As an investor, one of the main benefits is to own real estate in markets that are in different economic cycles. While the U.S. real estate bubble was popping, others were holding up quite nicely and never even had a bubble to begin with. The key to this diversification is to look for local markets that aren’t as dependent on the world economy. Plus, you have the value of currency diversification to protect you from the pitfalls of a falling dollar.
It’s not just financial diversification. You’re also diversifying your life with new places and cultures. You can’t imagine how different life can be: everything from the food, to the dress, to the hours people live.
When it comes to finding a place to live, qualifying for residency can be difficult but many countries will allow you to live there if you have Social Security or pension income. Of course, look for someplace you actually want to be based on your personal lifestyle, interests, and priorities. Ask yourself these questions: What is the view you want from your bedroom window in the morning? What kind of things would you like to do on a Sunday afternoon? What are the 2-3 things you would be most unhappy not to have in your life? For me, I discovered that one of the answers to that last question was having a large washing machine when I lived in Paris and had to do multiple rounds of laundry in their much smaller machines. Sometimes you find that it’s the little things like this that really matter.
Holiday bHome Insurance/b – bOverseas/b Local Covers | Social Marketing Tips
When you own a holiday home, you will want to make sure that you have the correct forms of insurance in force. If you buy the property in the United Kingdom, this is usually straight forward as most holiday home insurance policies, follow the format of standard home insurance in that they offer a similar range of perils. There may be one or two additions or restrictions, but the main , they are very similar. However, if you have bought a property overseas, there may there are some difference. In the main, insurance polices have been developed over the years out of necessity and sometimes as a reaction to a certain event or series of event. In overseas countries, many of their holiday home polices have been moulded based on local events and needs. If you purchase a property abroad you will need to make sure that you have all the correct forms of local covers. If you buy your policy locally, you may find you have two problems: Firstly, the document may not be in English and you may find it difficult to obtain a grasp of all the technicalities, secondly, don’t assume that overseas policies provided by foreign insurance companies will provide the same set of perils or limits of indemnity you would expect in the United Kingdom. It may be easier to source your overseas policy from the United Kingdom with a policy written in English and be able to deal with staff that speak English. The ability to discuss matters in your own language is best exampled by having to make a claim under a policy. This can be difficult at the best of time and often has to be conducted whilst you are away from the property. If you are dealing with English speaking staff, you will find this to be invaluable. Some examples of local covers are as follows:
In Turkey you must purchase a primary level of earthquake cover from the government, this is known as DASK. DASK is a compulsory earthquake insurance arranged by the Turkish Government. The level of cover will vary between areas and size of the property. Everyone who purchases a house in Turkey is required to have insurance which covers a percentage of damages in the event of an Earthquake. Some insurers now provide the basic DASK insurance from the UK, to obtain a quotation you will need to provide some extra information such as: