owning property in another country?

does anyone own property/condo/etc. in another country? if you do please post where and how you went about purchasing it/how you found the property

...i am interested in purchasing something in a few years but want to start looking around now..i would probably be looking in the caribbean or italy...but i would love to hear about any location!

Re: owning property in another country?

Just reading your post makes me miss House Hunters International.

Seriously, though, have you watched that show (on HGTV)? It might give you some ideas. They go to the Amalfi coast all the time, and to the Caribbean too.

Re: owning property in another country?

We own property in Mexico. A beach house, an empty lot on the beach, 6 lots 2-3 houses from the beach, an "office" building and a plaza. It's a small tourist town that caters to Arizonians and Mexicans (it's not a Cabo/Cancun type place (except for spring break week)...but it has probably increased at least 10 fold since I first went there)

DH, MIL and BIL were in the right place at the right time and bought cheap when the Mexican government allowed foreigners to buy leases for the land. The leases are for 99 years (I think), but they formed a Mexican corporation (DH also obtained a type of Mexican resident status - not exactly like green card, but on that idea - when he lived down there for a bit) and by having the corporation, they own the land.

There are tons of issues to deal with though...It is a different government with different rules. Speaking the language fluently is a must. There is a ton of paper work, taxes, court dates (when people screw you). We have had at least a dozen people to tend to the property and they don't always do what they are supposed to (one worker didn't fill the solar batteries with water and the whole system exploded)


Something else to think about is selling. We have sold some Mexico property without much issue, but when MIL wanted to sell their family house in Spain it would have been really difficult if she hadn't moved there for a year to do so.

DH was sad to see his childhood home sold, but in reality, how many 9 hour flights can we take to enjoy it? So, that could influence your decision for Italy. Plus the US Dollar is really weak...Anything in Europe is going to be even more expensive (we lucked out the opposite conversion). Even with Mexico, we are lucky if we get there once a year (we used to go once a month when we lived in CA). If the economy wasn't the way it is, I would sell it all and take the money and see a different part of the world each vacation KWIM? Although, once you get there and you just sit on the back porch looking at the water and the porpoises swimming by, I imagine my life retired there.

My oldest as a baby down there:

Re: owning property in another country?

Some countries do not allow foreign citizen to own properties unless they live there or not at all.

Beware of loans unless you can pay cash. In many countries, you will not qualify for a mortgage.

Re: owning property in another country?

My father owns a couple of properties in Italy - apartment in Rome and house in his small home town. He found the property in rome through friends. He has friends and family in Rome and his town. That has helped alot especially with the country house b/c in italy if people work on the house/land for a period of time, they can take over and own it - scary if you are not there. someone tried to do this with my dad and his cousin lived close by and saw it and told my dad

This seems like an interesting website if you are interested in buying in italy
http://www.homesinitaly.co.uk/smx/home/buying/

Re: owning property in another country?