When you are coming close to the end of your transaction, ask your clients to give you a good review on one or two of the major real estate practitioner review Web sites. Send them an e-mail with links to the sites so that they can find them easily. If possible, set up the account for them and do everything except fill in their review. (Remember, it’s all about making the process easy for the client.) Some of the most popular review sites are:

 

 

6. Get the transaction testimonial.

At the closing, get a signed testimonial letter from them. How do you do this? Take all of the things that they ever said to you—or put online for you—and create a testimonial that reflects their experience as you understood it. Present it to them like this: “I know you’re busy, so I try to make giving me a testimonial easy. This is what I heard you say over the course of the time we worked together. If you agree, could you sign it for me, so I can have it for presentations in the future? Of course, you’re welcome to write your own if you prefer, I just wanted to make it easy for you.” Most people will sign it on the spot. The others will go home and write you a letter that’s even better than what you could have written.

 

7. Contact past clients. 

Need a good reason to contact a loyal former client? How about asking them to put a referral into an online system for you? (You’ve been sending them valuable information for years—they’d love a chance to offer you something in return.) You could take a previously written referral from the person, type it into an e-mail, and send them the links to the Web sites you want your review on. The person can then just cut and paste their review into the sites. Again, make sure you include an active hyperlink to your Web site—it will make it easier for prospects to reach you and increase your SEO (search-engine optimization).

 

8. Create a system. 

Put in place a system today that will get you and keep you on track for having great reviews of you anywhere and everywhere a prospect could look. Know which sites you’ll ask to be reviewed on and have e-mails pre-created and ready so you can simply send them out without too much effort on your part.

 

9. Ask for what you want.

Just like you can’t be afraid to ask for the sale if you want to sell, you can’t be afraid to ask for the referral if you want to get one. After the asking, the key is to make it easy for a client to say “yes”. If you follow these simple steps, you’ll see your personal cache´, your number of incoming leads, and ideally, your Web site ranking skyrocket.

Source: www.realtor.org

May 29, 2009
Categories: Real Estate Investments, Training . Tags: . Author: Greenfield Staff . Comments: 1 Comment

Ce probleme are sistemul GPS

Un raport dat publicitatii de U.S. Government Accountability Office semnaleaza pericolul ca in 2010 sistemul Navstar GPS sa nu mai poata functiona la parametri normali datorita ritmului lent de inlocuire a satelitilor.
Succesul unei tehnologii vine in trei trepte. Prima este trecuta atunci cand oamenii inceteaza sa o priveasca din perspectiva tehnica. Nu ne mai intereseaza cum functioneaza sistemul de televiziune, ne intereseaza doar utilitatea sa. A doua treapta este ubicuitatea. Dar succesul este deplin atunci cand tehnologia intra in sfera implicitului si devine invizibila. De exemplu, Flash. Probabil ca fiecare computer din lume este echipat cu un Flash Player, dar putini sunt cei care stiu acest lucru.

Una dintre tehnologiile care se indreapta spre raspandirea globala se cheama GPS. Probabil ca opt oameni din zece identifica GPS-ul cu navigatorul auto, al noualea nu stie despre ce-i vorba, iar al zecelea cunoaste semnificatia acronimului: Global Positioning System. Faptul ca a trecut de prima faza a succesului reiese din faptul ca foarte putini sunt cei pe care-i intereseaza cum functioneaza. E vorba de o “constelatie” de sateliti orbitali (intre 24 si 32) care emit semnale ce permit receptoarelor GPS sa-si determine pozitia si viteza. De aici incep detaliile. Teoretic, semnalele de la trei sateliti ar fi suficiente, insa intervine un parametru foarte sensibil: timpul. Determinarea distantei receptorului fata de un satelit se face pe baza diferentei de timp dintre emisie si receptie. Fiind vorba de viteza luminii, orice imprecizie induce erori majore, motiv pentru care receptoarele “asculta” semnale de la cel putin patru sateliti. De aici incolo incep matematicile.
Restul articolului in Business Magazin.

May 29, 2009
Categories: Technology . Tags: . Author: Greenfield Staff . Comments: Leave a Comment

One Good Reason To Retire To Honduras

“Here’s a reason to retire to Honduras,” writes Correspondent Michael Paladin: “No one over age 65 can be sent to prison…not for anything.

“Here’s another: Obtaining retirement residency is a straightforward matter. Show proof of US$600 a month in income to qualify for the pensionista visa or US$1,000 a month in income to qualify for the rentista visa.

“And here are some more: As a foreign retiree resident, you can own real estate free and clear; purchase up to a maximum of three-quarters of an acre, or 3,000 meters, of land; import a car and appliances duty-free; and live very well for less than a US$1,000 a month.

“Property prices are dropping, terms are available. The second-home market fueled by the go-go years of easy money has hit the wall of reality.

“Where in Honduras might you think about settling? I scouted the country recently, from the mainland to the Bay Islands, in search of an answer to that question.

“One of the five Central American provinces that broke away from Spain in 1821 to become independent, Honduras is a study in contrasts. The second-largest of the original five renegade states, today it is the second-poorest. It is the most mountainous and the only one of the five that does not have active volcanoes.

“Honduras is primarily rural. Its two biggest cities are Tegucigalpa and San Pedro Sula. Visualize a semi-triangular pie-shaped country wedged between Nicaragua to the east, El Salvador to the southwest, and Guatemala to the west, with a small port on the Pacific coast and some 800 kilometers of coast on the Caribbean side.

“The easiest way to navigate Honduras is by first-class bus or 30-minute plane rides, with the prices set by the government and cheap. If the weather is bumpy, the bus can be a better option but slower.

“Locals advise: If you want to party, go to La Ceiba. La Ceiba is known as Honduras’ girlfriend.

“‘Tegucigalpa piensa, San Pedro trabaja, y La Ceiba divierta,’ they say.

“That is: Tegucigalpa thinks, San Pedro works, and La Ceiba has fun.

“I’ll get to La Ceiba in a minute. First, Tegucigalpa.

“The kindest thing I can say about Teguc is that it looks better at night, when the lights of the city shine among the many small hills that ring the central area. By daylight, the common color is gray…as in unpainted cement.

“On the highest mountain overlooking the city is a lighted statue of Christ…just above a Coca Cola sign. A reminder of the forces that have driven this country.

“Tegucigalpa is the seat of the government. At 1,000 meters, the weather is cool and gray, just like the architecture. Population is just over a million. Originally a mining town (gold and silver), Tegucigalpa grew out of its confines and sprawled throughout the valley over time. Today it is a maze of barrios, slow-moving traffic, and row after row of tin-roofed shanties.
 
“Maybe the reason San Pedro Sula works is because it’s the best place to fly into. Avoid Toncontin Airport at Tegucigalpa unless you’re coming in on a prop-jet. The runway’s too short, and TACA (locally, Take Another Chance Airline) planes landing here have been known to run out of runway.

“San Pedro Sula’s population is a million-and-a-half. The city is hot and humid, but at least the bus terminals are new and clean. The shopping malls are nice, too. San Pedro is the center for the maquilador/free-trade-zone/import-export companies that provide a major source of employment for the area.

“Most of the expats and retirees living on mainland Honduras have flocked to the north of the country, beginning at Copan, variously described as the Athens and the Paris of the Mayan world.

“Copan Ruinas, 20 minutes from the Guatemalan border or three hours by a good bus from San Pedro (Hedman-Alas, US$18 first class), is a small hillside town of colonial-style houses and inns, red-tile roofs, and cobblestone streets. Situated in the western highlands at 3,500 feet, the weather is temperate (75 to 80 degrees).

“The population is about 5,000 people, including about 60 retired expatriates of an amazing variety (including Twisted Tanya and Monkey Bill). Primarily a tourist destination for the magnificent Mayan ruins located on the outskirts of the town, some 200,000 tourists pass through every year.

“I saw short- and long-term rental options starting at US$350 per month (for a furnished one-bedroom apartment). In town, everything is close, and walking is safe. There are banks, markets, and an English-speaking doctor. It’s quaint. You’ll like it. The area is famed for its coffee, and you cold live well for US$700 a month.

“La Ceiba, population 115,000, isn’t pretty. In the daylight, you see that her mascara has run. By night, a different side appears, and the discos and bars fill with Caribbean reggae and working girls.

“Stop by the Expatriate’s Bar, on 12 Calle, two blocks east of Avenida San Isidro, for excellent grilled food, the latest gossip, and the best expat bulletin board. Recently acquired by a couple of French-Canadians, the place serves as a watering hole/post office for most of the retirees and expats in town.

“Rentals in La Ceiba range from US$350 a month for the smaller, older, two-bedroom downtown houses upward for the larger, newer homes on the city’s perimeter.

“Real estate is for sale all over town, of course. Why you’d buy a house here, I don’t know.”

Kathleen Peddicord

P.S. Tomorrow, Roatan…

———-

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May 29, 2009
Categories: Great places for holidays or investments, holidays, Investments, Real Estate Investments . Tags: , . Author: Greenfield Staff . Comments: Leave a Comment

Nicaragua … why not?

“Kathleen, you write much about Nicaragua as a possibility for retirement,” writes reader David M. from the United States.

“I am in agreement for the most part. However, as opposed to Panama, about which you are very frank concerning the downsides, I have not read anything about the problems in Nicaragua.

“Most prominent in my mind is the shortage of electricity. The country’s electrical system is a mess. Before the Sandinistas came to power, the electrical system was sold to a Spanish transnational. The last time I was in the country, there were random blackouts, unannounced and sometimes lasting many hours.

“Friends who live in Nicaragua say that the situation has improved somewhat. There are still blackouts, but they are scheduled, which at least allows people to make alternative arrangements…”

Should you live, retire, or invest in Nicaragua?

And, if not…why not?

I’ve been investing in Nicaragua for more than a dozen years. I own several pieces of land in the country, as well as a little house overlooking the lake outside Granada. And I’d invest further today if presented with the right opportunity.

Furthermore, Nicaragua figures in our long-term plan. It’s one of the places we’ve put on our “retirement radar”…one of the places Lief and I plan to return to regularly once we’ve flipped the switch to the retirement phase of our lives.

In other words, I’m sold on this little country with such a big heart…this land of lakes and volcanoes that also boasts a beautiful Pacific coast and the most romantic city in the Americas (colonial Granada).

But here are good reasons why you might take a different position:
As the dear reader above explains, the infrastructure in Nicaragua is unreliable and under-developed. Not only the electricity (the supply of which, as your fellow readers points out, is cut off with some regularity), but also telephone and Internet. Don’t move to Nicaragua to be a day-trader.

Many of the roads in Nicaragua are dirt. And rutted. And impassable when it rains. Some of our best “Do you remember the time…” stories have to do with trying to travel Nicaragua’s dirt roads during the rainy season.

Nicaragua is a little country. Its capital and biggest city, Managua, is a small town. You can get what you need…but you can’t always get what you want.

That is to say, don’t move to Nicaragua for a life of luxury. In Nicaragua, you’ll enjoy a life of adventure in a land of beauty. But this is one place where you can’t live the high life, no matter how much you’re willing to spend trying.
These are reasons you might not enjoy living (in retirement or otherwise) in Nicaragua. Here are two more why you might not want to invest in this country either:
Clean title. The piece of real estate the guy you met in the bar in San Juan del Sur is trying to sell you might not have it. Before you buy any piece of property in this country, make sure you understand the history of its ownership. Was it ever cooperativa land, for example? Bottom line, if you decide you’re comfortable investing in this country, don’t do it without investing, as well, in title insurance. (For this, I recommend First American Title, http://www.firstam.com.)

President Daniel Ortega. Sandinista Danny makes people nervous. When he was re-elected in 2006, foreign investors pulled out quick and have taken a sidelines position since. So far, El Presidente hasn’t done anything to cause any trouble…except buddy up publicly with Hugo Chavez. Again, some foreign investors see this as cause for concern. If the Ortega Factor keeps you up at night, put your money elsewhere until he’s out of office (in about 2 ½ more years).
Kathleen Peddicord www.liveandinvestoverseas.com

May 28, 2009
Categories: Great places for holidays or investments, holidays, Investments, Real Estate Investments . Tags: . Author: Greenfield Staff . Comments: 1 Comment

Your Dream Country Home In Italy…From 11,000 Euro

It’s a common dream: Find a tumbledown farmhouse in Italy and renovate it into a dream country home.

In some regions of Italy, Abruzzo, for example, the cost can be as tempting as the romantic notion. You can find stone house ruins in this part of the country for US$50,000 and less….sometimes much less.

But then what? Unless your plan is to relocate straightaway and to live nearby…you’re faced with the challenges of a long-distance renovation.

And, even if you are ready to up-sticks and camp out near your renovation project…are you prepared to become a general contractor overseeing a bunch of workers who speak only Italian?

The idea of renovating a country house in Italy is tempting. The realities of undertaking the renovation of a country house in Italy are daunting.

Here’s the solution: Get in touch with House Around Italy. This group is now offering what amounts to Country House Renovation In A Box service.

First, the fun part. Choose your ruin. House Around Italy has more than 40 150-year-old (give or take) stone houses on their books right now, in the Abruzzo region, in a medieval borgo overlooking a lake, in various stages of decay.

This region of the country, by the way, is quintessential Italy, with the food, the climate, and the lifestyle to match your fondest la dolce vita daydreams.

It’s also about 30 minutes from the Adriatic coast’s miles and miles of golden, sandy beaches…and less than 40 minutes, as well, from the many ski resorts in the nearby mountain chains.

Nice place to be.

And affordable. The tumbledowns on House Around Italy’s books are priced from as little as 7,000 pounds sterling. Average price is 20,000 to 40,000 pounds sterling.

Plus, each one comes with a detailed plan and budget for renovation.

Here’s a bargain example: An 80-square-meter, two-bedroom Majella stone house on three floors priced at 11,000 euro. Detailed plans for the renovation have already been drafted. You can purchase these for 5,000 euro…and, yes, you can make modifications.

The cost of the renovation, according to these plans, has been budgeted to be 59,500 euro.

You’re all in (except for the furniture) for 75,500 euro.

That’s a great price for a fully renovated stone house overlooking a lake in an Italian country town dating back to the Middle Ages.

But maybe the best part is that you have the opportunity right now to realize your daydream of Italian country living with a minimum of hassle and headache. House Around Italy manages the work and the workers. And the people at House Around Italy speak English.

Take a look here for a better idea of what I’m talking about.

Kathleen Peddicord

P.S. Why are some prices for these country house ruins in pounds sterling…and some in euro?

This old borgo has attracted the attention of British bargain-hunters. That’s why the house prices are often stated in pounds sterling. The renovation packages are a product of House Around Italy…and priced in euro.

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TODAY:

Correspondent Wendy Justice writes this morning:

“Kathleen, I read your Overseas Opportunity Letter today, ‘Borrowing to Buy Overseas…What You Need to Know,’ in which you state:

“‘Straight up, you aren’t going to be able to borrow to buy real estate in Asia as a foreigner.’

“However, a foreigner residing in Malaysia either on an employment visa or the MM2H visa can certainly borrow to buy real estate! Many banks offer attractive mortgage rates that are available to foreigners, and required down payments are very low.

“I’ll be submitting an article shortly on the benefits of the MM2H visa and will be sure to include information about borrowing from banks to purchase real estate…”
Kathleen Peddicord – www.liveandinvestoverseas.com

May 27, 2009
Categories: Great places for holidays or investments, holidays, Investments, Real Estate Investments . Tags: . Author: Greenfield Staff . Comments: Leave a Comment

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