I am an American who wants to buy a vacation home in Scotland. What are some potential issues?
January 4, 2010
The real estate site I looked at said that as Scottish law is different than U.K. law, it’s best to consult a lawyer. I’m hoping to first get an idea of how difficult the process would be. I’ve never bought a house before; I would use this house as a vacation home…or maybe rent it out until I can afford to move there myself.
There are no issues. If you have the money and you get a good solicitor to iron things out you can buy property. OF course, you will have to declare all earnings and dividends as a result of this property to the USA tax office (IRS). ALL AMERICANS NO MATTER WHERE THEY RESIDE HAVE TO DECLARE ALL WORLDWIDE EARNINGS TO THE IRS. Happy property hunting!
Real estate for sale in King William VA – 2925264
January 4, 2010
Real estate for sale at 1123 Scotland Landing Road, King William, VA, 23181 – for more info visit http://love4realestate.com –
Beautiful river front home, 330′of river frontage on the mattaponi river in king william county! located 45 minutes from richmond and williamsburg. this 3,000/+ sq foot home has upgrades through out i.e. granite in the kitchen, hardwood floors, tile, new carpet in bedrooms, 2 fireplaces, master bedroom on 1st floor w/jacuzzi tub, sunroom w/tile floor, surround sound, central vac, skylights, 5500 watt generator, master on 2nd floor w/balcony, 2nd floor game room open to living room & river views, patio, 55 ft dock/pier, water is 8′deep at mlw, jet ski ramp, boat house/lift. you can enjoy the river life of boating, skiing, fishing and just relaxing year around and still be conveniently located! – For other real estate listings in this area visit http://www.longandfoster.com.
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Reasons to Locate your Business in Perth Scotland
December 23, 2009
Perth – the ‘Fair City’ – is also known as the gateway to the Scottish Highlands. The region is renowned for its beautiful scenery and natural environment, including forests, woodlands, lochs and glens. Many use Perth as a base for the numerous outdoor leisure pursuits available in the area – such as walking, fishing, cycling, water-sports or golf.
Perthshire also houses many castles and a palace, museums, monuments and country gardens and plays host to several antiques and arts & crafts fairs and flower markets. In the town itself are a theatre and cinema, galleries, a concert hall and numerous pubs and restaurants.
Given all this one can see why Perth is often sited as a great tourist attraction but it may not be so obvious why Perth is an ideal place to do business. There is a long tradition of financial services being based in the area – most notably insurance companies. Part of the attraction has been Perth’s location. Situated right in the centre of Scotland there has always been easy access to the major cities of Scotland: Edinburgh, Glasgow, Aberdeen and Dundee. Businesses have also been attracted to the area because of the high percentage of educated people – much higher than the national average.
A key industry for the region has been hotel and catering due to its attraction for tourists and business meetings and conventions. The quality of the accommodation is generally of a high standard. Perth has more up-market hotels as its customers tend to be those who come for business meetings, golf or winter sports. Each of these groups tend to be wealthier and so demand higher standards.
In the last few years the property boom has hit Perth. It seems that developers have suddenly woken up to the fact that real estate prices in Scotland are about half the equivalent average prices in England. New housing developments have been attracting new people into the area and in turn businesses are been enticed by a growing supply of educated potential employees. Prices have been growing year on year between 20 and 30%. Despite this, office space is still relatively cheap and this makes it appealing for many entrepreneurs.
Another sector which can’t be overlooked is the conference and convention industry. There are a large number of venues for meetings in Perth and these attract a number of international events. It’s likely that a significant factor in choosing Perth for these is the golf. It is no coincidence that St Andrews -’the home of golf’- is less than 30 minutes drive.
If you don’t want to move your entire business to Perth but would consider it for occasional meetings then you could do a lot worse than check out http://www.perthcentre.co.uk. This is a venue where you can hire rooms ideal for business meetings and conferences.
Fred Street
http://www.articlesbase.com/strategic-planning-articles/reasons-to-locate-your-business-in-perth-Scotland-69703.html
Buying Real Estate Steps
December 3, 2009
Buying Real Estate is part of the American dream. For those who have never been down the “buying real estate” path yet, you just…
1. Get Pre-Approved. Even if you don’t think you can afford it, or are concerned about a down payment, or your credit – the first thing you should do is talk to a skilled mortgage lender. It’s their job to help you fix your credit, tell you how much you can afford, and help make it all happen. They will advise you if a down payment is needed (it may not! Many people arrange to buy a home with nothing down, $500 down, or 5% down), how much your monthly payment will translate to (i.e. tell them you want to spend $X a month, and they’ll translate that into a purchase price of $Y). If you need to repair your credit, they’ll be able to refer someone or give you some tips and help on how to fix it up.
2. Once you meet with a mortgage lender, you’ll get a letter of pre-approval. It looks informal, but what matters is the listing agent (representing the sellers of a house you later want to buy) calling them and doing some research on whether you can in fact close and purchase the property. You then take this letter to a Realtor (R) / Real Estate Agent (note: Realtor is a real estate agent that adheres to a code of ethics; for practical purposes they’re essentially the same, though a Realtor(R) has more accountability and is therefore more highly recommended). This is step 2 of buying real estate.
3. The fun part: Shopping! Step 3 of buying real estate usually involves you looking at a bunch of properties on the internet, driving around some neighborhoods, then when you see some homes you think you might like, just email or call your agent and ask to go see it. Don’t get too hung up on this, and at first, go see some houses even if you know it’s not quite right – just to get some ideas of what you like and don’t like. On paper, or on the computer, a house is just a bunch of numbers – 3 bedrooms, 1873 square feet, etc. – but in person, you’ll find that the “bones” of a house, they layout, and the materials vary widely. On each home, communicate what you like and don’t like to your agent. Ideally, you should do this on each home, and by listing your favorite points, and factors you didn’t like, you’ll help your agent slowly hone in on what you really want. This is step 3 of buying real estate, and it usually turns out to be more work than you expect. By the way, it’s OK if a house or condo or lot seems ok on paper, but just doesn’t feel right. Trust your gut…buying real estate is emotional and you want to feel at home. Usually, if something doesn’t feel right, it’s because it reminds you of some other home, and many times, people ultimately buy a home that feels like a home they lived in as a child and therefore feel at home in.
4. The exciting part of buying real estate comes when you find a home you want. Just tell your agent this one feels right, and you’d like to put in an offer. Let your agent do the negotiating for you, it’s their job, and they get paid by the seller so the service is essentially free. You can call the mortgage lender back now and tell them you’re finally buying real estate, and give them the purchase price you want to offer, along with any other expenses such as taxes and insurance. They can give you a more exact payment on the house, which you’ll then give your agent a range to offer, starting low with a walk-away price. The agent helping you in buying real estate will know the conventions and strategy best for your local market and sniff out competing offers, etc. This offer will then be accepted or declined or counter-offered.
5. The nerve-wracking part of buying real estate is closing the actual transaction. Once your offer is accepted, you then start a 2-way “dance” called “escrow” or “under contract” or “closing”. This means the further you get into the deal, the more committed you are financially, and the more committed the seller is because they’re packing their life into boxes. Expect a bit of buyers remorse – it always happens about a week in, and just remind yourself why you like the house and imagine your life in your new home. Also, expect that the closing date is just a guideline, and it could be earlier by a few days, or later by a few days. Most commonly, people close in about 30-45 days. Depending on your state, you’ll sign a new loan on about day 25 or day 29, and then move in about day 30 (or 45, depending on your contract period). You’ll sign a binding loan and get keys, the seller gets cash (and their old loan paid off, if they have one), and the bank gets an enforceable contract that you make house payments toward. Once it “records” the deal is 100% done, you own the home, and about 6 weeks later you’ll make your first house payment to the bank.
Buying real estate is fun, and can make a big impact in how you live your life. For most Americans, buying real estate is one of the most important financial investments they ever make, and regardless of market it continues to prove a good investment simply due to inflation if not market appreciation. Just as your grandparents paid 15 cents for coffee and bought their first house for what seems like little money, so will your grandchildren (or you in your old age!) look back on buying real estate that first time as “cheap”. Back when people were buying real estate for $5,000 for a home, the average income was only $1200 a year for some… our relationship with money changes over time. Once you cross the buying real estate bridge, you’ll not only build wealth – but you’ll build a home filled with memories as well.
Roger Vetruba
http://www.articlesbase.com/real-estate-articles/buying-real-estate-steps-736743.html
Buying Real Estate For The First Time
November 15, 2009
Buying a home for the very first time is both exciting and terrifying in spite of its numerous advantages such as value appreciation, tax breaks, and deductible depreciation costs etcetera.
(there is a free ebook: 101 Tips For Selling Your House,for you to download, from a link at the bottom of this page).
Despite the advantages there are also vulnerabilities and risks that you have to contend with during the acquisition process. You can manage these risks and lessen the stressful process by observing the following guidelines.
Seek the help of a mortgage broker or mortgage specialist to help you determine your budget, secure a pre-approval for your mortgage and to have him assist you in the home acquisition process.
As soon as you have done the above, most especially getting a pre-approval for your mortgage loan, you can then start the process of searching for your dream home. As soon as you have a short list of homes that interest you, get in touch with a real estate agent. Having a buyer’s agent costs you nothing since it is the seller who pays all the fees. But if the owner is selling on his own, then the situation becomes better for you as the price of the home would be lesser than if there was a real estate broker involved.
Make sure that the location of the property meets your needs and specifications.
Make sure you get a disclosure statement from the buyer or the real estate broker.
Do not allow yourself to be pressured by the real estate broker or seller.
Before you ask to view the short-listed properties, conduct your own research to identify any problems or issues that might impact the acquisition and the amount of your offer.
As soon as you have decided on one particular property, visit the neighborhood during night time as well.
Interview the neighbors regarding schools in the district, playgrounds, and other amenities.
Find out the property value taxes in the neighborhood and inquire about neighborhood association fees if any.
With the assistance of a lawyer, make a formal offer, give a deposit and outline all of the conditions and terms of your offer.
Provide the owner a copy of your pre-approval to signify the seriousness of your intent in buying the property.
Request all necessary documentation from the owner including title clearance within a specified number of days so as not to prolong the buying process.
It normally takes 30 to 90 days from the date of offer to complete a home acquisition deal but it is very important that all terms and conditions and guidelines between you and the seller are taken cared of as early as possible.
It is always best to educate yourself when buying real estate and not simply rely on the real estate broker, the owner or somebody else to provide you with the necessary information. This makes the home buying process much more exciting!
Gerald Mason
http://www.articlesbase.com/real-estate-articles/buying-real-estate-for-the-first-time-103218.html
Buying a House – 12 Ways to Signal Your Real Estate Agent
November 5, 2009
You can learn how to take advantage of your real estate agent’s expertise before buying a house.
You’ve probably heard home buyers routinely complain how their agent didn’t do enough while they were buying a house. In truth, most buyers don’t know what to look for from a real estate professional in order to receive the best results.
With proper homework while shopping for a Realtor, you can be assured you’ve located someone who will watch out for your best interests. She is there to help you make better home buying decisions. So here are some ways your real estate agent can help in the decision buying process and questions you can ask to signal when you want her assistance.
1- A case in point, once you have toured several properties, ask your Realtor to help you rank your choices. An experienced agent can guide you to clarify your prospects and narrow down the field.
2- Additionally your Realtor can assist you regarding finances. Almost everyone buying a house needs a mortgage. Because agents are constantly in contact with lenders, they are often the best source of referrals to mortgage brokers and bankers. They have the inside track on lenders that have serviced other clients well in the past. Based on your particular needs, request at least two referrals of mortgage bankers.
3- Accordingly use your agent to discuss your concerns. When it is time to make decisions it is often good to have an objective opinion. Your agent can assist you in buying a house by pointing out trade-offs and how to set priorities.
4- From the start explain what your housing desires are so your agent can easily point out neighborhoods, communities, and developments that seem right for you. Good real estate agents are out visiting properties to stay current. So be sure and indicate that you welcome input.
5- Everybody understands buying a house is an emotional decision but it is important to know the facts too. Your agent has access to recent comparable sales, how long property has been on the market, and details regarding the area. It would be a shame not to take advantage of her expertise.
6- Along these same lines, if you work with an agent closely she can alert you to property that just came on the market or perhaps is about to be listed. So make sure your Realtor knows that you intend to work exclusively with her. Your loyalty will be rewarded.
7- Real estate professionals are also well versed in Seller Disclosure Statements and can help you wade through this detailed disclosure provided by sellers. This form is designed to reveal any defects regarding the desirability of the home and neighborhood. Your agent sees these disclosures routinely so be sure to request assistance.
8- Because real estate agents see so many houses they can also be sources of advice regarding redecorating, renovating, or remodeling a particular home. We all have a tendency to spend money on upgrades that might provide little or no return. Look at the property through the eyes of your Realtor to plan for value added improvements to the home.
9- The best agents are adept at following the process of buying a house from your first meeting to the final close. You should expect your transaction to be followed from beginning to end.
10- From the initial process of buying a house to signing final documents, you will have many experiences. Your real estate agent is comfortable with the roles of the seller’s agent, lender, appraiser, escrow officer and homeowner insurance agent. Realtors are trained and equipped to work through each step of this process.
11- In my opinion, here is what makes your agent worth her weight in gold. Because of seeing hundreds of real estate transactions a year, she is better able to anticipate problems ahead of time. Diligent agents know how to trouble shoot issues before they get out control. This is probably the most important service your agent can provide and the least obvious. So be happy when your house closes without a hitch. It’s outstanding proof of your agent’s performance.
12- Finally be sure and ask your real estate agent from the start to keep you fully informed concerning the state of your purchase. This is second nature for most Realtors. But it is okay to signal that you want to be kept in the loop at all times.
If you know what to expect from your real estate agent it should be easy to send the right signals and benefit from her expertise while buying a house.
Kate Ford
http://www.articlesbase.com/finance-articles/buying-a-house-12-ways-to-signal-your-real-estate-agent-711102.html
Real estate for sale in Scotland Ontario – 23604
September 26, 2009
Real estate for sale at 18 Royal Troon Drive Scotland Ontario N0E1R0 – for more info visit http://vt.realbiz360.com/Listing-224177.html
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Scotland Beautifully Scenery
September 16, 2009
You will find Scotland is in the north of the United Kingdom and is thirty one thousand square miles in area. There are three major cities in Scotland Dundee, Edinburgh and Glasgow and a number of populated towns. There are hundreds of islands categorized as the Hebrides Orkney and Shetland islands. The population on these islands are relatively low.
The United Kingdom is one of four constituent nations which are naming Scotland, England, Ireland and Wales. The official language is English. However in the highlands Gaelic maybe spoken and in the low lands Scot.
The national flower is the thistle although the heather which covers significant moorland areas is also closely associated with the country. Scotland is traditionally known for its beautifully scenery but also bad weather. The west coast consists of locs, locs are known as lakes in Scotland. The myth of the Loch Ness Monster can be found here.
A new Scottish Parliament was elected in 1999 following devolution of powers from the United Kingdom Parliament in London. This is the first time Scotland has had its own parliament in 300 years. The Scottish Parliament which sits in Edinburgh is responsible for most aspects of Scottish life.
In Scotland its own legal system education system Scottish Law and banking system. Edinburgh is the second financial centre of the UK and one of the major financial centres of the world.
Skiing in Scotland is perfect for beginners and more experienced visitors keen to brush up their skills. A short ski break in Scotland is a really good way to try out the sport before committing to a high cost ski holiday elsewhere in the world. The weather and the snow conditions at Scotlands five resorts have never compared favourably with the continent. A spate of mild winters has even threatened to bankrupt the industry while periods of heavy snowfalls can be accompanied by high speed winds and poor visibility. Every regular Scottish skier will have their own horror stories. For example the rocks, the slush, the ice, the wind. However there will also be at least one story of a heavenly days skiing under blue skies, with barely a soul on the slopes. Another advantage is that all the resorts are within easy reach of the capital. Tips to ski in Scotland include checking the daily weather before you go. Hire the equipment it may get broken due to the rocks. Take your own food, you dont want to be tripping back into town during the day.
Douglas Scott
http://www.articlesbase.com/travel-articles/scotland-beautifully-scenery-107343.html
First-time house buyers still finding it tough to get into the market
August 5, 2009
Buying a house in the current housing market is tough. Becoming a first-time house buyer is very tough. Recent research by the Chartered Institute of Housing Cymru (CIH) has show just how difficult it has become for people in Wales aged 20-39 to get a foothold on the housing ladder, as the gap between house prices and wages increases.
The study showed that young working households in Wales currently earn on average £27,039, however the cost of a two bedroom house is almost four times that at £107,864. In some rural areas the situation is even worse, with house prices around five times the average household income. The most expensive areas according to the survey were Monmouthshire (£147,084), Cardiff (£142,773) and the Vale of Glamorgan (£138,019).
A representative of the CIH said “Young households are being forced out of the property market across the country … It is particularly bad in areas where wages and salaries are low yet demand for homes is high.”
However the news is not all bad for first-time buyers in Wales, as the Royal Bank of Scotland has announced that the Rhondda town of Ferndale has been crowned the most desirable investment spot for new home buyers in the its first-time buyer property index.
A spokesperson from The Royal Bank of Scotland said, “The index reveals that for savvy house hunters, the most crucial aspects determining future return on investment are the low house price to high income ratio and the recent house price growth rate of the area, alongside any regeneration prospects.”
Ferndale topped the chart despite earlier this year gaining the dubious distinction of coming bottom in a house price league of 1,414 Welsh and English towns based on prices since 2000.
In the wake of the recent market upturn in the town, it is now boasting a large number of “for sale” and “sold” signs and looking to attract more first-time buyers.
According to The Royal Bank of Scotland, “Buying in an up-and-coming property hotspot can help first-time buyers climb the ladder faster to their ideal property or location in the future”.
Housing organization Rightmove believe that with property prices in Wales bucking the current UK decline in house prices and outstripping the rest of Britain by more 7% and correcting a previous 6% price slump, the housing market in Wales is starting to look brighter for sellers.
Rightmove also declared last month that almost 120,000 sellers in England and Wales cut their asking price in the four weeks up to 6th August and stated that this reflected that it is currently a buyers’ market as, “There is too much unsold property still available to expect anything other than a continuation of static asking prices this year.”
Rightmove said that with house prices doubling over the last five or six years and mortgage rates having also recently risen, the only affordable option for some people is to rent property rather than buying.
Isabelle Kassam writing for Moneynet believes that since, “Interest rates fell recently but mortgage lenders have been slow to pass the reduction on to consumers. Borrowers who are holding out for an even lower fixed rate are playing an anxious waiting game.”
The situation does not look good for those who are presently in rented accommodation hoping for the climate in the housing market to get better, as the Royal Institution for Chartered Surveyors (RICS) has revealed that rents have risen at their fastest rate for four years. This is rubbing salt into the wounds of would-be first-time buyers, as tenant demand is rising on flats as prospective first-time buyers struggle to afford their first property. A vicious circle has been created that is affecting many prospective buyers. While not being able to currently afford to buy, the higher rents are preventing the hopeful first-time buyers from saving enough to get out of the rented accommodation trap.
Mr Shipside of Rightmove indicated that those being hurt most, “really is first-time buyers, and there is a lot of demand for flats. Two thirds of tenants are actually under 35, so they are the people that are being hurt by rising house prices and rising mortgage rates.”
Generate Residual Income Through Real Estate by Buying Foreclosures
August 4, 2009
Buying a foreclosure is a good way to generate residual income through real estate. Foreclosure is basically a situation which occurs when an individual doesn’t pay the mortgage bills. You can make money on foreclosure before anybody gets to know about them and it becomes public knowledge. There are clearly 3 etched out phases in the process of foreclosure – pre foreclosure, foreclosure at action, and post foreclosure. You can get a better leverage position if you can intervene at an earlier point in the process of foreclosure. The best time to enter the process is just after the auction or just before the cure day.
An investor can purchase properties that are in their foreclosure at prices lower than the market value. Such a person can find a list of foreclosure properties through real estate listings, mortgage brokers, internet website or local newspapers. However, it is best to stick to one area and buy foreclosure properties there. This has an added advantage of you getting to know the market well. Familiarization with a targeted area or locality means that there are more chances of profits.
An investor must be adept at identifying properties that will allow the chance to make the maximum benefits from residual income through real estate in a very short time. In fact multiple properties should be purchased to avoid a period of inactivity that might arise in the future due to non availability of foreclosure properties.
Once a property is purchased, the house can be quickly repaired with adequate renovations, replacements and refurbishment. An important fact that must be kept in mind before buying a foreclosure property is that houses that need only cosmetic repair are the most profitable and useful for making residual income through real estate.
After the necessary changes have been made, the real estate investor should quickly look for a buyer and should finalize the deal with the first interested buyer. It is not a good idea to wait for any others who might make a better deal. This is because the more a flipped house sits in the market, the lower its price becomes in the market. However, a real estate investor might want to keep a property for a length of time in the group holdings for investments. The primary reason behind this is the chance to build equity. In fact the more the number of properties the real estate investor has, the more his profit will be.
Purchasing a foreclosure is good and extremely popular method of making good profits and residual income through real estate. In fact with a bit of smart thinking a lot of money can be saved in the renovation stage.
James Klobasa
http://www.articlesbase.com/non-fiction-articles/generate-residual-income-through-real-estate-by-buying-foreclosures-136030.html