Property In Austria – Guide To Buying Property In Austria

In considering an overview of real estate in Austria the most striking fact associated with real property in that country is the fact that overall the costs associated with real estate in Austria is higher than any other country in Europe. In addition the cost of living in Austria generally is higher than any other country in Europe at the present time.

With this in mind it is also important to note that the tax rate in Austria when it comes to the buying and selling of real estate in that country also runs rather high. For example any capital gains that are experienced on the sale of real estate is taxed in Austria as regular income at the significant rate of 34. There are exceptions to this taxation. First of all a piece of real estate that is used as a primary residence is exempt from this tax. Additionally all real estate that is held for ten yours or more is exempt from this taxation as well. Therefore many people including foreign nationals hold on to investment real estate for at least ten years before turning around and selling the property for a profit.

Historically Germans have been the primary group of foreign nationals that have taken to purchasing real estate in Austria.

Investment Property in Austria

As will be discussed in greater detail later foreign nationals have a history of investing in real estate in Austria. In recent years significant steps have been taken and made to streamline and simplify the manner in which foreign nationals can invest in real estate in Austria. This particular is true when it comes to foreign nationals from the countries that make up the European Union.

A foreign national that is interested in investing in real estate in Austria needs to keep in mind that the cost of real estate in that country is higher than in any other country in Europe. Thus for the most part individuals who find themselves investing in real estate in Austria tend to be a bit better heeled and tend to have a higher amount of disposable income.

The tax implications of buying and selling real estate in Austria also need to be kept in mind when it comes to a foreign national making an investment in real estate in that country. These implications are set forth and discussed previously .

Residential Real Estate in Austria Single Family Properties

Foreign nationals do make the purchase of single family residences and dwellings in Austria with some regularity. Far and above the greatest number of foreign nationals who are purchasing single family residences in Austria are Germans. Italians are coming in at second place with citizens from other EU nations coming in rather far behind. Of course there are some people from other nations that are also making the purchase of single family residences in Austria.

Most people who are foreign nationals who are purchasing real estate in Austria are doing to to establish second homes. For the most part these homes are being used as retreats and for holiday purposes .

Residential Real Estate in Austria Apartments

Some foreign nationals have taken to purchasing apartments in various locations throughout the country of Austria. For the most part these foreign nationals are purchasing these apartments in the more urban areas in the country. In addition some foreign nationals are found to be purchasing apartments in some of the resort communities in that country.

Apartments in Austria do not necessarily come cheaply. Indeed as has been referenced elsewhere the costs associated with real estate in Austria tends to run far higher than what is found in other countries around the world .

Holiday Property in Austria

Austria is a prime vacation spot in the European community in this day and age. Indeed Austria has been a haven for travelers and tourists for many many years. With this in mind a goodly share of the real estate that is trading on the marketplace at this point in time involves property that is intended for vacation and holiday purposes.

Many foreign nationals who are purchasing vacation or holiday real estate in Austria actually are finding these purchases to be rather lucrative. For example these foreign nationals are buying real estate purchasing vacation properties that they then utilize in part for their own holiday purposes. However in addition to using these properties for their own personal holiday purposes many foreign nationals have commenced the practice of renting or leasing these properties to other people. It is this letting process that has proven profitable over the course of the past couple of decades for an ever growing number of foreign nationals.

Most real estate experts who have spent any time analyzing and considering the market in Austria have concluded that this trend will continue well into the future. Because buying and then renting vacation property has proven to be a solid and profitable investment for so many people even more foreign nationals are attracted to such real property ownership all of the time. This factor coupled with the tax benefits to be realized by holding onto real estate for a period of at least ten years has rendered these investments truly sought after at this point in time.

Specific steps to buying real estate property in Austria

There are some restrictions on the manner in which foreign nationals can purchase and possess real estate in Austria. Indeed historically there were some more significant steps that a foreign national had to undertake in order to be able to buy and own real estate in the country. However in recent years there has been a general relaxation in regard to the laws that govern foreign ownership of real estate in Austria.

The most significant changes and relaxations in the laws governing foreign ownership of real estate pertain to foreign nationals from the European Union nations. Simply since the formation of the EU and since Austria’s reception into the EU any foreign national within the EU can purchase real estate in Austria with ease. Indeed for all practical purposes at this juncture a citizen from the EU stands in essentially the same position that a citizen of Austria stands when it comes to the purchase and ownership of real estate in that country.

When it comes to foreign nationals from nonEU nations there remains one rather significant restriction on the ability of these foreigners to buy and own real estate in Austria. In short before a foreign national from an nonEU can purchase real estate in Austria that person must obtain permission from the local authority office in the locality in which the foreign national desires to make the purchase of real estate.

Generally speaking approval from the local authority is easy to come by and will be granted in the vast majority of instances. Additionally this approval normally is forthcoming in a very short amount of time.

Once a foreign national has identified a piece of real estate that he or she is interested in purchasing an oral offer is made to the seller. If the seller accepts the offer or if the seller puts forth a counteroffer that is acceptable as such to the buyer a purchase agreement is prepared. In Austria more often than not a solicitor or lawyer handles the affairs associated with the buying and selling or real estate.

As a matter of normal routine the buyer will post a deposit in the amount of 10 at the time the purchase agreement is executed. The deposit will be held in escrow pending the completing of the sales transaction itself. If the sale falls apart through no fault of the buyer the buyer will have his or her deposit returned.

When the completion date rolls around the seller will be responsible for making certain that all contract provisions that apply to him or her have been satisfied. More often than not this primarily includes making certain that the property is free from any encumbrances that might interfere or impede the conveyance of the real estate to the buyer.

At the time of the completion date the buyer will need to have his or her financing in place and in order. At the time set for the completion of the transaction the buyer will pay the remaining balance due and owing on the purchase agreement. Once this payment is made ownership of the real estate will transfer by operation of Austrian law to the buyer. However the new ownership of the real estate the ownership of the buyer in the real property will need to be registered with the Austrian Land Registry.

The process of fully registering the real estate with Austrian Lad Registry can take up to three or four months in some instances. It is not a quick process more often than not.

When it comes to obtaining financing for the purchase of real estate in Austria Austrian banks generally will lend money to citizens of that country and foreign nationals alike .

Property Abroad always recommends using a Solicitor or Lawyer

About the writer:  Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Austria. Visit their website to view their property for sale in Austria and other useful information on buying property abroad.

10 Inexpensive Outdoor Fixes To Help Sell Your Home

Many experts recommend updating your home’s exterior to improve your chances to sell. Rightfully so! Most of the fixes you can do outdoors that will pay big dividends at closing are low cost and relatively easy to accomplish with a minimum amount of tools.

Several popular TV programs focus on improving the exterior appearance of homes. Often properties showcased on these programs undergo amazing visual transformations after very small changes. We can use this attitude more for less to improve your own home.

First a tip: remember our motto more for less. We want to focus on small inexpensive changes that impact the VISUAL appearance of your home. Fixing that broken sprinkler head in the back corner things that will not be seen by visiting buyers or spending big bucks for major improvements like adding mature landscaping will surprisingly yield less than you think.

1. Mow Trim and Water

Perhaps the cheapest of all fixes if you have a yard you more than likely already have the tools. Plan on mowing 2 days before an open house this gives the grass clippings a chance to dry up and blow away sweep up whatever is left before your visitors arrive. Trim those hedges and cut away dead or unsightly tree branches. Also if you tend to save money by not watering now’s the time to spend a little just a couple good soaks a week can really make a difference. You can also invest in a bag of fertilizer. You really want your grass to be as green and nice as possible.

2. Keep the Yard Neat

Some buyers can be turned off by clutter in the yard. This can include:

Scattered toys clean them up and ask your children to help clean and keep things tidy maybe offer an incentive like a trip for some ice cream

Excess lawn ornaments as a general rule no more than 2 in the front and 2 in the back. Seriously. If you have more time to start packing them up for the move.

Jumbled or neglected lawn furniture if you’re keeping it put it in the shed or an offsite storage shed. If this isn’t possible do your best to clean it and keep it stacked or placed nicely. Of course if you have a nice deck or patio and your furniture is in good repair you can highlight the use of this space for entertainment unfurl the umbrella for your open house.

Visible yard equipment keep the mower trimmer shovel rake etc. in the shed or in the garage or if possible in an offsite storage shed. Coil up that hose and keep it out of site but at hand for watering.

Trash give your yard the onceover look for stray pieces of trash in and under the bushes near the fences and wherever you feel trash might collect.

Animal waste if you have a pet really work hard at removing all pet waste. Buyers want to walk around the yard and stepping in something is never good even worse if they track it into your nicely cleaned house. This is a big one and only takes an hour or so of unpleasantness.

3. Freshen the Mulch and Remove Weeds

If you have beds with mulch get a bag or two of fresh mulch changing the washedout grey of old mulch to the lightbrown of new is a big visual improvement. Also do your best to keep your planters weed free. You can save by staying away from weed killers or other chemicals the last thing you want is brown dying weeds. Two hands a small trowel and some sturdy gloves are the way to go.

4. Flowers Sell

An oldie but a goodie if it’s an appropriate time of the year plant some nice flowers in the front of the house. Go for rich colors reds purples blues and lowmaintenance types. Impatiens are hardy pretty and fairly inexpensive that’s just one suggestion. Hanging baskets or potted flowers on the porch create a warm and inviting entry to your home.

5. Wash that House

You’d be surprised at the amount of dirt a house naturally attracts and how much brighter it looks without it. If you have a hose nozzle put it on the stream setting and give your house a bath. Even better spend a few bucks on one of those sprayon washoff house cleaners just make sure you get one suitable for your type of siding read the product specifications before you buy. For a real revelation borrow a pressure washer from a friend just be careful you don’t strip paint we’re trying to save not start a monthlong painting project. Speaking of which….

6. To Paint or Not to Paint

That is the question. On one hand paint is fairly inexpensive and can make things really look fresh and new. On the other some houses have LOTS of areas to paint and painting one or a few only draws attention to those areas that didn’t get treated. Here’s where you have to use your own judgment. Exterior painting can really get to be a can of worms especially when you have to deal with scaffolding and such. My rule of thumb is: if you can do it yourself without using expensive equipment scaffolding and do it quickly and relatively cheaply go for it. If not focus your energy on other areas.

7. Fix any Obvious Repair Issues

Things like broken shutters missing shingles that are visible from the ground badly dented or missing siding and all other random and general repairs should be taken care of if possible. Remember our motto: more for less. If something will take too long or cost too much unless you feel it is a major visual distraction best to leave it alone. I usually take a few circles around the outside of the house and just write down any negatives I can see. Go stand out at the curb and take a look note anything out of order. Afterwards I take the list and prioritize. I put the things that are big visual distractions or cheap/easy fixes at the top and begin there.

8. Wash the Windows

You don’t need to get all the way up to the highest ones but the ones on the ground floor should be washed. This will allow visitors to see into the house from outside and gives it the appearance of being more inviting as opposed to drawn curtains and closed blinds.

9. Ask the Neighbors to Help Out

Many don’t even think about this but make sure your neighbors know you’ll be holding an open house they might even help you with some wordofmouth advertising. If your neighbors are thinking of having the drive resurfaced doing heavy yard work paining the exterior of the house parking a garbage truck in the driveway etc. etc. the day of your open house politely ask that they do those things on another day. You don’t want buyers to come away with any negative impressions about your home or neighborhood and neighbors are a big thing to new buyers.

10. Prepare the Home for Showing

Remove all personal items from the exterior of the house those plaques that read “The Smith Family” should be taken down and packed away same thing with personalized mailboxes either replace them you will have to if you want to take it with you or remove any personal identification. Take a few minutes and sweep the porch steps deck patio driveway and sidewalk before visitors arrive a good onceover is fine. Put your cars in the garage or better yet the street. If you have heavy oil or grease spots try to get your hands on a degreaser you can find them at your local home improvement stores. A little scrubbing will really improve the look of your driveway or garage. Finally turn on all exterior lights even during the day. If you have landscaping lights turn these on as well. Do any lastminute pickups or putaways and then head out. It’s always better to NOT be home when visitors come to look at your house it feels like an imposition for many people. You want them spending as much time as they want in your home.

Congratulations you have now set yourself up for success! After completing all of these things you have greatly increased your chances of a sale and also increased your chances of realizing more money at closing. Many home buyers take visual appearance very seriously when choosing a new home. By making sure your house looks as nice as it can be from the outside you have left a positive and lasting impression on your potential buyers.

About the writer:  Daniel Marshell is senior real estate consultant associated with Better Homes India a leading real estate firm in Mumbai India. He has more than 25 years of first hand experience of working in Mumbai Real Estate Market. His firm Better Homes India also offers online real estate services in Mumbai. For more information please visit www.bhomes.com/india

Property In Portugal

ABOUT PORTUGAL

Positioned on the Atlantic side of the Iberian Peninsula Portugal is a great historic country of immense diversity. From the culture and prosperity of Lisbon through the beautiful wine regions and the Sun sea and sand of the Algarve Portugal offers something for everyone. Modern marinas and spectacular golf courses mean that here are plenty of activities.

As with all South European countries the Portuguese are very fond of food with fish being high on the menu. A particular speciality is grilled sardines which is a delicious dish. Wine is likewise important with excellent red and white table wines as well as the ubiquitous Port.

It is the most westerly country in Europe and has the same time zone as the United Kingdom and Ireland. The currency is the Euro but prior to 2002 it used the Escudo. The population was estimated to be 10.6 million people as of July 2006 and the predominant religion is Roman Catholic with 97 of the population describing themselves of this faith.

The language is Portuguese which is a romance language similar in structure and spelling to Spanish but pronunciation and accent are completely different often bewildering nonspeakers.

The current president is Aniacute;bal Cavaco Silva and the Prime Minister is Joseacute; Soacute;crates.

Portugal has been a country since the Twelfth Century A.D. when Count Alfonso pronounced himself King Alfonso of Portugal. Since then Portugal has been through revolutions civil war a rightwing dictatorship in the Twentieth Century before settling on a democracy in 1976 and joining the European Union ten years later.

Portuguese explorers roamed the World and claimed many lands for the Portuguese. The most famous and prolific being Vasco de Gama establishing trade links to India; Pedro Aacute;lvares Cabral claiming Brazil; and Alfonso de Albuquerque who conquered Goa and Malaysia.

After years of economic decline resulting in the embracing of democracy Portugal’s economy has recovered and it has become a modern European nation. Tourism is a major industry but it is still mostly rural with farming communities and great winegrowing regions.

The Duoro is the region for Portugal’s most famous export: Port. Real Port only comes from the Duoro valley and all of the famous names can be found there: Taylor; Graham; Fonseca; Dow; Warre; Sandeman; Croft as well as many others making this delicious fortified wine. The wine growing regions offer a different kind of holiday destination with beautiful countryside and spectacular scenery relaxing atmosphere and friendly knowledgeable locals.

The most wellknown and popular tourist location is the Algarve in the South of the country. Famous for sandy beaches marinas fishing and golf courses the Algarve offers a great deal to the sunseeker and is extremely familyfriendly. The hotels in the region are modern and the facilities are of good quality. This region also provides good nightlife and a wide range of restaurants. The area is served by an Airport at the administrative centre Faro and the major centres include such resorts as Albufeira and Vilamoura .

The capital of the country is Lisbon located in its own region in the West of the country. It has a population of 564000 and the region has approximately 2.7 million inhabitants. The region is the most densely populated in the country and also the wealthiest. As an ancient and important capital city Lisbon is also a great place to visit with many impressive sights including the imposing Vasco de Gama Bridge the longest in Europe at over 17 Km.

Property Market

For many inhabitants of countries such as the UK where the summers can be brief and the winters cold Portugal holds many attractions. While the whole country is experiencing a buoyant property sector the south of the country is proving particularly popular. Portugal is a land with has the natural unspoilt beauty of the hills to the more developed holiday resorts in the south. As with most warm climate countries there is a vast array of properties available from holiday homes to town houses and many different sized apartments.

The Portuguese construction sector is one of the most liberal within Europe with no direct barrier to foreign invest. There are obviously various building and health and safety regulations which need to be respected but overseas investor are not are not forced to employ a Portuguese partner.

It is highly unlikely that foreign investors will be able to obtain a mortgage in Portugal itself and finance will need to be arranged in their home states. The purchase process is slightly different in that all buyers must obtain a tax registration from the local authorities and nominate a Portuguese address for documentation purposes. Many of the older developments in the country often in excess of 20 years may well be community owned the equivalent of a Housing Association in the UK and buyers will be required to buy a share in the development and abide by the “community” rules.

As many UK citizens have sampled the delights of the Algarve this is proving to have a longer term lure for many people. Holiday homes are very popular in this area which has a hot climate for over 75 of the year. The Algarve has been popular for many years and house prices have shown above average growth over the last few years. There are however signs that new “fashionable” areas in the north are receiving significant interest.

It is advisable to check out the administration costs of buying property in Portugal as legal fees and stamp duty are not the cheapest in Europe. Overall it looks as thought the property sector may continue a gradual climb in the short to medium term.

Why Invest in Portugal?

There is no doubt that the holiday resorts have been the best selling point for Portugal with long white sandy beaches a favourable climate and miles of coastline. This is proving particularly attractive to many UK citizens with strong UK ties visible throughout much of southern Portugal.

Unlike many countries who look for foreign investment at any cost the Portuguese authorities take a strict line about preserving the beautiful rugged landscapes and property development licences are carefully considered prior to clearance. For those looking to retire to take up more relaxing leisure activities there are vast arrays of golf course tennis court swimming pools and more. Average apartment prices range from pound;130000 for a two bedroom apartment to pound;170000 for a three bedroom home.

There is a very strong sale to let market but this is concentrated on furnished accommodation general for the short term holiday makers. As more people wake up to the beauty of Portugal demand continues to grow and the property market is performing well although like the Algarve there are a number of property “hotspots”.

Outlook

With many parts of Portugal still untouched by the booming property market there is plenty of potential for capital growth from a modest investment. As the level of interest in the country continues to grow there is even more good news from the government who are currently reforming their tax laws to make investment in Portugal even more attractive.

A number of areas have been earmarked as potentially lucrative investment sites including Almancil Loue Carvoeiro and Tavira to name but a few. At a time when the UK property market is riding the crest of a wave many people are opening up to the idea of reinvesting part of their liquidity overseas.

While the Portuguese economy has had a volatile reputation in the past the government are beginning to see the fruits of their inward investment with great improvements in the transport network. As with many European countries these days they are going through the change from a manufacturing economy to a services led economy. Again this is proving successful and improving the overseas reputation of Portugal.

About the writer:  The author John Daniel is a licensed Real Estate Broker and investor in Orange County California. He is an experienced realtor that specializes in South Orange County residential homes and Orange County investment real estate. Find more information at: http://www.jdanielrealty.com