The Basics of Buying International Real Estate Overseas.
Having a little place (or big place) to call your own is the dream of many. The exciting thing is that these days, it’s getting easier and easier to find property anywhere you choose in the world for buying international real estate. However, acquiring international real estate overseas can be a very different process than it is in places like the United States or Canada.
Besides pursuing an exotic location, one of the biggest benefits of buying property in other countries is the ability to get great deals compared to your home country. For instance, many real estate markets in Central America, such as Costa Rica, Panama, Ecuador, offer lots with an ocean view for under $100,000. And if your are buying real estate in Mexico there are a lot of great opportunities for affordable real estate.
Keep in mind when buying international real estate you should be prepared to pay in cash. Most countries don’t have financing options available, especially for expats. There are some exceptions to this rule in English-speaking friendly countries like Belize, Hong Kong and Singapore, but even then you should have a minimum of 40% down for the mortgage. For example I have a Ambergris Caye real estate investment for sale in a hotel. A local bank is offering financing when you are buying international real estate in this instance.
Naturally, the first step before any money is exchanged is to learn as much as you can about the laws and legalities of your future home. Make sure to check out safety, schools, visa requirements, pet policies (if applicable), transportation, and banking. For the actual process of buying international real estate in the market you are interested in, your best option is to get in touch with a international real estate agents that can assist you in finding the perfect home while getting the correct paperwork in place to make it a reality.
One prudent thing to remember is that buying a house in another country will take longer than you might expect, so get ready to have your patience threshold tested. The paperwork and bank transfers will probably be more difficult than if you are in your home country. You’ll also want to factor in time for inspections and language barrier issues that you wouldn’t normally have to deal with.
Policies and standard processes can also be quite varied and strange from what you’re used to. For instance, in most English-speaking countries, a bribe, or “greasing someone’s palm”, is frowned upon. However, this can be quite common place in other countries to make things happen smoothly. Gifts are another ritual that might be necessary when dealing with people of other cultures. Don’t get taken advantage of, but don’t neglect to learn the appropriate rites of passage to ensure the purchase of your home.
Owning your own home abroad can be a rewarding and lucrative step in buying international real estate when done correctly. Once you’ve done your research, don’t be afraid to jump in and take the right steps to investing in your dream location.
We have a number of international real estate companies to help you buy your real estate overseas. Please feel free to look over their profiles and get in touch with them.
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