Show me a wealthy person without investment in real estate; I bet you can’t find anyone. This is evident that real estate is the new gold mine with the likes of Elon Musk going into real estate indirectly; he recently announced he would be starting in e-homes where his company Tesla will be providing solar roofs and electric vehicles for homes.
By HEIDI ROSENBERG
Don’t forget, top billionaires like Jeff Bezos and Bill Gates also have homes that are of great value with other properties that keep appreciating daily; that is the beauty of the real estate, ‘it keeps appreciating’ and saves you from inflation.
Why An Expat Should Invest In Real Estate
As an expat, the probability is that you either left your country to work and find greener pastures or that you left your country to enjoy your retirement in another country. Whichever way, the goal is to succeed and live a better life, which is why you should consider investing in real estate when you want to start building wealth.
— Studies have shown that investing in real estate is going to remain the best investment decision since people will always be in demand for houses for lease and for sale, and each year the prices keep going up.
— Investing in real estate will allow you to amass wealth quicker than other expats who don’t know the right channel to accumulate wealth. This way, you can bring in your family to live with you if they are not and still keep living just fine.
— With real estate investment, you can save yourself from high taxes. You are not subjected to lower your tax for property depreciation repairs. Imagine you save $1,000 every month on tax reductions; within 12 months, you save up to $12,000, which can be used to diversify your investment portfolio.
How To Invest In Real Estate As An Expat
1. Secure The Proper Location
Location is king when planning to invest in real estate. It depends on how well your investment will appreciate with time and how much it will go for. Investing in a property situated in a strategic location with various landmarks will assure you of your property appreciating in value within a short time.
People will always go for a property that is close to school because of their kids, a property close to a fire station and cops because of any emergencies, a property that is close to a grocery store, and a property that is close to the road because of transportation to work.
It’s okay if you have more than one location in sight; just make sure to compare all locations effectively to get the best one, and if you are financially capable of getting all property, then it is to your benefit. You earn more money when your property appreciates.
2. Collaborating With Experts
Before venturing into any investment as an expat, you need to seek the opinion of professionals. Professionals like Radix offer premium support for real estate investment, particularly on real estate data. Without real estate data, you can’t get the proper value of a property which is done by comparing other similar properties in the neighborhood.
For every property that interests you, there will be an owner and reasons why such property is up for sale. If it is a distressed sale, then you might have an advantage since the seller will lower the price to get the money he needs urgently, but if it is for some other purpose, then you might need a professional like a property appraiser who knows how to value property by using real estate data.
The seller will mostly bring his own property appraiser, who will be the one to give the price before your appraiser makes his findings to arrive at his own price. If both prices are in the same range, then you can bargain for a reduction to take some extra bucks home.
3. Don’t Be In A Hurry
Haste does no good. Do not be in a hurry to purchase a property; sellers take advantage of this and give ridiculous prices, let your property appraiser do the job and give it time; investing in real estate might take time depending on the country, but I guess it is worth the wait.
The advice doesn’t mean you should take things for granted either; a property in a good location has more potential buyers than you can ever imagine. After your findings and agreement on price, then you can proceed to purchase and enjoy your passive income.
As an ex-pat, you can never go wrong with an investment in real estate. Owning a property takes you closer to being a citizen of the country and also provides a passive income for you in a foreign land.
With an investment in real estate, you’re on the right track of becoming a successful expat since you save on taxes, you have an additional income, and you’ve secured your future and that of your kids.