Best foreign investment under 50K

BrianMVP

Im considering investing in property abroad possibly romania bulgaria as they will become EU members in january 07. This will be by first property purchase and plan the investment as a starting point to eventually and more easilly being able to afford a house in here.
Im only 20 and was thinkin as my first step onto the property ladder to gat a mortage of 50K to invest in foreign property as this is all that I can afford in the meantime.
Is this a good or bad idea you view greatly welcomed.
My plan was to buy a small aprtment?studio in some upcoming holiday resort I figure the new assecion states would be a gud investment, with the intenion of sellin it in a few years to be able to afford a f**king deposit for a houe in this rip off of a country?

Help Me out people were is a good place to put this type of money????

gline

same situation as yourself and i am looking for advice also

jdivision

BrianMVP wrote:

Im considering investing in property abroad possibly romania bulgaria as they will become EU members in january 07. This will be by first property purchase and plan the investment as a starting point to eventually and more easilly being able to afford a house in here.
Im only 20 and was thinkin as my first step onto the property ladder to gat a mortage of 50K to invest in foreign property as this is all that I can afford in the meantime.
Is this a good or bad idea you view greatly welcomed.
My plan was to buy a small aprtment?studio in some upcoming holiday resort I figure the new assecion states would be a gud investment, with the intenion of sellin it in a few years to be able to afford a f**king deposit for a houe in this rip off of a country?

Help Me out people were is a good place to put this type of money????

Do you realise you lose your first time buyers status if you buy abroad, restricting your future ownership options on second hand homes here. I'd be very, very careful with Bulgaria. there is strong evidence of a huge number of vacant apartments in places like Sunny beach, there is a huge infrastructural deficit in large parts of the country and asking prices there have surged by so much I'd question whether that's the market or agents greed. Don't know enough about Romania to comment. My advice would be to look at Bratislava to be honest - cheapest property in Europe on average, an hour from Vienna and a new highway being built between the two, strong Irish developer interest, high employment, direct flights from Ireland, fairly strong economy. That said you need to do a hell of a lot of research and spend time in the city before even thinking about buying. i'm not an estate agent by the way so makes no difference to me either way.
See some of the links i posted on this thread:
http://www.boards.ie/vbulletin/showthread.php?p=52117148#post52117148

hmmm

I've talked to a couple of people who have visited Sunny Beach and not one had a good thing to say about it.

dunkamania

BrianMVP wrote:

Im considering investing in property abroad possibly romania bulgaria as they will become EU members in january 07. This will be by first property purchase and plan the investment as a starting point to eventually and more easilly being able to afford a house in here.
Im only 20 and was thinkin as my first step onto the property ladder to gat a mortage of 50K to invest in foreign property as this is all that I can afford in the meantime.
Is this a good or bad idea you view greatly welcomed.
My plan was to buy a small aprtment?studio in some upcoming holiday resort I figure the new assecion states would be a gud investment, with the intenion of sellin it in a few years to be able to afford a f**king deposit for a houe in this rip off of a country?

Help Me out people were is a good place to put this type of money????

Meant to reply to this yesterday.

Can you clarify your salary and any savings you have to spend.

In spending 50k on a foreign property,you are going to incur up to 10k in costs,which means you need a 20% post tax return to break even.

Your assumption that you will be able to flip it for a higher price exposes you to alot of risk.

I dont think you can afford to left with a near worthless property and a 50k mortgage so I think you should give it a miss.

If you are determined to press ahead,I suggest you alook at somewhere with a stable market where the rent will cover your cost of borrowing.


I suggest you read "Rich Dad,Poor Dad" I think it may help you analyse your situation better

dwaned

I've a couple of properties in bulgaria at the moment and so far so good. We did put a deposite on a appartment on a appartment in sunny beach but pulled out after spending more time there and seeing other parts of the country.. In the last three weeks property that you could pick up from 3k-5k is now going for 10k+, so already it's on the move. We have friends over there selling property and I can put you in touch with them if you like, (Irish Guy). They will bring you around looking at properties and advise you on anything you need to know, but I'm not sure about first time buyer stuff and how it will effect you here. If you want a brochure pm me your address or just have a look at there site (below). It's nice to know you could go over and have someone you can trust to show you around the property.

CountryWise

was looking into bulgarian property myself and i have been considering the first time buyers grant thing but i aint getting on the property ladder here for many years!