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pumeco
05-12-2008, 12:14 PM
I've been eyeing-up peoples details under their avatars, and I couldn't help but notice the variety of countries we LightWaver's live in. And it got me wondering how many of you have an eye on the property market, not just local to you, but world-wide.

For some years now I've been contemplating buying a Studio/Apartment/Flat in a country where they can be had for around 5.000 (approx $10.000 USD). Before the recent additions of Bulgaria and Romania into Europe I had kinda made up my mind to buy in Bulgaria. As 5.000 a go, I didn't think I could lose if I'd gone ahead with it.

Unfortunately, I didn't.

Coming up to only five months in the European Union and it's impossible to pickup even a Studio for 5.000, which is a very different story from less than a year ago. I feel like an *ss!

To cut the small talk and get to the point here; where (if anywhere) on this planet is it possible to buy a Studio, Flat, or Apartment for 5.000? And I do mean anywhere, no matter what country, no matter what state a country is in, no matter what ... is it possible ... and if so, where?

It's a sobering thought really and it sure as hell hit me like a ton of bricks now that I feel the last rung of the property ladder disappear in front of me.

pauland
05-12-2008, 02:21 PM
If your budget really is 5,000 then you can't afford the travel and expenses involved in purchasing the property and to sort out any hassles. When 5,000 bargains appear they are most likely there to dangle in front of gullible people whose money can be taken.

Be very careful.

Paul.

pumeco
05-12-2008, 02:54 PM
Cheers Paul, no worries though, I'm only gullible when I want to be if that makes any sense.

It is perfectly possible though, to buy a 'house' even now, and for even less than 5.000, but I don't have any interest in a house, I'd rather have a Studio, Flat, or Apartment if I were to go ahead with anything like this. My idea was just for long time investment really. Something I could use if I wanted, or rent out if I later decided the place is no good. 5.000 pounds isn't really a specific goal or limit, it's just that it's suddenly hit me that it appears there is no chance of getting even a Studio for that amount anymore. In contrast, only a short while ago it was very easy.

I've got a friend in Bulgaria who keeps assuring me that it's worth buying even a 3.000 house out there because the lifestyle is so much easy paced than what it is in the UK. Unfortunately, I don't think I could go from mains electricity and broadband to generators and 56K dialup. Hence my preference was always for the apartments in the newly built areas.

Ditching the car in favour of donkey travel doesn't exactly thrill me to bits either.

I dunno though, no matter what, I'm assured that I'd like it better out there than in the UK. I just thought I'd enquire what was available in other countries before I think anymore about it. The one thing I do know is that I would never buy property in the UK. The government have UK property owners wrapped around their fingers, and it's heading for disaster I think.

Steamthrower
05-12-2008, 02:57 PM
You're talking about buying a house/flat for $10,000? Or are you talking about a lease?

Even the cheapest, smallest, "starter home" over here in the US will begin at $50k. I once saw a house advertised for $15k but it was literally vandalised, roof half gone, had holes in the walls, and was the size of a small SUV.

adamredwoods
05-12-2008, 03:02 PM
Here in California, Mexico and Costa Rica was the hotspot for cheap getaway property. Now it's too late.

It's a global economy now. the cheap places in the world will change every few years until all the continents reach a minimum value, then the cycle will continue.

Plus, currency inflation has a major impact on housing as well.

If you are earning British pounds, the U.S. is having a 50% off sale. Look into the rural areas for cheap deals.

adamredwoods
05-12-2008, 03:06 PM
Ok, this is hilarious. I went to Craiglist in London, and it seems Florida is trying to sell their property to all the Brits.

http://london.craigslist.co.uk/rfs/

NAS
05-12-2008, 03:18 PM
Yeah i missed out on a flat in bulgaria about 12 months ago for 8000
The lad who bought it instead of me just sold it for 30000 because he needed money
He has been told two to three years and it will be 100000-150000

What an assssssssss i was
Monkey butts

NAS

pumeco
05-12-2008, 03:22 PM
@Steamthrower

Yeah straight-up, I really do mean buy for 5.000 :)

Here's an example of budget property, a house for just $2000 of your dollars :
http://cgi.ebay.co.uk/Bulgarian-property-house-holiday-home-Villa-Bulgaria-EU_W0QQitemZ170217578381QQihZ007QQcategoryZ1607QQs sPageNameZWDVWQQrdZ1QQcmdZViewItem

It's not up to much, but then again it only cost's $2000 dollars, not $200.000.00 dollars :D
If it was an old apartment instead, I'd have bought it in a flash.


@adamredwoods

That's very true, and it's one of the reasons I'm starting to get a bit anxious now. If I leave it much longer I'm not even going to get a bloody shed for that price before too long. I mean, I'm only 30 something but I think that's leaving it a bit late nowadays.


@NAS

I know the feeling mate, I feel like a MAJOR *ss
I also think the Bulgarian houses such as that at the link are going to be our last hope. Well, for me it is anyway - sure looks that way.

Steamthrower
05-12-2008, 03:28 PM
Pumeco,

Since I'm in save-mode at the moment, trying to figure out the best way to invest my income, and not wanting to get into stocks, this has really caught my attention.

What's the legalities involved in purchasing a house in another country?

NAS
05-12-2008, 03:32 PM
Its all good basically
If you want locals to do work for you in renovation and stuff (Good idea it makes you very very welcomed) then you have to be there while they do it because as soon as you bugger off so do they hahahahahaha
Cant blame em though the money they get paid

NAS

pumeco
05-12-2008, 03:52 PM
@Steamthrower

Well, regarding Bulgaria, there is a law where a foreigner is not allowed to own land, but they are allowed to own property. So, you could buy a Studio/Apartment/Flat but you cannot buy a house because you would need to own the land it's built on.

However...

The accepted way around this is by registering a company name in Bulgaria. When you do that, your company (which is actually you) can own the land which must be purchased under your company name.

Basically, if you want a Studio, go ahead and buy - it's that simple. But if you want a house that sits on land then you must set up a company name and buy it through that. This is because foreign owned companys are allowed to buy land in Bulgaria.

Be wise with your savings though mate, there must be hundreds of thousands of properties like this for sale in Bulgaria, and like my frind keeps telling me, Bulgaria has various climates and topography. There are many different 'lifestyles' to be had out there. You will need to do what I intend to do, and that's to go over there for a well rounded holiday and visit the various parts of the country. While it looks immaculate in some areas, the poverty in others will shock you somewhat. A spare of the moment ebay bid is something you would not want to do.


@NAS

Yeah I know, the wages some of those guys get are unbelievable. They really work hard for their money. It's very sad really, but I suppose with all the Brit's buying over there lately this will improve things somewhat. It's obvious that most are bordering on slavery, but as things level out - all that will change.

Yup, it's a good time to buy and have work done alright!

tribbles
05-12-2008, 03:55 PM
I remember about 15 years ago, my parents could've bought an entire village in France for 18,000. Needed a bit of work doing up though!