News of celebrity Miles Teller’s recent $7+ million dollar Pacific Palisades estate’s 6600 square feet, 3 stories, 5 bedrooms, and 7 bathrooms are breathtaking.
For most, however, the local real estate market is more challenging, especially with rising interest rates.
This begs the question, is there any affordable real estate for mid-level earners? One thing to consider is buying real estate overseas.
It may seem intimidating and unfamiliar, but it is an intelligent investment decision.
Real estate is a popular investment option and is often considered a great way to increase and maintain long-term wealth. But many people feel the pinch and a fear of being left out by limiting themselves to their local market.
However, the global economy and technological advancements have made investing in real estate overseas more accessible and easier than ever before.
There are several reasons why you should consider buying real estate overseas.
There are numerous benefits, from diversifying your investment portfolio and finding affordable real estate to experiencing a new culture.
By purchasing real estate overseas, you are adding another level of security and diversification to your portfolio that could pay dividends should the U.S. housing market experience any unexpected turbulence.
Value for money is an important concept when it comes to purchasing real estate.
Too often, potential buyers fall into the trap of thinking they can find a great deal by buying the cheapest property. But, unfortunately, that’s not always the case, and in some areas, prices look too good to be true because they are.
For example, in the United States, cheap properties have more costly repairs or renovations than initially thought.
That means the buyer spends more money on reducing their overall value for money. In certain countries overseas, however, prices are far below U.S. standards and look like great deals at first glance.
Doing your diligence so that you don’t invest in these kinds of properties as renovation overseas is a very different prospect than it is back home, and there could be hidden costs involved, which puts your value for money at risk.
Therefore, it’s best to investigate thoroughly beforehand to ensure you get the right deal, one that you’ll achieve good value with and not regret in hindsight.
For example, The Bahamas is a prime destination for real estate investors and buyers seeking a range of medium to long-term growth opportunities and strong rental yields.
Foreign buyers are welcome to own free titles to real estate in the Bahamas, so plenty of attractive options exist outside the traditional luxury segment.
Another benefit is that purchasing a property in The Bahamas is an attractive investment opportunity for foreign buyers since it’s relatively straightforward.
As opposed to complicated real estate regulations in the US, there are no restrictions on foreign buyers acquiring real estate and no requirement for licenses or permits except for that buying over 2 acres with the intent to rent or purchase for commercial development.
Prices look even more attractive than ever before, dipping by up to 40% in some areas before bouncing back strongly with increased tourism numbers, in part thanks to various development projects, financing opportunities, and ownership options that are now available.
Another attractive feature is that real estate investments in the Bahamas are enhanced further by its tax-attractive environment, making it even more appealing from an investment perspective.
The government has invested heavily in and supported the travel and tourism industry – which lies at the heart of the Bahamian economy- resulting in a modern infrastructure that presents additional excitement for potential real estate buyers.
Considering all this, it’s easy to see why real estate investment in the Bahamas remains popular among many investors and buyers worldwide.
Because Bahamas real estate for sale is more affordable and the level of desirability as a destination continues to increase, investing in real estate in The Bahamas could provide an excellent return for the investment.
Finally, another reason for investing in real estate in the island country is that you can gain immediate citizenship.
The Bahamas offer immediate permanent residency status to investors that buy a home or invest in a local business that employs Bahamians valued at $750,000 or more.
If you feel priced out of the local SoCal real estate market, there are alternatives to purchasing a home in California.
You can consider markets in other parts of the US or foreign investment opportunities like The Bahamas and find a luxury home at a reasonable price to live in or use as a rental investment.
