Buying a home is a milestone in every adult life. But buying property abroad can be an excellent way to invest your money and build that nest egg for the future. However, as with any other financial decision, investing your Rand overseas can have its advantages and disadvantages. Buying a property abroad can be a complex process that requires the advice of a specialist lawyer before delving in. However, if you are thinking of investing your finances overseas,
Gumtree has the following pros and cons for you:
Pros of investing overseas:
Gumtree has the following pros and cons for you:
Pros of investing overseas:
- Investing in property abroad gives you a ready-made holiday home through the years.
- The rent you receive from this property will be higher than that you receive in your country of residence.
- This property can be a constant source of income that can also help with paying off home loans and mortgages.
- This is an excellent long-term investment.
- You can invite family and friends for a holiday to your property without them incurring accommodation costs.
- If you have taken loans for both properties, at home and abroad, you can be financially strained for years.
- The maintenance costs of your property abroad are solely your responsibility and may be much higher than that in your home country.
- You may need to hire a maintenance company or request family and friends to help manage the property abroad.
- You may be caught in shady investment schemes in the process of investing in the property.
- When investing in property abroad, you are at the mercy of the exchange rate that fluctuates constantly.
