This article explores seven basic reasons why people nurture the dream of owning foreign property

The ebbs and flows of foreign property rules in many countries have caused an influx of foreign buyers into their real estate markets. The current trend is that many countries are more accepting of foreign property buyers, unlike before. In some countries, like Australia, it is becoming a malaise, where the overpowering of foreign currency is causing an affordability crisis for residents. Hopefully, this would balance out soon. But, the fact still remains that more people are drawn to global property. In many cases, when countries have modified their laws to be more accommodating to foreign buyers, there have been real estate boom. The historical constitutional change of Thailand's foreign property laws in 1979 brought an influx of foreign investors and few months later, Thailand began experiencing its first real estate boom.

Motivations For Buying Property Abroad

It's not just about wanting to fulfill the lust for adventure. Recently, there have been an increased number of British buying foreign properties. Many of them buy for many reasons, let's just examine three:

·         Cost. Will you buy a house in Britain if you can buy two houses for the same price in Brazil? The principal motivation is pricing. The appeal of buying property abroad lies in the fact that you can buy a home conveniently and still have enough money left to have a whale of a time in your chosen country. For most people, cost is the strong motivation for buying overseas.

·         Possibility of an investment. Some property investment hotspots abroad are experiencing influx of foreign buyers. While these areas may not be the first choice for people who want to slash price in half; it is a catch for those who are seeking investment opportunities.

·         Second home. A personal reason for buying property abroad is to own a vacation property. For many affluent individuals, having a place, maybe a seaside location in Turkey to retire from the hustle and bustle, is important. With lower cost of living and interesting destinations, expats can live the good life abroad. These vacation properties also offer sound return on investment.

Benefits Of Buying Property Abroad

Broadly speaking, let's take a quick look at the 7 benefits of buying property abroad:

1.      Diversify your portfolio.

Buying property abroad is a great way to diversify your portfolio. Having all your investments, stocks and all, in your country of Birth, is like putting your eggs in one basket. Also, you can invest in a hard asset, real estate, which is proven to be more reliable than stocks.

2.      Diversify currency. Having all your investments denominated, in your local currency, is also 'putting your eggs in one basket'. You don't want to be at the mercy of the local economy.

3.      Reinvent your life. Apart from building your net worth, owning a home abroad is a way to gain a rich cultural diversity and more momentum, especially during retirement.

4.      Own a second home.  Instead of spending your life savings on a second home, buying a second home abroad can be 5 times cheaper. There could also be a chance to make good vacation rental income as your vacation home increases in value.

5.      Retire overseas. You can take advantage of the low cost of living abroad to enjoy your retirement.

6.      Tax deductible travel. In the US, the cost of traveling to manage your overseas property is tax-deductible.

7.      Earn income. A rental income overseas will generate an income that is not determined by your citizenship country's economy. For instance, rental returns in Medellin, Colombia can be up to 10% and the cost of property ownership there is low.

Buying property abroad is a smart move. But, anybody who wants to take the plunge must be ready to put in work. Don't just expect to sit and wait for your property to grow in value. An investment in real estate requires active and ongoing management.

Depending on your home's value, your market and comps in your neighborhood, you could consider making renovations in your home before listing. In a place like New York, however, where houses are being snapped up fast and prices are over the roof, renovating your house for sale might be a crazy idea. But in suburbs with high inventory, your house needs to measure up.

When selling, you wouldn't be looking through the same eyeglasses as a new homeowner. Your calculations and priorities will be much different. The most important thing when you have to consider value is return on investment. What renovations will make my house sell fast and at the same time give good return on investment? Before you embark on gutting your circa 1990 kitchen, the first thing you might need to do is consult an experienced realtor who knows what works best in your particular neighborhood.

You might find out that minor cosmetic upgrades will get more buyers through the door. And yea, the door is important. Instead of spending money on pricey renovations like adding a deck or basement revamp, Remodeling magazine’s 2015 Cost vs. Value Report says that replacing your existing front door with a new steel door will net you a 101.8% ROI for a minimal replacement cost of $1,230. Knowing which areas to spend on will help save you a lot of money when making renovations. Let's look at five low-cost ways to increase your home's value.

        Inexpensive Home Improvement Tips to Improve Your Home’s Value

1. Consider curb appeal. Nothing says 'welcome to this lovely house' to a prospective buyer as a nicely mowed lawn, a few shrubs here and there and a well-swept walkway. The first impression buyers have as they drive to your home is truly important. So, it's necessary you set the stage right. Hiring a good landscaper will be worth the money. Not only will your home appeal to prospective buyers, your neighbor would also love the effort.

2. Have a cohesive kitchen. Kitchen plays a big role in home improvement. Many Realtors call it the heart of the home. Indeed it is; since an average American homeowner spends at least 37 minutes daily in the kitchen. Sprucing up your kitchen demands that you create the impression of a clean and updated kitchen. One way to achieve this impression is creating cohesiveness, especially with color. Mix and match kitchens are not the best. If your kitchen appliances don't match, consider ordering new doors, e.g new cabinet doors or face panels for them.

3. Work on your bathroom. Next to the kitchen, bathrooms are important to potential home buyers. You can make a difference in your bathroom at a low cost by adding new toilet seat and a pedestal sink. These are also pretty easy for homeowners to install on their own. One thing you may not be able to do on your own but which will add value to your bathroom is replacing an old, discolored, bathroom floor with vinyl tiles. Bright, energy efficient lighting will also improve your bathroom's appeal.

4. Update closets. Cramped storage spaces are not attractive to potential buyers. You can step up your storage by adding a do-it-yourself wire and laminate system to bedrooms and pantries.

5. Check the mechanics. Having a minor inspection and working on existing faults in your home like faulty outlets, loose wires and water leaks give the impression that someone has really taken care of the home.

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Moving broad for work or fun is both exciting and frightening, here are some things you should know

An ancient quote says, 'those who travel across the seas only change their skies, but not their souls", nowadays the opposite is true. Studies show that people who live abroad find it easier to engage with other cultures. Moving abroad gives you more perspective on life. But it's not easy to take the first step. The thought of leaving your family and friends can be distressing coupled with the fact that you may not know anybody in the new country. However, it's an opportunity to leave your comfort zone and explore different cultures and issues you haven't seen before.

But there are challenges you'll encounter. Paperwork can be exhausting; The stress of trying to blend into a new environment, especially when you're not fluent in their language; The guilt that comes with leaving your family and friends, which they may not initially understand. But facts prove that the distance could actually strengthen your relationship. So if you're tired of the same old routine and want some more adventure in your life, you'll find that you can master the skill of dealing with the challenges that come with living in a foreign city. Whether you're a millennial moving to another country for work or a retiree just seeking adventure, these tips will help make the move as painless as possible.

Tips For Moving Abroad

1. Make some research. You already know this is important. It's a no-brainer. Know a bit about the political climate of the country, the economic climate, geography and important public figures. Also learn something of the culture, history and staple foods.

2. You don't really need much stuff. Unless you're running away from your home country, never to return, you'll find that excess luggage is just what it's called; excess luggage. It's a given that there will be stores and large shopping outlets in the country you're moving to. Also leaving back the excess stuff might be a way to dispose of materialism and reprioritize what's important in your life. However, never forget to take the important stuff. Don't forget to take your favorite 'Abercrombie' shirt or else your mind might not leave home.

3. Don't expect to settle in at once. It might take at least three months before you fully integrate with the culture of a particular place. You might find it hard to make friends during this time. So, don't rush and don't feel like you've to immerse completely while trying to socialize but stretching your limits of comfortability. During this time, you can observe. Also, maybe, get some interesting 'alone' activities to keep it fun.

4. Experience new things. Travelling abroad and not trying new foods, people and customs is like going to school and not learning anything. Don't be afraid to experience new things. Also, don't limit yourself to the big cities. If you travel to Spain, don't spend all your time in Madrid. Check out the smaller town, you'll learn and experience much more.

5. Make local friends. As a new property investor abroad, your local friends will be able to assist you a lot. They'll give you practical information and might even put in some legwork for you. Generally, you're not moving abroad to hang out with fellas from your home country. Therefore, mingle with the locals.