When you move overseas, should you buy or rent your new home? It really depends on your budget, what you want to do, and the country to which you are moving. There are some countries that offer tax breaks for relocating people who end up purchasing their home. In others there are strict regulations.
If you have decided to buy a home overseas rather than rent once you move, make sure you can get past all the obstacles that might otherwise prevent such a purchase. Once you’ve done that, it is of the utmost importance that you find a trustworthy local attorney that can act as your guide through the whole process. This attorney will be responsible for helping you negotiate and register your home.
Because of all the hoops you’ll likely need to jump through when buying a home overseas, many people who relocate tend to rent. But, even if you are going to rent, you need to take care. Always seek advice and get legal assistance when negotiating a lease. As you would here in the U.S. make sure that your lease indicates the duration, the price, and any other details such as security deposits.
Why might you consider renting instead of buying, even if you move to a country that doesn’t have any obstacles for expatriates hoping to purchase their home? For one, you can easily walk away from a rental property if need be. With a property you actually own, it’s not that simple.
Just remember, when you are thinking about moving overseas, it is important to weigh all your options before making any final decisions.
Jon Huser
