To buy a property in Poland - a basic starting point needed. Where is a good region to buy and why? Finances.

Hi, First post, just found website. really impressed with layout and advice from people from what i have seen.

I am looking for unbiased help regarding property in Poland.

I am sure these questions have been asked many times, i have tried looking through the threads but thought i would like a concise answer for my question so hope you do not mind me starting another.

My background: Late thirty's Brit. Married to my wonderful Polish Wife. We live in the UK. We own a property with a mortgage. I am a self employed estate agent. My wife works full time.

Plan: To buy a property in Poland, Open to what or where.

Help needed: Where is a good region to buy and why.
We want to dip our toe in the water a buy a cheap little holiday place / investment / rental.
Where is best to search for properties?

Can i arrange finance in Poland or do i need to do it in UK if both which is best?

Fees: looking at other threads 5% seems to be needed for fees is that about right give or take?

What do i need to look out for?

Grateful for any advice :)

Hi Jax. I'm no expert but........you know the usual story :-)

My advice would be go for a town rather than a rural property. Rural properties can be very tempting but if you come to sell it later it will be harder to shift and depending on the amount of work needed they can end up being a total money pit.

If buying in a town I would stay away from new developments/posh as they are really all their money in my opinion. I think it's better to go for something older if you can get it as they have much more character. If you're selling it in the future, a period property will always appeal to foreign buyers like yourself. Right now locals have limited interest in them but that will change and I think they will appreciate in value more than the new builds.

Also if it's a holiday home, then think about transport links, access to airport etc.

As to area, you can't go wrong with any of the major cities, but it's very much a matter of personal taste if you're going to be spending holidays there.

The only word of caution I would have is leaving it empty when you're not there. It can be dodgy so you'd need to arrange something about that.

That's about all I can think of at the moment. There are others here much more well informed than I am so hopefully they will turn up soon!

You need to decide what you want from the property first. Where its going to be a pure investment vehicle or not. If you are looking to stay in the property for any period of time during the year, then that rules out commercial and puts you into residential territory. But to give yourself the option of taking advantage of the property yourself, youll have to stick to the largest cities or those with the largest influx of tourists during the in season. Otherwise renting short term isnt really viable, there wont be the demand for short term.

But if youre not planning to use the property yourself, you can go for commercial. Every city is slightly different, but stick to smaller units (50-200m) on the ground floor, which are located by or close to the market square. You can buy ready rented with long term contracts upwards of 5 years, but expect to pay more for this. But even so these kind of properties are available with a yield of around 7-8%. While its a buyers market, the best properties demand strong prices and wont come up for sale too often. They tend to crop up most when property rprices have been booming for a while. Poland has been pretty much unloved for some time by foreign investors, so those holding the aces havent felt the need to dispose of their prize assets at current prices.

I welcome, if you reach a conclusion, it is worthwhile investing Cracow in the centre, I would like to invite you giving some thought to the purchase of commercial premises about the c.a area. 200 m2. The building, which soon it will be subject to a renovation here will be a property new investment on this area in the immediate vicinity. The investment is suitable for services eg. medical practices, law firm it is also possible to treat a part of it as residential. It require the repair and the conversion now, but not ruled out that could be refurnished before the sale. My family and one neighbour together with the person who will buy 200 m2 will share the ground beneath the building and roof etc. but everyone will be an owner of separate commercial or residential property. Every separate part of the building will be written in the land register and obtaining a bank loan will be possible. I am seeking the partner which is going to buy 200 m2 mentioned above. If you like contact me at kam_krakow@tlen.pl

B.

Plenty of good advice given here. I'm also British born with a Polish wife but my plans to buy something in Poland were shelved due to extra financial commitments over here.

As an estate agent you will know the mantra "location, location,location" but not many people repeat the other mantra which is "budget, budget, budget". If you want something cheap then look for a small flat near the coast. Poland has a long coastline and plenty of large and small resorts. Your budget will dictate what you can afford.

When I was looking at buying a Polish property for rental my wife always dissuaded me from doing so telling me that in Poland the law is more forgiving to tenants who do not pay (???)

Be extra careful with renting - if the tenant does not pay, you will not be able to get them out for a few years and it will cost you more in court costs.

Never rent FROM or TO any family members. It will end in disaster.

Your wife is right. Whereas British law is very skewed towards landlords, the opposite is true in Poland (like in many other countries in continental Europe)