Owning abroad

Buying overseas without tears

L

AST year, nearly half of the readers

of COUNTRY LIFE INTERNATIONAL said

that they were considering buying a property abroad, and 51% of

them said that they intended to make their purchase in the next three years. But there are many models for buying a property overseas, and different people will suit dif- ferent methods of ownership, depending on their circumstances and what they want to get out of it. We talk to three owners about their experiences.

1. Sole ownership

Mine, all mine

I

AN and Ann Lee from Glasgow did a lot of their globetrotting when they had young

children, so, by the time the kids had grown up and they found themselves renting for longer periods in their favourite area of France, it occurred to them that it was more sensible to buy. They chose the pretty Nor- mandy coastline near Cherbourg, and bought a small, modern property. ` The first house was a bit of an experiment, but once Ryanair started flying direct from Prestwick to

76 Country Life International, Summer 2010

Beauvais, we found we went more often and also had friends to stay, which meant we needed something a bit bigger,' says Ian. Their larger house is also a new-build, in

a small development near the beach. The Lees employ local people, who act as caretakers when they' re not there, but it' s a good lock- up-and-leave propertyÐ staying away for extended periods of time is less problematic than with an historic house, as Ann points out. They particularly enjoy the fact that they can keep all their things there. ` It saves time at airports and you don' t have extra charges for bags,' Ian adds. He and his family can also turn up whenever they like, without having to plan far in advance or run the risk of being usurped by rental bookings. Having also bought a ski property in Val

Thorens, the Lees, now retired, found them- selves spending more time in France, and their French improved greatly. As a result, they' ve forged relationships in the local community, which they enjoy as much as the area. They didn' t buy to let, but it' s a popular spot for Parisians on holiday if they wanted to do so, and, looking ahead to the future, the location is easily reached by ferry if they

Sole ownership

Pros

s You benefit from the full capital

appreciation s You handpick the perfect property

for your own needs s You have an emotional tie to the prop- erty and become part of the community

Cons

s You run all the risk financially (including

being exposed to currency fluctuations) s Things go wrong when you' re not there,

and you have to fix problems yourself s You feel obliged to holiday in the house whenever you go away

www.countrylife.co.uk/international

These days, there is more than one way to own a holiday home in a foreign country. Holly Kirkwood takes a look at sole, shared and fractional ownership

no longer want to drive from the airport. At present, they do holiday elsewhere, but

never get bored of the house in Cherbourg. Of course, they also have the option of using it as a base to further explore France if their itchy feet return, ` although once we get there, there' s so much to doÐ we swim, play tennis, see our friendsÐ that we haven' t managed much exploring yet. We just love it there,' says Ann.

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