Are you a DIY person or do you like assistance on site?
This is just one of the many options discussed on this thread which goes back to December 2007 but is still going very strong. It brings to the table the concept of buying a property within a resort community where services charge are payable and help and assistance is on call 24 hours a day, 7 days a week, as oppose to ‘going it alone’. As you might expect the idea of paying for often simple services has prompted a number of very different views and comments!
In simple terms the thread seems to be split between those who want to buy an investment overseas (Egypt is the example in the thread) where everything they will ever need is catered for, and those who prefer to go it alone and buy away from the growing resort communities. There are obvious pros and cons for both but a lot of it seems to come down to an understanding of the language, local community and confidence in the investor’s ability to actually get simple things done such as plumbing fixes, etc.
There is also an interesting angle from one of the posters which suggests that the resort community feel and the fact services and assistance is available on site will actually increase the attractions and ultimately the value of a property. The growing clamour for overseas property homes has seen many relatively inexperienced investors purchase property away from their domestic markets with little real understanding of the local culture and way of life. These are the investors who may well pay a little over the odds for a resort based property, but then there are those who are more than happy to look after themselves and like a challenge!
Resort or no resort that is the question……….
This post brings a number of interesting factors to the investment table and has actually split the investment community between those who want services and assistance to hand and those who are confident enough to go it alone. There is ample input from both camps and this makes for a very interesting and information thread.
One factor which stands out from the thread is the fact that a growing number of investors are looking at overseas property with little knowledge of how the process works. These are the investors who would probably benefit more from a resort community arrangement where assistance is there at any time of the day or night. This helps to build up a trust factor between the service providers and the home owners, to the benefit of all in the resort.
The fact that you are likely to pay a little more in initial cost and service charges for a resort community venue seems to pale into insignificance for many investors who would rather have that added security at a reasonable cost.
Those who are more aware of how the local customs and culture works, where ever they may be (Egypt is the area mentioned in this post), are able to go it alone and choose from a wider spread of potential investments. There is the opportunity to shave a little off the cost of the property by moving off the beaten track but there are obvious risks. Resort communities tend to attract an awful lot of expats and can be a useful way for new investors to become more integrated into life in the area. The fact people are willing to pay a little extra for a resort community property also reflects the value of support and assistance.