During the telecast of the British Open, I spied a "For Sale"
sign on a
house in Hoylake, which led to an epiphany: Why not buy overseas near
the course you've always dreamed of?
Whether it"s a flat in St. Andrews, a house in Lahinch
, a villa in
Spain or a cottage in the Caribbean, foreign real estate
provides a
cushion against a slowing U.S. housing market and the faltering
dollar—plus access to great golf.
No matter where you buy, your first step should be to hire a
local
attorney. "In parts of Asia you"ll actually have to pay fees to access the
road that leads to your home," says Dr. Delores Conway of the Lusk
Center for
Real Estate at the University of Southern California. "A
local attorney knows
the ins and outs of the nation"s landholding
laws."
The U.K. requires buyers to hire lawyers, whose fees run
about 10
percent of the purchase price, plus value-added tax and expenses. Then
there are options like the St. Regis Resort, Temenos Anguilla, which
has 100
residences and has a special arrangement with the government to
facilitate the
transaction. "We handle all hookups, title insurance and
alien landholding
license applications," says Paul Kavanos, chairman
and CEO of Temenos Anguilla
developer Flag Luxury Properties. "The
process is completely streamlined for the
buyer."
Unless you plan to move, consider renting your property to
visiting
golfers or other tenants through a local management company, who charge
about 13 percent. High-season rentals in Irish golf towns can be $3,600
per
month, while an apartment near the Old Course can fetch $2,000 per
week. And
should the Open come to town—let the bidding begin.
