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Case Study.Montenegro
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work,” says Steve, “but around £6,000 for decorating should fix it, and structurally it was perfect. The owner wanted E88,000 (£57,500), but was quite desperate to sell and accepted our offer of E78,000 (£51,000).” With no mortgages available in Montenegro, the couple – as with their first property – had to scrape all the cash together within four weeks to complete the sale, which, thankfully, they managed. Tattershalls are not able to make as many trips to Montenegro as they would like, so for the moment, this second apartment is empty, awaiting a makeover and appreciating nicely in the mean time: in fact, the most recent valuation of their apartment, which took place in September 2006, was E125,000 (£82,000) – indicating a 50 per cent rise in just 5 months. I decided to put their first apartment up for sale. “You can be told a lot of things from agents and get carried away,” he says, “so I wanted to make sure we were doing the right thing.” received an offer for E106,000 (£69,000) from fellow Brits, having themselves paid E72,000 (£47,000) for it. Seeing this as too good an offer to turn down, they decided to accept. buy another Montenegrin property – less than two months, in fact and by this time their passion for the country had become infectious – so much so that when they said they were going out there again in August to buy another property, Anita’s mother, Rosemary, decided to go along, too, to see for herself what all the fuss was about. taxes,” says Steve, “so we said we’d take her to |
show her our apartments and the area. When she saw the beauty of Montenegro she fell in love with it like we had. She had some funds available, and said ‘I want to buy here too,’ he laughs. saw about 15 apartments, but in the end we bought with Someplace Else, which, like Montenegro Living, is a British-based company. They were excellent, so helpful and very professional. another stone-built one-bedroom property, located in a small coastal hamlet called Orahovac, perfectly positioned right on the front line to the sea, less than five kilometres from both the Old Town and Porec. “ owner, who was Serbian, wanted E150,000 (£98,000) for it, but we offered E121,000 (£79,000), and told the agent truthfully that it was the highest we could go.” Luckily for them, the vendor had taken a shine to the Tattershall family and, despite being offered the asking price from another potential buyer, decided to accept their offer. liked us,” explains Steve. “The buyer that offered the full asking price was Russian, and she didn’t want to sell to Russians. She liked us as a family and wanted a quick sale, and we had the funds already in the bank. build that Steve and Anita had looked at and recommended to her. “The minute she saw the development and the views out to the sea she said ‘I want to buy it’” , says Steve. “She paid £56,000 for it, and it should be completed by this Spring.” buying, and their next step is to do up their two apartments, and then let one, or both, out. For Steve, rental accommodation is the key to making money in |
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