If you’re on the fence about purchasing property abroad, this might give you a push in the right direction. Below are the reasons why owning property abroad is not only a great investment but also a smart move for your business:
Tax incentives
One of the biggest reasons people buy real foreign real estate is the tax incentives they can be eligible for. When you own a property abroad, you can often deduct a portion of the interest you pay on your loan from your taxes. This can lead to significant savings over time.
Additionally, owning property abroad can provide you with a place to vacation without paying for hotel rooms or rental properties. And, if you rent out your property when you’re not using it, you can generate income that can offset the cost of ownership. Before making any decisions, talk to a qualified tax professional to see what incentives you may be eligible for. Purchasing property abroad can be a great way to save on taxes and generate income, but it’s important to do your research first.
Appreciation
Another reason why investing in property abroad is a wise decision is because of appreciation. In most cases, properties located in sought-after areas will appreciate in value over time. For example, suppose you purchase a beachfront condo in Punta Cana for $200,000. In that case, it’s not unreasonable to expect that same condo to be worth $250,000 in five years. Not only will your investment grow, but you’ll also have the option of renting out your property when you’re not using it and generating income from it.
Diversification
Investing in foreign property is also a great way to diversify your portfolio and protect your assets. By owning property in different countries, you’ll minimize your risk and insulate yourself from potential problems that could arise in any one particular country. For example, suppose there’s an economic downturn in the United States. In that case, your investment in Dominican real estate will still be safe and sound.
“The beauty of international real estate investing is that it allows investors to diversity geographically,” said Forbes Magazine columnist and investor Louis Basenese. “It’s one of the easiest forms of asset customization an investor can do”.
Personal enjoyment
Of course, one of the best reasons for investing in property abroad is that you’ll be able to enjoy it yourself! Whether you’re looking for a place to retire or just somewhere to escape the cold winters, owning a vacation home in a tropical country is a dream come true for many people. Imagine waking up every morning to the sound of waves crashing on the beach or spending your afternoons lounging by the pool with a good book.
Purchasing property abroad is a great way to treat yourself and your family to an amazing vacation destination you can enjoy for years to come.
It’s easier than you think
Lastly, investing in foreign real estate isn’t complicated or risky. With today’s technology, it’s easier to find and purchase property abroad without leaving your living room. Numerous websites and online resources are available that can help guide you through the process and put you in touch with reputable real estate agents who can assist you with every step.
And thanks to organizations like CIPS (Certified International Property Specialist), NAR (National Association of Realtors) has made it easier for agents to obtain the necessary training and certification required to work with international buyers and sellers.
Best places to buy real estate in
If you’re looking for a great investment property, numerous opportunities are available worldwide. However, one country you should definitely consider is the Philippines. It’s a developing country, and condo prices are on the rise.
Binondo, in particular, is a great location to invest in. The area is quickly becoming a hotspot for young professionals and families, and condo prices are expected to rise. There are also several new developments, so there are great stocks to choose from in Binondo’s condo units. Whether you’re looking for a condo for investment purposes or a place to live, the Philippines is definitely worth considering.
Purchasing property abroad doesn’t have to be daunting—it can actually be quite exciting! There are numerous opportunities available for those who are willing to take advantage of them.
As a global citizen, you have more opportunities than ever to invest your money outside your home country. And with so many benefits associated with owning property abroad—from tax incentives and appreciation potential to diversity and personal enjoyment—there has never been a better time than now to start exploring your options.