Yes its worth if you can organize renovation
Of course you will have to receive permits from government for renovation
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Monaco realestate
- Thread starter sergeylim88
- Start date
Of course you will have to receive permits from government for renovation
as i said, i don't want to risk buying a property in a country that can later use that as a tool to try making me a resident there (noted in first post)
also airbnb requires work, meaning i can't just rent it and just collect revenue
as i said in first post, this would be an investment that i would keep for 10-15-20 years
i am not planning on buying an apartment, renovating it and then reselling it on the market
the plan with the apartment for renovation is just to save some money using my own skills, as far as material goes i am sure it can be purchased in france and brought with car (ex. floors, or wall paints, or electrical sockets/lights)
also buying 2-3 properties means additional work, so i have to visit 2-3 different locations few times a year, and i want to avoid doing that
permits are needed even for things such as painting the walls, or putting new lights (there is drilling noise involved)?
as i stated, i would do most of the work my self, with materials purchased in france
is there something wrong with my plan?
why don’t you buy a commercial property in a big city? Perhaps one with a tenant already in place and a NNN lease.
in which city would you recommend, considering the fact that it can't cause me any issues on my current tax setup?
Such a property will not cause you any issue, so you can choose any city you like. I would focus on a property that is good for a law firm/accountant/medical practice.
any suggestion about the cities I should look at?
what roi pa should i expect?
roi on monaco property is very very low(for rent), but the property should appreciate over time
what roi pa should i expect?
roi on monaco property is very very low(for rent), but the property should appreciate over time
Here is a tip. Do not even think about this until you work out how things work in Monaco. When buying in Monaco find out when last the building itself was renovated and when it is due to be done. You could be wiped out financially and often sales of some apartment come down to existing owner trying to offload this burden to some poor unsuspecting sucker. A lot of owners can be super wealthy and may want renovation done to a standard that improves the future value.
However renovation internally can be inexpensive depending on fit and finish.
Monaco is about total return i.e capital gains and rental income. Rental yields are always very low and this will not change.
Again seek total return and look into well established property markets with strong property rights if paying 7 figures.
thank you, very good inputs
where can you findout when is it going to be renovated? is there some kind of register?
can you give me an example of these
"Again seek total return and look into well established property markets with strong property rights if paying 7 figures."
as you can see i am not an expert, i don't know what i am doing, and chances of making a mistake are close to 1 (almost definite)
where can you findout when is it going to be renovated? is there some kind of register?
can you give me an example of these
"Again seek total return and look into well established property markets with strong property rights if paying 7 figures."
as you can see i am not an expert, i don't know what i am doing, and chances of making a mistake are close to 1 (almost definite)
A good surveyor helps here to check existing condition of building and any future needs. What looks like cracked plaster could be structural problems. Also your lawyer will check sink fund etc is all up to date. Make them earn their money...lol.
Major cities like London come to mind.
No problem. Spend at least 1 year just watching properties in the Monaco market and reading articles on them. Savills also have a good guides below. I wouldn't enter any foreign property market without the homework. Never rush to buy cause you think you spotted a bargain in Monaco. There are no bargains just basement converstions with no natural light or problem properties etc.
https://pdf.euro.savills.co.uk/global-research/monaco-report-2019.pdf
https://www.savills.com/research_articles/255800/312356-0
Btw I suggest Monaco property if you plan to reside or partime live in Monaco. Other way, not worth I think.
@Martin Everson
thank you very much for very good post! good job!
can you tell me if there are any differences between parts of monaco?
i see there are 6-7 different parts, i do know that beach front is most expensive, but is there something i should know about other parts? is there something i should avoid?
i think i read some old posts of your, and i think you are from monaco, am i right?
thank you very much for very good post! good job!
can you tell me if there are any differences between parts of monaco?
i see there are 6-7 different parts, i do know that beach front is most expensive, but is there something i should know about other parts? is there something i should avoid?
well rent is cheap(compared to property price), so am i living there or not doesn't make a huge difference, don't you agree? the most gain is gathered through increase of the price.
i think i read some old posts of your, and i think you are from monaco, am i right?
Best advice. Otherwise, make a quick bet in the casino, it’s about the same and you save a lot of time.
but how does it make sense then, if the capital gain is not high enough?
isn't it cheaper to rent then?
could you elaborate?
isn't it cheaper to rent then?
could you elaborate?
Yes there is. The reclaimed see area of Fontvielle is seen as less desirable than other parts of Monaco such as Monaco's golden square.
Buy in Carré d'or if you can. A 2 bed 60-80sqm in a bourgeois building is all you need to make money. Saw one at 2.8m renovated but with no street view but it sold in like a week. I would personally avoid buying in Fontvielle entirely as its looked down on.
P.S Also be careful the apartment your looking at is not actually in France and I am not kidding....lol.
i figured location related to france could be an issue
so avoid borders i guess
do you know if the agent is a must? any advice on that?
should i hire a lawyer even if i have an agent?
i am probably missing something, so please help me understand
so avoid borders i guess
do you know if the agent is a must? any advice on that?
should i hire a lawyer even if i have an agent?
but if my property value will increase, why is that not enough?
i am probably missing something, so please help me understand
If French is not your language you gonna want translations of legal doc etc. Your deploying 7 figures here not 5. Don't be signing anything you don't understand. A lawyer is good to have but not essential if your comfortable with French language etc.
Btw. You can find some good properties below.
https://www.miells.com/en/
For some reason everyone has to go through his own “Monaco phase” sooner or later in life.
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everyone successful enough to afford it 
i am always interested to hear opinion of more experienced
to me it just appears as a safe investment, that won't have high yield, but then again will be always valuable
if i am missing something, please tell me
i am always interested to hear opinion of more experienced
to me it just appears as a safe investment, that won't have high yield, but then again will be always valuable
if i am missing something, please tell me
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