| In some places in Europe and many in Latin America, you can find beautiful new-construction homes in the $300,000s to $400,000s. If you're willing to spend more, the home will probably be exquisite. I love the idea of having a place that my family can use anytime for vacation, but also rent out to defray the costs when we're not there. So often, when we travel, it's like the scene in the Chevy Chase movie Vacation where they pull up to the Grand Canyon, stand there for a minute, and jump in the car to the next destination. I relish the idea of getting to know a place and the people on a relaxed schedule. Besides making sense financially, here's what I'm looking for in foreign real estate: - Quality health care. I want to know that if there's an emergency or just a simple illness, there are doctors and pharmacies that can help me out.
- Good food. I don't necessarily need fancy restaurants, but fresh food cooked well is important. I also want access to a good market. I know I won't have Publix or Trader Joe's, and that's fine. Fortunately, most of these towns that cater to expats have great markets with fresh local produce.
- Not too far from the airport. Some folks may want a place far removed from civilization. I know that I don't want to drive three or four hours after getting off an airplane. For me, that would be a disincentive to visit my place.
And perhaps most importantly, I need an expert who knows the area that can guide me. It can be a local real estate agent who has been referred by someone I trust... or a person/company that specializes in helping expats find their dream home or just an investment overseas. When it comes to investing in a foreign country, I'm certainly not familiar with the laws and customs of each location, so having that expert who can tell you what to expect - not only in the transaction, but also after you own the property - is essential. There's no way I would do this without that person helping me. I'm hopeful that within the next year or so, we will start enjoying new family traditions in another country - and getting paid when other families do the same. Good investing, Marc |
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