Owning a second home is an old concept that comes from Europe and has been exercised for many years. Usually by persons of financial comfort to use with their families they own a second home in most European countries because in Europe people tend to vacation longer, they go on vacation for a full month, close their business and their main principal home, for a month or two.
Kings, Queens, Heads of state like the Pope have second vacation homes that go with the position, when they move to their vacation home it is widely advertised, it sort of sets a change of routine, reminds subjects that is time to relax and take a rest, in addition to the many holidays most of European countries have.
In United States, vacation ,until a few years ago meant for the family to jump in their car and travel to another state or city, check in motels and take some road tourist destination, we are still different from Europeans because we are a personal transportation and automobile society, our young people know more about taking a car apart than knowing about history, art, or many other things Europeans do. Europeans also live in their homes for three or more generations different to north Americans when families move out of their homes to other homes or apartments on the average of every three to five years, and trade their family car every two or three years. Europeans walk a lot more and have fewer cars, use more public transportation.
Only two decades or so ago people in the U S started the second home purchase wave, and figured that when the home was not in use could earn a rent. In states like Florida where weather is pleasant the second home became an interesting choice to spend the winter months and it still is a great concept.It has been one of the best real estate investments for the average person with purchasing power. credit, or accumulated equity in their home where they have lived for years. As second homes in Florida were developed, soon became housing for a growing population that found them affordable, and previous owners invested in more expensive second homes. Tax advantages played a role.
Now we have seen for the last couple of years some foreign countries getting into the action starting with Costa Rica, Mexico, Dominican Republic, and Panama to name most of them. The present estate of our economy has cooled this interest as countries in Asia, Europe, Central America, have been lately getting into the action.
Mostly retired US persons are being marketed to move to this countries with the lure of lower cost of living . I want to say that not all developments are good investments and are to expect the same values, and investment returns as you have known in the US, add to that public services , infrastructure, quality of life , and other conveniences that you are used to take for granted in the US. may not be at par with the US, also property rights , and laws that govern properties, transfers, and titles are not the same.
The National Association of Realtors has been for several years helping foreign countries to implement the same rules and methods that protect the public in the US. many countries are adopting our forms and methods to deal in real estate.
When you are buying or selling real estate in a foreign country it is most advisable to use a real estate agent and a title company with an attorney familiar with US real estate transactions and have moneys change hands from a local bank that corresponds with your bank of account in the US. In most countries real estate agents do not have to be licensed like in the US and do not have to meet any professional standards.
Not in large number to stay away , but from every country we hear cases where the same property has been sold and money taken from three different buyers.
You can make very safe and profitable deals if you start with the help of a US local realtor that has been designated by the National Association of Realtors as a Certified International Property Specialist, there are not very many, but any local Real Estate Board or Association can give you their names and information. I said there are not many because to receive the designation a realtor has to attend and pass no less than four courses on subjects like currency exchange, geography, different types of governments by countries, familiarity of different languages and customs, and prove having completed a number of transactions in the US with foreign nationals. It is the most costly designation a realtor can work to get and can take up to a year to complete all its requirements.
Juan Selaya
Juan Selaya-Broker Realtor-Certified International Property Specialist J.A.S. Properties Marketing Corp- 601 E Chaminade Dr. Hollywood, Florida 33021 U.S.A. T 954 966 5529-- Fax 954 962 1524-- Mobil 954 649 4963
Web http://www.juanselayarealtor.com
Web http://www.propiedadesjuanselayainternational.com
E Mail juanselaya@comcast.net
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