While Monaco is a well known European tax haven, Andorra has remained little known outside of the financial community – despite enjoying the same tax advantages and arguably more private banking than her better known rival.
In contrast to the similar financial benefits both Monaco and Andorra residents enjoy, the two small countries have quite different climates.
Monaco has good all year round weather and is located next to the French Riveria, while Andorra is in the Pyrenees and between early December and late April attracts nearly ten million tourists for ski holidays. Monaco has year round tourists, peaking twice a year in May for the Grand Prix, and September for the Yacht Show.
Neither Andorra or Monaco have their own airports – Nice airport has a helicopter link, a ten minute ride direct to Monaco, Andorra is not so fortunate and the nearest airport is Barcelona, a three hour drive away from the principality.
Both countries have opted to stay out of the EU, preserving their ability to maintain a no income tax policy.
The biggest difference is the entry price for becoming a resident – which entails buying or renting a house or apartment.
One bedroom apartments in Monaco start at 800,000 Euros, but in Andorra the same size apartment starts at less than a third of the price at 250,000 Euros. And while a house in Monaco is a rarity, there is a good choice of houses for sale in Andorra, with prices starting at under a million Euros.
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Becoming a successful real estate investor
Becoming a successful real estate investor requires being able to find good real estate investment deals and put them together. Your job is not to become an closing attorney, a management expert, or a repair person. Use professionals!
You must learn how to appraise and find the true value of real estate this information will help you make better investment decisions. Realtors, appraisers, and banks determine what a property is worth by looking at comparable sales usually three to five sales of similar property that has recently sold in the same neighborhood. You must be able to do the same.
Getting a list of comparable prices of properties bought or sold (and when it sold) for the neighborhood you need information about, and asking active real estate investors in your area what the market is like will be helpful and making a better investment decision. What is the ideal market for investing?
There is no such thing as an ideal real estate market for investing. It tends to be more difficult to find bargains in rising markets if the market keeps rising the probability of selling the property quickly for a large profit increases. In contrast but when property values are falling more bargains become available.
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The real estate market is one of the most complex markets in the entire world due to the fact that it is in a continuous change, thus making it a very dynamic market. The internet has a lot to offer consumers regarding real estate and as a result it is a great place to start shopping. Some of these advantages are:
- It is inexpensive, if not free to list your home in an online property listing service.
- It is a quick and easy method to advertise your property that is for sale/lease or if you would like to buy a property.
- The buyer and seller have direct access to information about the property in question. This makes other forms of communication between the buyer and the seller obsolete. The internet is easy in comparison to the old-fashioned method of answering dozens phones calls or setting up numerous meetings.
- Many websites that deal with real estate allow you to include up to 5 photos of your property. This is a lot more in comparison to a regular newspaper and you have complete control over the photos’ quality. In addition you can highlight specific features about your property with the potential buyers. This can be very helpful if you are working to attract buyers from outside your local geographic area whom potentially need more explanation of certain elements.
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Many renters don’t stop to think about what happens if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; you will be responsible! While your landlord has
insurance that covers the actual building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard.
If a fire should destroy or damage your home, your landlord’s insurance will cover the structure. It won’t cover damage or loss of your belongings. Neither will it provide for the cost of temporary housing for you and your family.
You may think you don’t own enough personal property to make the cost of insurance worthwhile. You’re probably wrong! If you sit down and add up the cost of everything you own, you may be in for a big surprise. Consider what you have invested in such things as:
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