The most appealing niche in real estate for me is Overseas Property Transactions. One of the greatest examples in this industry I saw last year when a big real estate agency from UK promoted in exclusivity a project for holiday homes in Brazil and started a campaign for finding sub-agents to promote this all over the world.
The globalization helped a lot the development of this industry and even that the downturn can be seen here, the people still buy properties abroad. People buy real estate abroad for different reasons: to start a new life there, to retire in other country or just for investment purposes.
The fact is that nowadays you can retire abroad on as little as $17 a day enjoying these benefits:
1. Free medical care, or health insurance for $150 a month or less;
2. Employ a full-time maid, a gardener, even a driver on a Social Security budget;
3. Live like a king on $1,500 a month;
4. Rent a comfortably, equipped with all the facilities home near the beach for $500 per month or less;
5. Own your own second home in a sunny location for as little as $120,000;
Right now, you could live and retire in style to many places around the world starting with a budget of $1,500 per month or less.
I attached for you more in depth examples:
India is the cheapest place in the world if you have in mind an overseas retirement. Including rent, a decent living in India starts with $735 per month. In Ecuador, if you own your home, the cost of living starts with $660 per month or with $1,240 per month if you rent. What about Thailand? $765 per month is the starting cost of living if you invest in a condo or apartment or $1,055 is the monthly budget if you rent.
Leon is a beautiful, historic city in Nicaragua where you can live starting with $954 per month if you own your property or with $1,300 per month if you rent. Another affordable option is Uruguay where you can start living comfortable with a monthly cost of $1,038 if you purchase a home or $1,555 if you rent one.
These examples include basic living costs for a retired couple-essentially housing and utilities, food, entertainment, and a few additional items. So many costs depend on you: your lifestyle, your medical concerns, your eating and drinking habits, your charitable contributions. You may want to include more maid service, for example…or more for dining out.
You’ll want to include laundry costs, personal items (haircuts, manicures), cleaning supplies, and computer, camera, and gadget costs. If you drink fine wine, you’ll want to include the cost in your budget, considering that wine in Thailand, for example, costs perhaps three times more what it costs in Argentina.
You’ll want to budget for medical costs. You may want to keep your same medical insurance when you move abroad, in which case your basic medical cost will remain the same. But you’ll need to budget for prescription drugs (expensive in Panama), doctors visits (inexpensive in Panama), and surprise costs your insurance may not cover. If you buy a house, you’ll need to include that capital outlay, plus furniture and any improvements necessary to get the place the way you want it. Similarly, you’ll need to consider your capital outlay to buy or to import a car.
In some country budgets we show basic operating expenses for a car, but you’ll have to include amounts for parking and speeding tickets (and maybe bribes to the local police to avoid speeding tickets…). You’ll want to consider initial setup costs: moving, rental deposits, visa fees, and so on.
You’ll want to consider ongoing travel costs, both in-country and back to your actual place of living, depending on how much you miss the grandchildren. In most cases, after you will do the math you’ll find you’ll save money moving abroad. And you have to see that this can be the adventure of your lifetime.
By John Benson