Nearly everyone dreams of owning a vacation home on some sun-drenched shore with the ocean just paces from the front door, having a rustic ski chalet to jet to during the winter holidays, or even holding the title to a downtown penthouse overlooking a popular city center. Unfortunately, most of us can’t afford to purchase a second property (or even a primary residence) in such a location within the United States or one of several other pricy locales. However, there are parts of the world that offer adventurous vacationers or retirees seeking a new home a crack at gorgeous properties at far less expense than more popular or frequented areas of the globe. And travel writer and real estate expert Steve Bergsman wants to turn you on to the possibilities of purchasing your dream home in another country in his audio book ‘Passport to Exotic Real Estate: Buying U.S. and Foreign Property in Breathtaking, Beautiful, Faraway Lands’.
In case you didn’t know, real estate prices in the U.S. are still outside the range that many citizens can afford, despite the drop following the housing market crash and the subsequent recession. And even those that have a primary residence and the capital to start looking for a vacation home are unlikely to get the retreat they seek for a price they can afford. They almost certainly won’t be springing for a luxurious property in domestic locales like Hawaii or the Hamptons, and homes in exclusive foreign regions like the French West Indies or the Swiss Alps are right out. But you don’t have to shell out huge amounts of dough in order to find an exotic foreign locale that suits your sensibilities. Indeed, Bergsman has the 411 on areas that are just as nice as some of their better-known brethren, but far less expensive (and less crowded, to boot). Central American countries, for example, are becoming more and more popular as both vacation destinations and a place for American retirees to hang their hats.
Of course, there are many potential challenges inherent in purchasing foreign property. For one thing, some countries don’t allow residents of other nations to own property. So while you may rent a home and even live in it for an extended period of time, you might not be able to become the owner until you have relinquished your original citizenship and gained residency. Even if you can own property as a foreigner, you could face difficulties with taxes (foreigners are often charged extra, and in some cases significantly more, for property tax). And if you happen to choose a location that has an unstable government and/or economy, you could face additional problems. Plus, buying property in the U.S. means that you have access to resources like California, New York, or Florida foreclosure lawyers, whereas you may have to jump through a lot more hoops should your overseas properties be threatened in some way.
However, there are ways around each of these issues, and Bergsman wants to make sure that the buyer seeking foreign real estate is well aware of common problems that could arise so that they are prepared to deal with them. He also stresses that there are many benefits to be gained from purchasing property in some of the many incredible regions around the world that have yet to be overrun by tourists. So whether you’re looking for a beautiful beach to retire to or you just need a remote retreat from the world for your vacations, ‘Passport to Exotic Real Estate’ can make the journey a little less bumpy.
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