Options for buying a retirement home abroad
For a long time in the past when people went abroad all they had in mind was simply going out to spoil themselves vacationing from the familiar environment and all they brought back was a few mementos and probably a camera full of pictures they clicked away. However things are turning different today, what with the prospects of acquiring property abroad and settling there, especially after one has retired. Many folks who faced an uncertain future due to the cost of property at home are discovering they can actually acquire high end properties such as condos and villas abroad at what would sound like a good bargain at home.
Many people are now in the acquisition frenzy because of the many stories they have heard from others who have successfully bought real estate abroad. The current economic crisis has not made things better, what the depreciating value of most people’s lifetime savings. The cash people thought would go along way in taking them through retirement is slipping through their fingers. Whereas it would cost you hundreds of thousand of dollars to try and invest locally, things are looking very positive abroad and it is now a race against time as most savers try and get a piece of the cake.
To give you an idea of how sweet things are, consider that for example, a resident of Florida who wants to escape to someplace out of the country but not to far from home would consider settling in Mexico. Whereas they would require a minimum of $100,000 in Florida itself or $150,000 to buy a small apartment in New York city, going down to Mexico they would most likely acquire a beautiful condo with a beachfront for as little as $50,000 which means they will still have enough change to help them settle down for many days to come. Apart from the low prices they will have escaped to a quite and secure place to enjoy their sunset years.
For the person who is a little adventurous another unique location to consider would be Nicaragua which is nestled quietly at the heart of Central America. This is a country that has left behind a long dark history of civil wars and is now a fast developing third world country but with all the trappings of the first world. For a long time people consider Costa Rica to be the only place you could settle in the region but now they are knowing better. You will enjoy getting a nice villa with its own large compound, fro those who love space for anything between $50,000 and $100,000 on the very higher side. The cost of living is nothing to compare with many places in the Americas.
But if your idea of a real escape is far away in Europe you may want to consider the emerging property market of Eastern Europe. For prices that you will consider a real throw away when you compare with the rest of Western Europe you will grab for yourself a first class condo or even a serene waterfront villa. As the rest of the continent struggles to grab the little remaining space, here you will acquire large swathes of beach property for as little as $40,000 and that is just the beginning of the good news.
To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to Ahmed Dawn Dot Com. This article originally published on the above website on Dec 5, 2009.