Choosing to invest in a second property abroad is a big financial investment, but it is one that many choose to make. However, you might often find that buying property abroad is not always as straightforward as it can seem in the US. Let’s take a look at some of the places where you could choose to buy, and what you should know about purchasing a second property here.
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Mexico
Many people are looking to invest in a beautiful Mexican home now. Having the chance to escape to a warmer sunshine and friendly atmosphere is something that many can’t resist. In particular, there are many homes in Cabo which are proving to be incredibly popular among American investors.
Following changes to the law in 1993, buying a house in Cabo and other parts of Mexico is now much easier. The government is highly favourable towards investors from other countries, and the rate of growth within the Mexican economy makes this a great place to think about buying.
There are so many different types of property to buy, but it will undoubtedly be the villas that you are drawn to. Cabo has some beautiful landscape and scenery around it. By investing in a villa with a sea view, you have an amazing place to escape to, in addition to the opportunity to rent it out to other holidaymakers if you wish.
Canada
The vast country of Canada offers plenty of opportunity to invest in some property. While there are some fantastic options across many of Canada’s top cities, anyone interested in mixing business with pleasure would do well to consider investing in one of their best ski resorts. Avid winter sports fans should definitely consider purchasing a lodge in somewhere like the Whistler Resort.
While purchasing a property in this area, one thing you need to be aware of is Phase 1 and Phase 2 properties. A Phase 1 property can be used by you as much as you want, whenever you want, but must be available for the rental market the rest of the time. Phase 2 is the same, except you only get 28 days of personal use in the summer and another 28 in the winter. You do fully own the property, but you must have it in the rental market otherwise.
You can often find the Phase 2 properties in close proximity to some of the best hotel complexes in and around the resort. Anybody who wants to spend a lot of time exploring the many ski runs, hikes, and activities of Whistler Blackcomb would do well to look into some of the opportunities available here.
The Caribbean
For those who want to enjoy a little island living, the Caribbean still offers a great chance for you to find your dream getaway. However, it is important to remember that this is a very large area and there will be some massive differences across the islands. Though most have few restrictions in terms of foreign nationals investing in property, there are some differences in terms of purchasing, lifestyle, and property.
You are not going to find the same properties and local lifestyle in the Bahamas as you would down in Trinidad and Tobago. Make sure you have an island in mind before choosing to buy, as it could very much change the way you handle the buying process
There are several areas that command a premium for property. St Barts, the Turks & Caicos Islands, and the Platinum Coast of Barbados are all well-known for having luxurious properties. Though luxury can still be found on all the other islands, this should be the first place you should check if you want to find something on the higher end. However, you can also find affordable property all across the Caribbean with some careful searching.
You will also find a variety of different styles of property waiting. If you have the rental market in mind, a beachfront property might do well when trying to attract the summer crowds. However, you could also purchase near a golf course or a resort, or even head slightly in-land to find a modest apartment or a comfy home in a private, gated community.
The UK
The UK offers many fantastic opportunities for American investors. If you have a lot of business in London, you might want to invest in an apartment here. There are many stunning complexes being built each year, that would give you a fantastic base to work from each time you came to the city. These could even be within walking distance of the Thames or your UK place of work, though a willingness to commit to London’s transport systems does open up a lot more of the map to you.
Of course, there is also a lot of property that you could invest in outside of the UK capital. Many of the other big cities like Manchester or Glasgow have some fantastic opportunities for investment. A little research and a willingness to look beyond the draw of London could reveal something epic for you.
One thing that is worth mentioning is that all UK property purchasing is handled through lawyers, so you should find a UK-based solicitor to help you with your purchase. If you wish to buy in Scotland, you will also find that the steps for purchasing is different from in the rest of the UK too, since the Scots have a different legal system.
Make Your Investment Today
Investing in a second property is a big move, but it can seem like even more a daunting task if that purchase is going to be in a foreign country. Take the time to find the right place for you to buy – it should be somewhere that feels like a home away from home and should never be in a country that you are not familiar with. However, before you know it, you could be packing for your first trip away to this new international home of yours!
