Take control of your overseas property

When we heard that the overseas property market bubble had burst there seemed to be little sympathy for those who had been tempted by the promise of easy money. However, it isn’t just the big wigs who got stung, many are small first time investors who simply aspired to own a modest holiday home in the sun or a buy-to-let property as an investment towards a pension.  

It’s these investors who are currently struggling to stay afloat in the knowledge that it’s virtually impossible to sell their property and if they were lucky enough to find a buyer they wouldn’t recoup anywhere near the price they paid for it. Falling prices and an oversupply of property is currently a worldwide problem and it seems the only solution is to hunker down and ride out the storm (if possible) keeping up with mortgage payments and trying to maximise rental returns. 

All business arrangements have the potential to go wrong. In the worst case scenario it can be a disaster due to dodgy dealing and even with the best will in the world it can be irritating and stressful due to misunderstandings especially if you’re located in another country and don’t speak the lingo. Stories in the media have recently shed light on the plight of several Brits who made the mistake of using local rental agents overseas to manage their properties, only to find they’ve been short changed on income and details.  

So what’s the answer? Is it possible to minimise stress and increase your returns? Yes, by cutting out the agent and advertise your property yourself online. You will immediately save up to 20% in commissions and fees, plus you’ll know exactly when, by whom and how long the property will be occupied and will receive payment direct.  

Alternatively, if you have the know-how or contacts why not create your own website? It doesn't have to be anything elaborate, simply show your property to its best advantage with photos, descriptions of the interior, exterior location, on-site facilities, local amenities, distance from nearest airport and directions. Availability can be indicated on a regularly updated calendar. No fuss, no commissions, just straight forward bookings and payments upfront. Check out sites such as www.googleearth.com, the www.themovechannel.com or www.ownersdirect.co.uk but there are lots to choose from.

Even if money is tight it’s important not to skimp on holiday home insurance. Although it may seem like an albatross at times it’s still an investment plus if you have a mortgage your lender will insist upon you taking out appropriate building insurance. However there’s no obligation to accept cover recommended by the bank, you can shop around for a better value policy. Insureme4 holiday home building and contents* insurance is suitable for second homes in the Spain, Portugal, Cyprus, France, Italy, Greece, Eire, Bulgaria and the UK.

All policy documents are provided in English, claims, customer service and 24-hour emergency help-lines are also in English, plus all policies are supplied by leading European underwriters and are available at incredibly low prices. Save money and yourself the hassle starting from just £100! Click here for an instant online quote.

*Insureme4 holiday home insurance doesn’t cover damage caused by third parties.