Buying property can be an experience as thrilling as it is rewarding- when done right! If you’re stressed because you can’t find anything on the market that impresses you for a reasonable price, it may be time to search outside of the United States.
What many Americans looking to purchase real estate don’t realize is that when they restrict themselves to the domestic market, they’re missing out on some golden opportunities abroad.
Let’s look at three key reasons you should embrace your inner wanderlust and explore some international options.
1. This Is the Dawning of the Age of the…Fixer-upper!
Everyone knows the old trick: buy a home that needs some work at a discount price and use your own labor to improve its value. But did you know that this approach can get you even more bang for your buck overseas?
Since 2020, rural Italian towns have made headlines by offering homes that have seen better days for as little as 1 euro! The catch (there’s always a catch) is that you have to promise to restore the home within a few years. Whether you were looking to dip your toe in the house flipping market or join the growing American Diaspora abroad yourself, why not explore doing so where the profit margin is maximized?
However, not everyone knows their way around a hammer. What if you’re not the handy sort, and you prefer a tropical climate? Then you might want to take a better look at Thailand, where companies are ready to build your pre-designed homes from scratch. You can read more about this type of service at https://www.conventure.co.th/.
2. Passive Income Is Easy
Ask any financial advisor, and they’ll tell you the best money to have is the sort that you have to work the least to get. One of the best ways to do this is to purchase property and let others pay you to stay there.
Whether you decide to use Airbnb (which operates in over 190 countries) to arrange for a rotating cast of residents or opt to lease a long-term tenant, owning property is one way to make sure you see regular income without actively performing labor to earn it.
Purchasing property in a desirable location ensures you won’t struggle to find tenants, simultaneously creating a new stream of revenue for your household. In fact, the Pew Research Center states that 70% of landowners in America are still individuals, not companies. You don’t want to be caught on the outside looking in.
3. Save Money on Vacation
We see it at the grocery stores and the gas stations. There’s no escaping inflation even when traveling abroad. Whether it’s COVID or rapidly changing geopolitical relationships, those in the hospitality industry have decided to hedge their bets with raised costs. You won’t find any break on the price of airfare, either.
Owning your own home at your vacation destination ensures that you can neutralize the key cost of travel, allowing more of your leisure budget to be directed toward what matters most: your experience.
Don’t Get Left Behind in a Rapidly Changing World
In many places, the cost of living is rising, and the economy is experiencing regular disruptions. It’s no shock that you’ll find people seeking to create new sources of income and save on costs everywhere you look.
One great way to do both is by purchasing property in your favorite destination abroad. If you find yourself fortunate to have enough capital to buy a home, do yourself a favor and remember there is a global market just waiting for you to participate in it.
