You've probably come across someone who owns a vast of property elsewhere, and they are mostly politicians or rich and influential businessmen. While it can look so expensive to do so, Movoto.com ensure that you get nothing but simplicity and affordability, to match whatever budget you were prepared for, in any part of the world. Moreover, if you are also investing a significant chunk of money that can have an impact and create job opportunities for a foreign country, you may land deals from the government that may include interest waivers and so on. So, in the long run, it is a beautiful paying idea that you can try out. In fact, you can buy a house and rent it if you don't want to leave your home country yet. However, a little change in culture and experiencing how it feels to live in a foreign country will not harm you.
So, how do you make your dreams of owning a Villa or Condo in rural France become a reality? How do you ensure that the transaction is smooth and legal so that you don't lose your property to the authorities later? Well, regarding that, here are some of the things that you must consider when buying a property/home abroad:
· Foreign ownership laws
The foremost thing to always consider before anything else should be the foreign ownership laws if at all they allow you to own property in that country. Remember, some requirements can be picky and only allow investors from a particular region or properties above a certain amount of money.
· The cost of living
You need to consider the cost of living if you are also planning to move into the area after buying the property. If you are moving with a family, some of the things to look out for include the cost of food, the cost of education, and the provision of other social amenities. If the above things are better in your native country, then you shouldn't relocate permanently.
· Dual citizenship
The foreign country may allow dual citizenship, but your country may not. However, dual citizenship really doesn't matter, especially if the existing laws allow foreign property ownership. But if both countries allow dual citizenship, then the better because you can freely switch the atmospheres when you feel like. Also, you will be at liberty to invest even more because you'll now be doing it like a local.
· Language barrier?
If you are planning to buy a property in one of the remotest areas in the world such as Playa del Carmen, Make sure you move to where there are other foreigners, so you don't appear lost. For instance, Playa del Carmen has up to about 7% of the total population constituting expats, and so in a place like that, a language barrier is unlikely to affect you. Moreover, it is modern times, and things are changing really fast. Even in the remotest village, you'll find at least one person who can communicate in English.
Consider the safety of the areas and make sure that the measures put in place don't allow nosy gangs to snoop around your property. If it is within your budget and reaches, hiring a local private security firm to watch over your property can be such a good idea, especially if you doubt the security around. However, a naturally secure area would make an excellent property to acquire.
· The economy of the region
Economy matters a lot, whether you'll be buying the property for renting or personal use. If the economy is poor, no one will want to live in the area, and so you'll have no tenant. On the other hand, you may find it hard to survive in an area with an expensive lifestyle, especially if you have your family around. Well, this exception is for economic people only. If your money and way of life afford you to live like a Saudi Prince in an elegant farmhouse in France, then why not do it?
· Financing options
Most people who buy properties abroad spend hard cash, but it wouldn’t hurt if there are eligible financing options such as local bank loans or even mortgage. If you are buying a property from an investment point of view, the bank loans and even mortgage options can do well. However, please make sure that you get an insurance cover against investment fraud in any case things go south. Investing in a foreign land requires due diligence, especially if you've never been there before, or you have no relatives around. If you can also pay with cash without straining, please don't hesitate to do so.
· Tax liability
Like we mentioned earlier, you need to consider the amount of tax that you'll be paying if you are considering moving there with your family or the property generates revenue. While some countries may give you tax exemptions, they may only do so if you are investing a significant chunk of money, whose returns can affect the GDP. Well, in other words, only multi-billion investments are the ones that will likely attract such incentives. If you are required to pay tax, make sure that you have an attorney to advise you on the same, and a local one if possible.
· Exit option
Buying a home abroad doesn't mean that even the meticulous plans that you had in play cannot go awry at any time. Moreover, they say that east or west home still remains the best, and it reaches a time when you want nothing but your native home country. So, if that is the case, what are your exit plans? Did you discuss everything with your property manager before transferring the ownership? Well, just to give you a glimpse, you need an exit plan with no consequential losses, or even if there are, it is better to be negligible. Any investment that you do at an older age must be wise and must always have returns at the end of the day, even if it is twenty years later.
There you have some of the things that must actually put into consideration before getting that farmhouse in rural Mexico. Above all, when the time reaches, please make sure that you relocate to areas that are marked and certified as safe for foreigners' stay.