Scott Huggins
Meet Scott Huggins
Scott Huggins has become one of TV's most respected property gurus. Familiar on our screens for his work on BBC2's "Get A New Life", he was the perfect choice as a co-presenter for our Buying Abroad Weekend. In our exclusive interview, find out even more hints and tips about buying a place in the sun, as well as what makes him tick aside from renovated cottages in the Alps!
UKTV Style: Your background is in property management and relocation, but how did you end up involved in TV?
Scott: The old story - being in the right place at the right time! My co-presenter in Get A New Life was asked if she knew of any chaps in the industry whom she had a good rapport with. She recommended me!
UKTV Style: And you've ended up specialising in buying property abroad. Have you ever lived abroad yourself?
Scott: Not really. I travelled extensively for a couple of years in my twenties. The best part was working a ski-season in the Alps.
UKTV Style: So how come you know so much about it?
Scott: My day job as a consultant involves me continuously researching markets and locations, and developing relationships with local experts - it's impossible for guys like us to know enough about everywhere. Basically, if the art of choosing the right property is location, location, location, then the art of doing it in foreign parts is research, research, research!
UKTV Style: What is the best piece of advice you could give people who are looking to buy property abroad?
Scott: Definitely seek independent advice. We typically charge £1000+ for people to attend our seminars, which are held in the target country. It may seem a high price to pay but it arms the buyer with all the information they need to know: from tax advice and currency issues through to what the rental market is like. You then get to meet local experts face to face before you even step foot in any property to potentially buy. Just make sure your advice is truly independent. The cost of the seminar trip is a small price to pay for the guidance and assurance we offer in being 'on your side'.
UKTV Style: How does this advice differ for those looking to move abroad and those looking for an investment?
Scott: Still the same advice, as it is SO important. However, there is a whole different set of emotions involved when buying a home to live in. As a general rule, I would advise anyone moving abroad to rent somewhere for at least a year before they buy - maybe even rent two different places in two different locations - 6 months in each. You may think that rent is money wasted but the difference between rent paid and the interest-only element of any mortgage is minimal. That difference is a small price to pay for allowing yourself research and thinking time on one of the biggest decisions you ever make - buying the family home.
UKTV Style: What are the most common mistakes people make when trying to start a new life in a different country?
Scott: The biggest single mistake that I see, time and time again, is not getting adequate independent expert advice. A local lawyer who speaks English well is worth their weight in gold (or bricks!). Without this single person on your team, you stand every chance of being 'had'. They will look out for your interests, not the interests of the vendor. This is especially true if you are buying off-plan and are recommended the builder's own lawyers. DO NOT use them - period!
Other mistakes are many-fold, and nearly all stem from greed. I have heard horror stories of people buying things over the internet without ever having been to the country, let alone view the property. When they eventually get there, they have a nightmare scenario facing them: the 'rustic' farmhouse' is an old disused shed on the edge of the mucking-out barns, it looks like a Jenga game in progress or is in a position so that, had you been aware (which you never are from the pictures), you would never have bought it. You know the sort of thing: overlooking the local tip etc.
UKTV Style: Do you always practice what you preach when it comes to buying and selling property yourself? What's been your biggest mistake?
Scott: I'm a rare beast when it comes to property. I am virtually devoid of emotion. Don't get me wrong, I get excited about property but I never forget the numbers. They must stack up. I was recently pitched to by a developer who is constructing a lovely building in Sydney. It is aimed at the 'buy-to-let' investor. However, their numbers meant that you were guaranteed to make an annual loss on the property, given the expected rent and cost of capital. They then spent the whole hour explaining why this was a good thing and that, so long as the price of the property continued to rise by 7% or more per annum, you would still make money due to tax breaks...RUBBISH! No-one can predict with 100% confidence what a market is going to do and if prices start to drop, you need to cover your outgoings from rent received. It's as simple as that. I ended up walking out of the room as I have little time for 'get rich schemes'. From my observations, the only person who gets rich is the seller.
Scott: The old story - being in the right place at the right time! My co-presenter in Get A New Life was asked if she knew of any chaps in the industry whom she had a good rapport with. She recommended me!
UKTV Style: And you've ended up specialising in buying property abroad. Have you ever lived abroad yourself?
Scott: Not really. I travelled extensively for a couple of years in my twenties. The best part was working a ski-season in the Alps.
UKTV Style: So how come you know so much about it?
Scott: My day job as a consultant involves me continuously researching markets and locations, and developing relationships with local experts - it's impossible for guys like us to know enough about everywhere. Basically, if the art of choosing the right property is location, location, location, then the art of doing it in foreign parts is research, research, research!
UKTV Style: What is the best piece of advice you could give people who are looking to buy property abroad?
Scott: Definitely seek independent advice. We typically charge £1000+ for people to attend our seminars, which are held in the target country. It may seem a high price to pay but it arms the buyer with all the information they need to know: from tax advice and currency issues through to what the rental market is like. You then get to meet local experts face to face before you even step foot in any property to potentially buy. Just make sure your advice is truly independent. The cost of the seminar trip is a small price to pay for the guidance and assurance we offer in being 'on your side'.
UKTV Style: How does this advice differ for those looking to move abroad and those looking for an investment?
Scott: Still the same advice, as it is SO important. However, there is a whole different set of emotions involved when buying a home to live in. As a general rule, I would advise anyone moving abroad to rent somewhere for at least a year before they buy - maybe even rent two different places in two different locations - 6 months in each. You may think that rent is money wasted but the difference between rent paid and the interest-only element of any mortgage is minimal. That difference is a small price to pay for allowing yourself research and thinking time on one of the biggest decisions you ever make - buying the family home.
UKTV Style: What are the most common mistakes people make when trying to start a new life in a different country?
Scott: The biggest single mistake that I see, time and time again, is not getting adequate independent expert advice. A local lawyer who speaks English well is worth their weight in gold (or bricks!). Without this single person on your team, you stand every chance of being 'had'. They will look out for your interests, not the interests of the vendor. This is especially true if you are buying off-plan and are recommended the builder's own lawyers. DO NOT use them - period!
Other mistakes are many-fold, and nearly all stem from greed. I have heard horror stories of people buying things over the internet without ever having been to the country, let alone view the property. When they eventually get there, they have a nightmare scenario facing them: the 'rustic' farmhouse' is an old disused shed on the edge of the mucking-out barns, it looks like a Jenga game in progress or is in a position so that, had you been aware (which you never are from the pictures), you would never have bought it. You know the sort of thing: overlooking the local tip etc.
UKTV Style: Do you always practice what you preach when it comes to buying and selling property yourself? What's been your biggest mistake?
Scott: I'm a rare beast when it comes to property. I am virtually devoid of emotion. Don't get me wrong, I get excited about property but I never forget the numbers. They must stack up. I was recently pitched to by a developer who is constructing a lovely building in Sydney. It is aimed at the 'buy-to-let' investor. However, their numbers meant that you were guaranteed to make an annual loss on the property, given the expected rent and cost of capital. They then spent the whole hour explaining why this was a good thing and that, so long as the price of the property continued to rise by 7% or more per annum, you would still make money due to tax breaks...RUBBISH! No-one can predict with 100% confidence what a market is going to do and if prices start to drop, you need to cover your outgoings from rent received. It's as simple as that. I ended up walking out of the room as I have little time for 'get rich schemes'. From my observations, the only person who gets rich is the seller.
Your Comments
- Meet Scott Huggins
Hi Scott, love the programme! I'm looking to go overseas next year, thankfully just little me on my own taking the extreme move of leaving parents home to go somewhere a little farther away than is conventional! I've friends in Turkey and find it a much more chilled out place to be. Anyway, on the programme I always see people with masses of luggage - how common is it for airlines to take above and beyond? I've two holidays out there before the final move, but for kitchen things - whats the cheapest way to do it? I am (as expected) on a tight budget.
Cheers, Ames - Something to say? Add a comment...
