As an investment, it is worth keeping an eye on real estate abroad. It can be a wonderful opportunity to own a second home that you can also enjoy holidaying in and have something that will increase in value in the future. When choosing, you will want to consider investing where the tourists go. These are the popular areas and where countries will invest in their attractions. Restaurants and shops have been built around historic sites. Sites like https://www.sofi.com/investing-101-center/ will be able to get you started with investing your money, but this article will explore the basics of what you need to know to consider when investing in foreign property.
Location is important for investment and for enjoying your holiday. The questions are: Is it a growing area in terms of its economy and tourism? Is there enough going on to entertain you as a holidaymaker? If the answer to the second question is doubtful then it can be hard to see how anybody else would want to buy your property should you decide to sell it.
There are too many exotic locations to mention in one article but a popular one has become Phuket in Thailand. The attraction here is for its vast beaches, warm blue translucent seas, historical architecture, local restaurants, and diving activities. Its beaches are a place to relax, and the fact that they are vast, means that you do not have to share them with lots of other people if you do not want to. If you like to swim, you will be able to see what you are swimming in, due to the water being clear. The seas are an inviting colour of blue in high season, which is an indicator of their warmth. A grey sea has never felt that inviting. Not to me, anyway. The architecture is a mixture of Chinese and European, so likely to make a change from what we are used to seeing back at home. The many restaurants will be a delight for those who like Thai food and desire to sample other local delicacies. The activities, of course, centre around using this exotic location’s seas. That is diving. It is a fascinating journey to explore underwater and experience first-hand the sea life that we have only previously encountered through our television screens.
It is useful to be aware of the tax rules that exist in the country that you are purchasing the property in. Your real estate advisor can help with this. At the time of writing this article, in Phuket, as an example, there were tax exemptions existing for individual residential property owners where properties (both land and buildings) were valued under 50 million baht. Also, tax exemptions for properties less than 10 million baht for those owning buildings but not the land. This includes condominiums. These are building complexes containing many apartments. Where tax rates apply, for 2020, these are: Agricultural 0.15 percent, Residential 0.30 percent, other properties 1.20 percent, and vacant properties 1.20 percent. This increases by 0.3 percent every 3yrs to a maximum of 3 percent. These are low but you might want to consider these in your budget.
Real Estate Advisors
To help with finding a property, apart from seeing one when you are on holiday, there are online advisors whose websites you can search to help find properties abroad. They can guide you through the whole process. Whether you are looking for a villa or an apartment. Whether it is a sea or beach view that you want. That would make sense as it may well be your incentive for wanting to move to a location as idyllic as say Phuket in Thailand, as mentioned previously.
So, whether it is a place to fix your holiday location, a second home for investment, or part of your retirement plan, hopefully you have gained a little insight into what is useful to consider when investing in foreign property. Why visit someone else’s property once a year when you can visit your own several times a year?
For some more strategies for investing in real estate, click on the linked article.