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 holiday makers.
If you couple the property being an income ‘loss maker’ and in negative equity then you have a non-performing asset which is becoming a burden. Despite this mix EU Property Solutions see investors struggling and “topping up” their overseas accounts to retain the property.
Many can’t see a way out, but there are options. EU Property Solutions offer a free initial consultation to discuss all possible avenues, just call +44 (0) 330 1241230.
EU Property Solutions 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 when we first speak with you, the route your lender will take. This enables us to have an extremely high success rate and would welcome you to have a look at our case studies and testimonials on 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 0330 1241230.