We are fast approaching peak holiday season, and with school summer holidays drawing near, overseas property investors can expect to cash in on excellent rentals during this period. But are you ready for when the holiday season ends?
EU Property Solutions liaise with many borrowers who have lucrative summer income from their overseas property investment, but then find winter a real struggle, with little to no rental income. Many hope that the property breaks even but often when performing a financial review, the property is actually making a loss over twelve months.
Other than the mortgage on the property, investors must factor in other costs of owning their overseas property to fully ascertain its profitability:
- Community Fees – upkeep of grounds and swimming pools.
- Council Tax – has different names in different countries but a regular expense.
- Insurance – contents insurance, home insurance and landlord insurance to name a few.
- Letting Fees – if you are using an agent or even an online platform there are costs to letting your property.
- Maintenance – the upkeep of the property is essential to maintain interest in the property from holidaymakers.
If a careful analysis of your incomings and outgoings on your second home reveals you have a ‘loss maker’, and you are already in negative equity thanks to the collapse in Spanish property prices after boom turned to bust (Spanish house prices have still not recovered in most areas), that means you have a non-performing asset on your hands that is increasingly a financial burden. What do you do? Here at EU Property Solutions we often see investors struggling and “topping up” their overseas accounts to retain the property.
But although many people in this situation feel overwhelmed, and can’t see a way out, throwing good money after bad isn’t your only option. What you need in this situation is impartial, expert advice from professionals who understand your situation, and have helped many people in similar situations sort out their problems.
EU Property Solutions offers you this impartial, expert advice and we are currently assisting borrowers find a solution to their Negative Equity burden in the following countries:
- United States of America
- New Zealand
With EU Property Solutions level of expertise and understanding of various bank processes we can outline, from our fist conversation with you, the route your lender will take. Our knowledge and experience of distressed situations helps explain our high success rates in negotiating satisfactory outcomes, and welcome you to see this for yourself by taking a look at our case studies and testimonials at our new-look website.
Should you have an issue with an overseas property including lack of rental income leading to mortgage arrears, difficulty in maintaining your mortgage payments, negative equity, or property repossession then call EU Property Solutions today on +44 (0) 330 1241230, or fill in the contact form here: EU Property Solutions
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