Advertising
Advertising

5 Simple Steps To Owning Your Own Overseas Paradise

5 Simple Steps To Owning Your Own Overseas Paradise

Admit it. You’ve thought about it. That time you watched a movie that made you want to move to Tuscany and buy a villa. Or maybe it was while you were vacationing in the Caribbean and dreamed about what it would be like to move down and open up a surf shack.

Indeed the idea of buying property overseas is a very attractive proposition. It’s bold. It’s sexy. It’s intriguing. And, unless you have experience navigating international real estate markets, it can be downright scary.

The good news is…it doesn’t have to be.

Advertising

Here are five general tips about buying international real estate that will prove it’s a perfectly viable option, even for average people like you and me.

1. Forget (almost) everything you know about real estate.

While the buying process in many countries isn’t completely different from the steps you go through in the U.S., it might as well be. Yeah, there are a few similarities, but it’s important not to make any assumptions based on your North American bias.

Instead, go into the process planning to learn from the experience. Rely on people who know a thing or two about the local market, and you won’t get blindsided when you run into obstacles.

Advertising

2. Choose your property wisely.

Picking an actual piece of property to buy is one of the most exciting parts of the international real estate buying process. If you’re starting from scratch, narrow your search down to a specific country. Visit a few cities so you can zero in on exactly where you want to live or invest. Get a good feel for the city’s layout and the best neighborhoods, especially if you’re going to be searching for properties online once you return home.

Then start looking! Since most foreign countries don’t have anything that resembles a Multiple Listing Service (MLS), you will need to use other resources. A local real estate professional in the area can help find properties that might appeal to you. You may also find listings on local realty companies’ websites or on other sites that compile listings from multiple agents.

3. Understand the local real estate market.

Since most foreign countries lack the usual channels (e.g. Zillow, Trulia, etc.) we use to find market comps, it can be incredibly difficult to know what a home is actually worth. Prices can often be all over the board. Sellers may grossly overprice their listings. Deciding what amount to offer can be a real nightmare.

Advertising

You could survey hundreds of property listings in the area to better understand what properties like yours are worth. Or, better yet, you can likely find someone else who’s already done that research. Because while reliable resources with information on foreign real estate markets are few and far between, they do exist. You just have to know where to look.

4. Put your own eyes (and boots) on the property before moving forward with a purchase.

Do not…I repeat…DO NOT buy any property that you–not just your realtor–have not seen. A picture may be worth a thousand words, but all it takes is one cleverly executed angle to disguise the fact that your potential dream home sits right next to the city dump or an abandoned construction project.

Sure, there have been people who purchased properties sight unseen and been very satisfied. But, in most cases, buying something you’ve never laid eyes on–especially in a foreign country–is entirely too risky.

Advertising

5. Work with local professionals you can trust.

On that note, the best weapon in your arsenal when buying property overseas is the people on the ground in your desired area who know all the things you never wanted to have to learn about international real estate.

So arm yourself with a carefully vetted team of professionals you know you can trust: a lawyer, a realtor, a banker. These folks will be your saving grace when it comes to making offers, interpreting contracts, researching titles, and executing financial transactions.

If you pick the right team, the hardest part of your international real estate buying experience may be learning how to say “Where do I sign?” in the local lingo. Happy house hunting!

Featured photo credit: sharonang via pixabay.com

More by this author

20 Health Benefits of Coffee (And How to Get the Maximum Benefits of It) 5 Simple Steps To Owning Your Own Overseas Paradise 4 Reasons People Who Follow Their Passions Fail (and How to Avoid Them) 4 Tips for Overcoming Fear from a Surfer Who Nearly Drowned 5 Tropical Islands You Could Actually Afford

Trending in Money

1 How to Develop a Millionaire Mindset in 6 Simple Steps 2 How to Eat Healthy on a Budget (The Definitive Guide) 3 9 Millionaire Success Habits That Will Inspire Your Life 4 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020 5 How to Set Financial Goals and Actually Meet Them

Read Next

Advertising
Advertising
Advertising

Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

Advertising

2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

Advertising

If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

Advertising

4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

Advertising

5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

More About Thinking Smart

Featured photo credit: Austin Distel via unsplash.com

Read Next