Taking a shortcut: an easier way to find and buy property abroad
The prospect of their daughter leaving home for college, along with turning 40, were the deciding factors for career couple Jan and Andy Pratt to reevaluate their lives and make the decision to pick up sticks and make a living. abroad.
The couple had very successful careers in the UK; after a career in marketing working on world famous brands such as Oxo, PG Tips and Fray Bentos Corned Beef, Andy was director of new business for one of the largest advertising agencies in the north of England and Jan ran his own public relations firm . A management buyout gave Andy the chance to stay involved long-term or take the money and explore another lifestyle; he chose the latter. Andy: “I had been in the industry for over 20 years, it was a wonderful but demanding career and I felt it was time to walk away.”
Andy sold his share in the business and Jan decided to close his consultancy. In a moment of wild abandon Andy bought a Harley Davison motorcycle but Jan had bigger plans.
Jan: “The prospect of living abroad was appealing because of the relaxed lifestyle and of course the weather. Having been on holiday on the island of Mallorca since 1994, we felt it was a good place to start.
“We were young and dumb enough to do it, but old and wise enough to avoid the obvious pitfalls; if we didn’t take the plunge then, we never would.”
However, with almost 800 real estate agents on the island, it was not as easy as they had imagined. Jan: “We had the luxury of time to find a house and spent months searching dozens of properties, but it wasn’t easy. As we couldn’t find anyone to give us good independent advice, we decided to rent a range of potential homes – a Spanish finca – a country house – an apartment within a golf complex and a villa to help clarify what would be ideal for us permanently.”
During this time, they also toured the island to get an idea of the best places to buy, both for investment and services. Jan: “It’s one thing to go on vacation somewhere and another to decide to invest a substantial amount of money and make a new life, there’s so much more to consider. Having done both, we know the obstacles people face.” Mallorca has become one of the Mediterranean’s brightest ‘hot spots’ for homebuyers. Today, the island is a magnet for the rich and famous: Famous visitors and residents include Michael Douglas, Catherine Zeta Jones, Andrea Corr, Annie Lennox, and Andrew Lloyd Webber; The Bond Pierce star
Brosnan has bought land to build on. Mallorca, the largest and possibly the most beautiful of the Balearic Islands, has 311 days of sunshine a year and an average annual temperature of 15°C, providing a wonderful combination of climate and culture.
Jan: “We looked at mainland Spain, but we loved the exclusivity of Mallorca and also, by virtue of it being an island, land will always be a scarce commodity and there are planning restrictions to ensure it doesn’t get overdeveloped.”
With a budget of £220,000, Jan and Andy surveyed over 40 properties before settling on a villa in the pretty town of Calvia in the south west of the island. A 15-minute drive from the capital Palma and the airport, Calvia sits in the foothills of the Sierra de Tramuntuna, with magnificent views, nearby sandy beaches and wonderful bars and restaurants.
The three-bedroom villa had a glorious terrace overlooking the pool; the couple planted lavender and herbs nearby so they could sit at sunset, catching the fragrances mixed with those of the nearby lemon trees, sipping chilled white wine as candles floated in the pool to provide an idyllic setting.
The neighbors were very welcoming, giving Jan and Andy tips on the area and its traditions and delivering gifts, including a large bag of fresh lemons that appeared on their doorstep one morning.
The combination of Jan and Andy’s difficulties in finding an ideal home plus Jan’s knowledge of the real estate market (he had spent eighteen months in the vacation ownership division of a hotel group and in one of the largest real estate agencies on the island) made the couple realize that other British buyers ideally need a shortcut to finding their dream home, thus their personalized home search concept was born and Shortcuts was created.
Andy: “Starting from a detailed property overview, we research the market, shortlist just the right properties and present a portfolio from which clients can choose what they want to see; we pick them up at the airport, make all the appointments, we accompany on visits and provide guidance using our knowledge of the market and location to ensure it is the right place for them.
“Basically, Shortcuts is an easier way to find and buy property abroad and because the £500 registration fee is fully refundable on the purchase of a property, buyers pay no more than if they had done all the work themselves. As one client recently put it: ‘Why would anyone buy property abroad without using Shortcuts?'”
When Jan and Andy moved to Mallorca they decided to sell their house in Leeds on the premise that if they left a UK base they would not fully commit to their new lifestyle, something they later regretted. Andy: “Seeing how property prices in the UK have risen in recent years made us think we should have rented them out. However, our investments in Mallorca have been very successful: last year properties here increased by 21 %, so it wasn’t a big regret and the advantage is that we put all our energy into making a life here, instead of sitting on the fence with one foot at every camp.”
Although life in Calvià was idyllic, the growth of their business and the need to be more accessible made them decide to try city life. So Jan and Andy sold their property in Calvia and bought a three-storey duplex penthouse in a grand palace in the old town of Palma, ranked by Brussels as the fastest growing city in the EU.
Jan: “Indeed, we bought off plan as the developer had not yet started the full refurbishment; we will have a three bedroom apartment with a roof terrace and fabulous views of the bay of Palma and the Cathedral.
“We are working together with the developer to make sure the design and finish exactly match our needs and standards, we are renting in Palma to be close to the project and we hope to move later this year.”
The purchase turned out to be a good investment: upon completion, the property will be worth more than 25% of what they paid.
Mallorca is now in high demand with the entry level for a £150,000 property that will buy a two-bedroom apartment; prices start from £350,000 for a three-bedroom pool villa. Popular locations include the stunning town of Deia, home to the fabulous Hotel La Residencia and Andratx is a favorite for the British market. Palma is an area to observe; a sophisticated and cosmopolitan city, it offers the advantages of an excellent marina, designer shops (the streets are lined with stores by Caroline Herrera, Cartier, Prada and Loewe), stunning architecture and sophisticated restaurants.
Jan: “Portixol, home to the original tourist hotel from the 1960s, is also very promising. Just a 10-minute walk from the center of Palma and right on the coast, the investment includes a large conference center and a new hotel of 5* than fuel property prices”.
Following the success of their business in Mallorca, Jan and Andy have expanded their business; With a booming market – 1.5 million Britons currently own homes abroad, a number forecast to rise by a further 2.3 million by 2020 – Shortcuts now has offices in Costa Brava, Costa de La Luz, Ibiza and the Algarve with Menorca and other main holiday areas are being planned.
Andy: “Since the decision to change our lifestyle to take it easy, we are currently working almost every day; however, our meetings are now by a pool or during a picnic lunch rather than in a desk, so it’s not much of a struggle!”
Although busy, Jan and Andy make time to relax; they love the Santa Catalina area, which has a multitude of restaurants for all tastes; Palma has many excellent restaurants, from rustic to minimalist, from tapas to sushi, or just fantastic fish right on the seafront.
Although it may be a dream life that many only think about; to achieve this, planning and research are needed; Jan and Andy regularly check out properties for clients: where the sun sets from, what the privacy is like from next door neighbors and have even climbed over rocks to check for any hidden surprises and make sure it’s a good investment. Jan: “We urge people buying from abroad to do their homework thoroughly and work with accredited English-speaking lawyers. Budget-wise, please allow 10% for transaction costs on top of the requested prices quoted (legal fees , notary fees and taxes) and think about all aspects of a property, look beyond the glamor of living abroad enjoying the sun and think about the facilities, the location and if it is a ‘buy to let’, who is your target market and if you can rent it enough to cover the loan.
Jan and Andy regularly visit the UK to meet with clients, but they love the continental lifestyle: Jan: “We love the quality of life here and although we are very busy it’s not the same pressure as in the UK, the people make time for others”. .
“It’s so laid back – Andy has forgotten how to tie a tie. There’s no ‘keeping up with the Joneses’ – celebrities and locals eat together – we were dining at a marina restaurant last year and the King of Spain was a few tables away.”
“Plus, of course, it helps to have such wonderful weather, beautiful beaches nearby, and being part of a cosmopolitan culture.” Andy recommends the lifestyle: “I can’t imagine giving up our home and our way of life; it’s an idyllic existence.”
Shortcuts Property Search offers a free initial consultation; they can be contacted at 0034 651 984163
Email: [email protected]
http://www.shortcutspropertysearch.com
