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You Are Better Off Investing In Foreign Unfamiliar Properties Compared To Local
We cannot choose where we are born in, but we can sure decide to live in a city of your choosing. One of the joys of investing in property situated in another country, is positioning yourself next to major attractions. Instead of just reading about them in the local media or online over the internet, why not take a real look at it, everyday.
One example of this would be purchasing a house in close proximity to Disney World. It is one of the things that we keep thinking about when we are still children. And some of us might bring that craving into adulthood. You have two choices open at this point in time.
If you do but a house near an attraction, it can be a second home away from home or you can rent it out for passive income. There are people interested in short term leases, so that they can stay in a home rather than a hotel. Short leases are understandably higher priced that those for long term. Since you are the owner, the choice of times frames to stay, are all yours. There are many destinations in the world that have major attractions. Your investment property could be in Asia if that is an area that you desire to spend time in. The good part is that since such properties are in close proximity to global attractions, property value will be consistently strong. The bad part is that the value of your house is dependent on the success of such attractions. The worst case scenario is that these global organisations might relocate and you are left with a ghost town to market to.
There are a large number of countries that are far more suitable for property investment, due to the value of the currency. Should you be interested in Asia, one country you might consider…would be Thailand. From Thailand, you are a short distance from Vietnam, Singapore or even Hong Kong. The dollar goes a long way in Thailand. A large dinner, including beverage and desert can be had for approximately two dollars. The costs are very low and you can save money on almost anything, from housing to clothing.
So if you have a lot of cash in hand, you could go crazy like a kid in the candy store by buying up a basket of properties to declare yourself a real estate magnate. The drawback is that the income you generate from these properties would understandably be in That Baht. So even though you might make a good profit in percentage terms, the real dollar value when converted to your home currency could be very small.
Some may find the culture of Thailand and the large population, a little difficult for adjustment. You will need to time to understand how things are done and when you can do that, all will be fine. The bigger barrier is the language. Thailand is one of the countries that have their own unique national language. Even though many locals have a basic grasp of the English language in the capital city of Bangkok, you probably will not find many in other cities. Can you imagine trying to discuss legal terms in a language you are not proficient in? This is why many investors of foreign land are those who have a spouse born and raise in it.
Since we are on the topic of Thailand, do you know that they have some of the most beautiful beaches in the world? Put into perspective that the cost of living is low compared to a developed nation, and you end up with an investment that checks almost all the boxes.
Central America is also a hotspot for the typical American real estate investor. And few people who are not “in the know” talks about Panama.
The country of Panama caters to people from the United States, who wish to retire or start a business. So if you are an American or have a mindset similar to Americans, then Panama might just be the spot for you. Panama has set itself up with an American style infrastructure. In the hopes of luring people who are retiring, Panama has come up with a number of benefits which would be very appealing. As well, Panama operates on the American dollar, so retiree’s have no issues trying to figure out their expenses.
Not everyone who wants to invest in a foreign country, is looking to retire. There are a large number of people who have started online business’s that can be operated via internet. This allows them the ability to invest in a property wherever it suits them and be able to continue to bring home an income.
This allows such self-employed individuals to make an income in a strong currency like the US dollar, and live it off comfortably, in many cases, luxuriously, in a foreign unfamiliar land with a low standard of living. Thailand has become a hotspot for such individuals. Philippines, with a wide English literacy, is also quite popular among entrepreneurs who do not mind skipping around the globe.
The key to investing in a foreign country, is in doing the homework first. You will need to research what country would be able to offer a reduction in your cost of living. There are some foreign countries that are eager to accept investors and offer ways to save on taxes.
And while many countries welcome foreigners with open arms, there are also quite a number that do not. But if you are just making an average income in your home country and cannot afford the luxuries that life has to offer, your ticket to a “high society” lifestyle could be just a place ticket away. It could actually be an easy choice to make if you weight up the benefits.