Deciding to Sell Foreign Property ….Now What?

If you didn’t learn already from past posts, we used to live in Prague.  When we moved to Canada (about 2 1/2 years ago), we decided to keep our flat in Prague until a better, “easier” time to sell.  And now that time has come.  When we left 2-3 years ago, we felt it was better financially (and emotionally) to keep our flat and rent it long-term.  By the way, we tried a few months of short-term rentals, but it was too hectic, and we even crossed paths with a scammer or two.  After those first few months, we found a young family that proved to be wonderful tenants.  They stayed for over 2 years, but now they long to buy their own place, so they’re soon to move out.  At last, the Big Decision snuck up on us.  Remembering the Decision Guide in “Ship, store or sell” (on the largest scale!), we decided to sell.

I went to the whiteboard in my office and quickly started scribbling To-Do lists around who to contact first, how to prepare the place for market, and how to approach handover.  Dealing with utilities, agents, banks and lawyers will all come into play soon enough.

This isn’t a how-to post or even a real informative one.  I’m just sharing that this big decision is upon us, and we’re (yet again) tackling totally new ground.  If your stomach gets queasy just reading this, you can appreciate the gymnastics my stomach is performing, too.

If you have any consoling or uplifting words, please share them with me.  Believe me, I’m needing it.

Cheers,

-Jeff

 

How and Why to Buy Property In Another Country

Congratulations to us; my wife and I just bought a house.  Normally, not a big deal, but I think we differ from your normal homeowners…

  • This is our third house in 10 years.
  • This is our third house in our third country.
  • We are not rich
  • Big profile difference in 10 years: Since house #1, we had 2 kids AND our salary is just one third what it was 10 years ago.
To be clear, we don’t have 3 houses now.  We sold house #1 to help buy house #2.  We now own 2 homes: one in Prague, Czech Republic and one on the eastern shore of Nova Scotia, Canada.
Again, not a big deal.  And I’d say it’s very possible by almost anyone.
Our home now is Eastern Passage, Nova Scotia, with our house located about 1200 feet from the Atlantic Ocean.  During the quiet nights on the deck we both see and hear the surf pound on the rocky shore.  It’s magical for us and the kids.

How Did We Do It?

I could say it took steadfast sacrifice, determination and hard work to get here, but that’s a load of BS.

Foreign Mortgages – Ours: Approved. Yea!

Today is a banner day. I just got word that our mortgage refinance application was approved. Oh, man, that rocks!

…so, now we only owe two and a half million. Thankfully, that’s not dollars, but in Czech crowns. In fact, I’m real thankful that’s not in dollars, since I’d be jumping out of a window if I owed anybody a million dollars, let alone two mill.

(Of course, a couple million crowns ain’t exactly peanuts either, which is why I have a mortgage.)

You may be asking “Why do you have a mortgage? Why refinance when you should just sell it? Aren’t you moving in like…10 days?”
Continue reading Foreign Mortgages – Ours: Approved. Yea!