If I’m shifting to a new place, finding a new house is surely one of the most significant tasks to do. Plenty of people who have traveled abroad have undoubtedly felt the temptation of purchasing a living abroad. Sometimes, the cost of foreign real estate clearly seems very lucrative. It is evidently due to the foreign exchange rate that favors the potential buyers’ currency. I often become enamored with beautiful travel destinations; this, perhaps, leads to an interest in purchasing a new living as a way to spend more time there.

Other people may want to invest in an undervalued real estate market. Perhaps I’m hopeful that it will appreciate substantially over time.

3 TIPS FOR PURCHASING A NEW LIVING ABROAD

Minimize the risk of legal pitfalls and bad property investments with the tips for purchasing a new living abroad.

1. The Cost of Living

Shifting abroad can evidently leverage my bottom line if I select an area that has a low cost of living. On the flip side, if I purchase a new living in an expensive location, shifting abroad might not make sense.

it’s a wise decision to learn about how the living cost and draw out a detailed comparison. That way, I will plan ahead and budget accordingly.

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2. Foreign Ownership Laws

Individual countries place restrictions on non-citizens who want to own new living. Even if the country I’m interested in allows foreigners to purchase new living, I have to get a special residence permit. Another option I can avail of is to register with a government agency to complete a new living purchase.

If I’m unaware of a particular country’s rules, I will contact a real estate attorney. After all, I don’t want to find out that I can’t legally own a new living abroad after I’ve already shifted in.

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Financing

One of the trickiest aspects of purchasing a new living abroad is figuring out the financing. If I’m planning to go through a foreign bank mortgage, I’ve to shell out a larger down payment and potentially a higher interest rate. I may need to buy a separate life insurance policy so that the mortgage can be paid off in the event that something happens to me.

If I don’t want to opt with financing a new living abroad, I should use cash to pay for a new house. I can use a home equity line of credit as my source of cash. But then I’d be putting my primary residence on the line if I can’t make the payments.

If I need fast cash, I can consider tapping into my self-directed IRA. But I wouldn’t be able to live in my new living. So unless I’m satisfied with using the new living I’m purchasing abroad as an investment property, I’ll probably have to look into other choices.

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Ready to shift?

Relocating to a new city doesn’t have to be scary. To ensure I have a smooth move, I will try the shifting planner tool. Their customizable shifting checklists, personal tasks list, email reminders, and coupons make it easy to plan and coordinate my upcoming move. Best of luck and happy new living!