Few life experiences are as enriching as travelling. It gives you an opportunity to learn about different places, meet people, and get to know their language and culture. More importantly, visiting various places around the globe lets you get a taste of what it’s like to live there. This is why it’s not surprising that many globetrotters decide to buy a dream home or land in a travel destination they fell in love with.
Whether that’s an unexplored piece of paradise in a far-flung destination or a home in a fast-growing city in your home country, every traveller has a different idea of their perfect dream home. If you’re looking to purchase a property for yourself, here are our top tips to buy your dream home after travelling the world.
Know what your dream home is, and isn’t
Not all travellers seek the same type of home for themselves. The truth is, that we all have different lifestyles, needs, and personal preferences, and what may work for some people may not work for you personally. Start by looking at the bigger picture, taking into account your objectives in life, everyday activities, and your lifestyle. For instance, for someone who loves to spend their time camping, fishing, and enjoying other outdoor activities, their ideal home could be one of the top U.S. destinations for outdoor enthusiasts and nature lovers.
Another thing to factor in when looking for your dream home destination is your budgetary limitations. You want to be clear on your vision so that your agent can easily find homes that fit the bill. The last thing you want is to go over your budget. Therefore, figure out how much you can spend beforehand, and take your time instead of rushing into it.
Decide whether you want to buy a new or existing home
As an avid traveller looking to settle in the country of your dreams, there’s a whole world of possibilities that opens up when you decide to purchase a home abroad. For starters, there’s the option to purchase land and build your own home. However, many would-be homeowners decide to either buy a new construction home or an existing home.
Of course, existing homes may seem to be a cheaper option at first. However, when you consider the cost of repairs and replacements that may need to be made, they can end up being more financially demanding than buying a custom-built New home construction. The question is: what if you’re looking for a Modern Farm House or see yourself living in a Victorian-style house? The good news is, that you can easily find new construction homes that reflect classic, old home styles like these two. That way, you can get the look you’re aiming for while still getting the benefits of buying a new home.
Consider the cost of living along with your financing options
As a traveller, moving overseas and starting a life in your favourite travel destination can be a dream come true. But this is only true if the overall cost of living in that area does not exceed your current expenses. Whether you plan on buying a vacation home overseas where you’ll head to season after season or see yourself staying in your new place for years to come, you want to look at destinations and areas that have a lower cost of living than what you’re now paying.
You also want to explore different financing options and figure out the best way to pay for your new home. Some of the options include getting a mortgage from a foreign bank along with mortgage protection insurance, using a self-directed IRA, or paying cash.
Familiarize yourself with foreign ownership laws
When it comes to foreigners purchasing properties, not all countries are created equal. As a non-citizen of the country you’re interested in, there are particular foreign ownership laws you’ll need to familiarize yourself with before you can make your big purchase.
Start by doing in-depth research on foreign transactions and the way they’re executed. Even if the place you have in mind isn’t difficult to buy real estate in, you may be obligated to follow certain rules and procedures in order to finalize your home purchase. This may involve registration with government agencies and/or applying for a special residence permit. Consulting with a real estate attorney can help you understand a particular country’s rules more easily. It’s also a way to ensure that it is possible to legally own the home you’re planning on purchasing abroad.
Wrapping up
Just like exploring new places, buying a new home is an exciting journey. But unlike travelling, homeownership is a big, long-term investment, and it requires careful consideration. Therefore, if you’re looking to settle in one place, make sure to spend some time at your target destination.
Once you’re sure about your decision, familiarize yourself with all the ins and outs of purchasing foreign real estate. You’ll be able to buy your dream home in your chosen country. Hope these tips to buy your dream home after travelling the world help you.
