Sunday, 17 December 2017

Finding Your Beach: 4 Reasons to Buy Beach-Front Property in Another Country

Written by Posted On Wednesday, 11 October 2017 21:22

Everyone dreams of owning a shore house on the beach. Waking up to the sound of the waves crashing against the shore and taking daily walks on the beach sounds like paradise. Unfortunately, beach property is costly and unaffordable for most people in the United States. Few people realize that buying beachfront property in another country allows most Americans to get an ocean front property at an affordable price. Here are four reasons why you should buy beachfront property in another country.

It Is More Affordable

Owning a second home in the United States is out of reach for many people because of the astronomical cost of homes. Beach-front villas usually represent the most expensive type of home ownership in America. Renting a beach home in another country, however, is relatively cheap because the cost of living is much lower in other countries.

The cost of living in Mexico, for instance, can be as cheap as 350 dollars a month in smaller towns. Renting or buying a Mexico beachfront property, therefore, can be affordable for many pensioners and people looking for a vacation home. Belize, Panama, and Costa Rica are also other great places to buy vacation homes where the cost of living is relatively cheap.

Build a Diversified Portfolio

In a globalizing world where the world economy is becoming more interconnected, it is important to diversify your sources of income. Investing all your income in one country leaves yourself vulnerable if the economy suddenly tanks.

Investing in a country where the currency is also not the dollar allows your portfolio to have “currency diversity.” Your portfolio is also susceptible and reliant on the dollar if all your investments are in the United States. Buying property in another country allows you to own a luxurious home with an ocean view while also having diversified investments.

Earn a Second Income

Owning a property in another country also allows you to rent the home out and earn a second income. Renting your home can be a way of earning passive income when you are not using your home. Before renting out any home be sure to consult the laws of the country where the home is located to find out renting rules.

In any country, you want to make sure you are working with the right professionals when purchasing a home. In Mexico, for instance, you want to consult a real estate company, a Mexican bank, a buyer’s attorney, and notary who can guide you in the process of buying a beach home. You also would want to ask questions about renting the property during this process and consult an attorney about proper rental procedures.

Experience a New Culture

Owning a beach home in a different country also allows you to encounter a new and unique culture. Living in another country forces you to experience the local culture and face the same challenges residents of that country experience. Owning a shore house in New Jersey may be convenient, but owning a home in a different country takes you on a unique adventure.

Many of the countries that offer the cheapest ocean property also have rich and diverse cultures. Allow yourself to become immersed in the country you are living in and learn about its history and traditions. Also, check out the local sites and learn to cook the region’s famous dishes.

If you want to enjoy beachfront living then owning a home in another country is the best option. It is a luxurious way to live cheaper, diversify your assets and income, and experience a new culture. Enjoy ocean views in a faraway getaway; you will not be disappointed.

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Lizzie Weakley

 About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.

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