Many people dream of a retirement villa, a place to celebrate living, instead of merely surviving. Choosing such a place can be very difficult. There are many factors to consider. It is especially true if you are considering property in another country. It is one thing to choose a favorite location and decide that you will come back there to live one day. It is more difficult to understand the local rules, the quality of the infrastructure, or the legality of the offer. Suppose you are putting down money you can’t afford to lose. This decision needs serious consideration.
Considerations When Choosing a Foreign Retirement Property
- Location: One of the first things people choose is where they want to live. What country, what kind of area, what style of building. A common choice would be a condo near a beach, like the luxury villas for sale in Koh Samui, Thailand from a premium developer. This decision is better made if you have had a chance to stay in such an accommodation, but it is not the most critical detail. Knowing what you want is only the beginning.
- Budget: You should decide your budget early, and you should determine a hard limit to what you want to spend. Keep that limit to yourself and look for properties that are 20% lower than that. Don’t worry. You will still see plenty of properties over your limit.
- Quality: Once you know what you want and have discovered some candidates, your quest should be all about determining if the property is sound and the plumbing and utilities are as good as can be expected. Where is it located regarding noisy venues and traffic? For these questions, you should get an independent assessment from an inspector, and if possible, visit the location yourself. If you are making an expensive flight to see the property, it might be best to view several properties at once. You might consider talking to residents in the area to get their opinion of living there.
- Documents and Legality: If you are happy so far, it is time to get some legal help. Find out if it is even legal for you to purchase that property and the rules around foreign ownership. If you are going ahead with the process, you should have your lawyer involved.
- Visas and Long-Term Stay: Every country has different rules about who can visit and how long they can stay. It is essential to do your research. Some countries have retirement visas related to age, and there is often a financial requirement involved. Owning a property in the country is no guarantee that they will let you stay there. And rules can change without notice.
There can be other considerations, such as finding a pet friendly retirement village.
It is best to be careful, even skeptical, and take your time making sure all the issues of concern have been addressed. Then you will be much more likely to realize your dream of tropical evenings with a favorite beverage overlooking an ocean sunset or mountain view. For those who choose wisely, it is one of the most rewarding decisions you can make. You should never be in a hurry or be pressured into a special deal. The world is full of options; reward yourself by making the wisest choice.