Owning a Vacation Home Abroad
What is your dream? Snow covered mountains, blue ocean waters, huge game fish or hunting trophies, golf, other recreational activities. All of these are good reasons to buy or lease a home abroad. Sometimes the real estate in exotic locations is even less expensive than similar properties at home. Sometimes the potential for appreciation is greater. Sometimes the location itself can just not be duplicated anywhere else in the world. Occasionally a vacation home may serve the purpose of a retirement home later.
Whatever the purpose for buying, there are multiple issues to consider. Ownership and user requirements and systems are different in almost every country. In some countries one can own the improvements and not the land. In some countries it is necessary to form an artificial entity or trust of some type to take title to the property. In many areas it will be necessary to have someone occupy the house when the owner is absent. If the home will be rented when the owner is not using it, a manager will be needed. Tax considerations get more complicated when national borders are crossed. It is always an excellent idea to use a competent local professional when purchasing or renting a property abroad.
Finding a competent professional is not as easy as it might seem. In many countries, real estate practitioners are not licensed or regulated in any way. An incompetent or unscrupulous agent can be worse than no agent at all. How can one find a good agent in another country?
David Segrest is a REALTOR in Charlotte, NC
David S. Segrest, CIPS, CCIM, TRC, CEA
david@segrestrealty.com
http://www.segrestrealty.com
Serving the world in the Carolinas, Serving the Carolinas in the World
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