| Let the Adventure Begin! A Week-by-Week Guide to Moving Abroad
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14 Weeks Until Move: Real Estate Matters - Should you buy a property abroad?
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Kathleen Peddicord of Live and Invest Overseas.com wrote an insightful article, Woulda', Shoulda', Coulda', about the buy vs. rent dilemma that most longer term expats face. Here's a glimpse:
"Seven years ago, when we first came to Paris," remarked a friend Sunday afternoon, "we intended to buy an apartment."
She and I were seated on the green, grassy point of the Ile de la Cite. Our husbands were off buying ice creams for the children, who were racing around the garden paths, chasing a ball and each other. It was the first officially warm, sunny spring-like Sunday in Paris this season.
"I did some research and found a 100-meter apartment on the rue des Archives, in the Marais, selling for the equivalent of 200,000 euro. Two-thousand euro a square meter. In the Marais. I can't imagine what that apartment would go for today. Maybe 6,000 euro? Maybe 7,000. I try not to think about it.
"Because, in addition to the appreciation in value, there's been the currency gain.
"We didn't buy that apartment, because a friend told us the Paris market was at a top. Didn't make sense to purchase, he advised. Better to rent...
"Today, we look at prices and shake our heads. Could it make any sense to buy now?"
In the right market, buying a property overseas can be a great investment. Some expats use the property during their assignment and continue to rent it after they've moved home or onto their next destination. Others sell at the end of their assignments and get a good return.
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If you are contemplating buying a property abroad, here are a few considerations to help you with your decision:
- Your Future Plans - Is this a short or long-term investment? If you are planning to move in several years, will you have to sell in order to be able to move? Or, can you keep your property and rent it out if the market is hot -- or has slowed down?
- Local Housing Market - Research the local market carefully! Talk with other expats who have taken the plunge and talk with local real estate experts. Remember, real estate agents want you to buy, but the right agent should be able to easily guide you to consistently hot neighborhoods, up-and-coming areas, etc.
- Rental Potential - If you may rent out the property in the future, talk with a real estate agent about the local rental market - what types of properties are the most rentable. The criteria vary widely from location to location. Often, suburban properties are more difficult to rent that metropolitan properties. And, properties that will be expensive rentals are harder to rent!
- Exchange Rates - What is your currency worth in your destination? Exchange rates can make a big impact on your budget!
- Property Taxes - Talk with a local tax expert about real estate taxes in your new location. What taxes apply should you decide to rent the property later on?
- Foreign Ownership - Every country has its own rules regarding foreign property ownership. Some countries encourage foreign investment and others discourage it. Tax laws, real estate laws, inheritance issues and more can all play are role.
- Renovations - If you are planning to buy, the decision to buy a property that needs renovations should be carefully made. Talk with other expats who have renovated about permits, contractors, contracts, costs and more. Have you renovated a property before? Can you speak the language well enough to oversee the construction? How will it impact you and your family. Lengthy renovations can be tough on families -- couple that with the challenges involved in settling into your new country -- and it might be too stressful. Don't underestimate your families needs!
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| Renting Your Current Property while Abroad
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Living abroad has a lot of benefits but exceptional healthcare isn't one of them. Global Rescue membership ensures your health and safety no matter where you reside. We will evacuate you to the hospital of your choice in your home country. Period.
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Recommended Links:
Woulda', Shoulda', Coulda'
Kathleen Peddicord
Top Tips for Renting Overseas Property
Henry Davis
Ten Top Tips for Purchasing a Paris Apartment
Stephanie Freedman
5 Tips for Spanish Property Buyers
Debbie Jenkins
New Condo Sales in Bangkok
Neil Simmons
Global Property Guide
International Real Estate Digest
Other LInks
5 Tips for Spanish Property Buyers
Debbie Jenkins (May 03, 2008)
Top Tips for Renting Overseas Property
Henry Davis (Dec 30, 2007)
UK Property Still Defying the Prophets of Doom - 2007 To Be Any Different?
Matthew Wright (May 05, 2007)
Advice for UK Property Buyers
Adrian Wright (Apr 02, 2005)
>> See More Articles
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| This Issue Written by Betsy Burlingame
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Betsy Burlingame is the founder of ExpatExchange.com. She launched ExpatExchange.com in 1997 as her Master's thesis project at New York University. Over the last 11+ years, ExpatExchange.com has become one of the largest and most well-respected online communities for expatriates and international transferees.
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