The Big Four
How to buy property in Italy, France, Spain and the United Kingdom.
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A vacation home in Europe is often more than a good investment—it is the fulfillment of a fantasy. While under-the-radar European cities are becoming more popular, American dreams of owning a Tuscan farmhouse or a villa in the south of France have not faded. For most, buying in the big four—Italy, France, Spain and the United Kingdom—is still the ultimate fantasy.; function voidFunc() { } voidFunc();) |
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Buying a vacation home in Europe is "classic caveat emptor," according to Robert Ivanhoe, chairman of Greenberg Traurig’s global real estate group. With concepts such as title insurance and mandatory seller disclosures practically unheard of, "it’s a murkier process than it is here," he cautions.
Since that process is frequently clouded by
romantic notions of
a certain lifestyle—at least for part of
the
year—Ivanhoe emphasizes the
importance of doing "quality
due diligence"
with the help of an objective
top-notch support
team. (Click image to enlarge)
The best place to start is by finding an English-speaking
lawyer in
the country in which you plan to buy. Most prominent U.S. law firms
have vast international networks. Have that lawyer recommend a
couple
of
brokers, not the other way around. Interview the
brokers on their
turf, not by
e-mail or phone.
"You want someone you can trust and who understands what you’re
looking for," Ivanhoe continues. Then, when you are
certain you
are in good hands, let your
imagination soar.
ITALY
When David Burden, founder of the Timbers Resorts, expanded
his
luxury fractional-ownership residence club to Europe, he bought an
18th-century castle in Tuscany—undoubtedly the most evocative
European
destination for second-home daydreams.
"Tuscany has the awe and the ‘ah’ factor,"
Burden says. "It’s
truly
everything everybody dreams about.
It’s one of the most special places on
this earth."
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