Business and Marketing

Thinking of seeing the international real estate market for your next home or investment? Here are some things you should know.
Looking beyond the borders, the international real estate market could have a real sense of a second home or investment. My wife and I recently bought a small lot a hundred meters from the Pacific Ocean, Ecuador, where the idea of ??having a second home. Price, $ 3,000, to show why people look to other countries in real estate. When the United States, you can buy a lot near the sea up to ten times as much?
On the other hand, there are some risks by investing in property abroad. There are some things to think about, which usually do not need to consider when buying real estate in the U.S. and, unfortunately, there are also some hard lessons from our experience.
International Real Estate - some comments
At that time, he bought the property in early 2007, Ecuador has experienced an economic boom. This is partly because the country adopted the U.S. dollar is the official currency in 2001. Inflation was a problem, and companies have started everywhere. New subdivisions - such as the 1950 here - always spring up around major cities. Easier financing has cars even more than ever in all these new entries.
Political leaders seem to appear and disappear very rapidly in recent years, but even when the process was chaotic, it was mostly peaceful. Ecuador is a stable democracy that seemed to move in the right direction. Most of the changes that had occurred since my wife grew up and studied at the University, there were positive changes. Then came Correa, the current president.
Apparently the system was not stable as previously thought. Earlier this year, has prevented many opposition members of Congress access to Parliament. Then it was elections to create assembly rewriting the constitution. Assembly (now elected) could dissolve the Congress, or even have the power of the dictator of Correa. The public, unfortunately, has often been the side of Correa.
Unfortunately, I say, because Correa seems to do a lot of bad things. He openly admires Hugo Chavez, the socialist leader of Venezuela, and Fidel Castro. He speaks of a "new socialism". Already, said international oil companies, which operate in Ecuador, who can not get all the profits promised to invest.
As you can imagine, many rich Ecuadorian and foreign companies have already made their money outside the country. There are rumors that Correa plans to steal the property in the hands of foreigners (I will not use euphemisms - theft is theft). They say you can even fly and "redistribute" the houses of Ecuadorian citizens - especially those along the coast. This could include our property.
The lesson is obvious? When you buy a real estate investors, you need more than the study of real estate prices. You must have a thorough political climate in the country. The law may be clear and allow foreign-owned, but the laws can be changed. Other tips:
1. Hiring a lawyer to make sure everything is done correctly. Keep a list of questions for him, or if you know exactly what you're getting into.
2. Investigate what it takes to sell the property. You may not want forever. It is a legal issue and the market. Are there legal or tax issues you should know about? The time it normally takes to sell a home?
3. Before buying what other expenses will be. How are taxes? How much do you pay for basic services like water and electricity.
International Real Estate can be a great investment, depending on where you buy, how to buy, and what the market is doing. Looking abroad, may also be a way to afford a second home is a nice place. But take some basic precautions and learn a lesson.