Buying a Second Home Overseas – How to Choose the Right Location

*This is a collaborative post on buying a second home overseas

Over the past decade, the number of Americans deciding to live abroad has steadily grown with more and more people interested in exploring and spending more time in different parts of the world. There are currently over eight million Americans living overseas either due to job posts and work offers from their employer or simply because they wanted to start a new life elsewhere with different experiences. If you are itching to start over somewhere new and want to go and live elsewhere in the world, one of the first major factors to think about is your choice of destination. Deciding where in the world to live is not always easy, and buying a second home overseas can be even more complicated. Here are some top tips for choosing the right destination for you. 

Living Abroad – The Experience

Whether you want to buy a second home to live in most of the year or to use as a vacation home, your experience living abroad is one of the most important factors to consider. There are several things to think about including the language spoken in the country. While relocating to a different country that does not mainly speak English is always possible, some people might prefer to relocate to a mainly English-speaking country or a country where English is an official second language. 

Buying a second home overseas- Working Abroad

If you want to relocate permanently or find a second home where you can spend most of the year, finding somewhere to work may be an important prospect. Bear in mind that in some countries, you will need to have lived and worked in the country for a certain amount of time before you will be eligible to purchase a second property there, which is always worth considering. In addition, some countries, such as Singapore, have strict employment rules for foreigners and it may be easier for you to secure an offer of employment before you make the move. 

Property Types

Another main factor to consider is the type of property that you want to buy. In Singapore, for example, there are complicated rules around buying landed houses as somebody from overseas but, on the other hand, it’s much easier to purchase a condo or apartment like these condos in Taman Desa listed on Property Guru. If you are considering moving to Malaysia or Singapore, you can search Property Guru, the top property search site for these countries, to find out more about the types of property available, prices, and more. 

Buying a second home overseas- Your Budget

It’s important to carefully consider your budget before you decide on where you’re going to be buying a second home overseas since some countries around the world are going to have higher property prices compared to others. For example, if you want to buy your second home in South East Asia, you can expect to pay a lot more when purchasing a property in Singapore compared to neighboring countries Thailand, the Philippines, and Malaysia. 

Getting a Visa

How easy it is to enter the country of your choice might be another important consideration for you to make when deciding where to purchase a second home. Once you have some ideas for the countries where you might like to move to, it’s a good idea to get in touch with the embassies for each country and find out how easy it will be to get the visa that you will need. Many countries allow foreigners to enter the country on a tourist visa for a period of up to a few months, which might be worth considering if you want to visit and spend some time in a certain country before deciding if it’s worth applying for more permanent residence there. 

Buying a second home overseas- Cost of Living

Along with budgeting for buying the property itself, it’s also important to consider the cost of living in relation to the amount you will earn from the work that you do when living in the country. The cost of living can vary a lot depending on the country that you are in around the world, with some much cheaper than others. If you want to relocate to Southeast Asia, Malaysia and Thailand are known for having some of the lowest costs of living, while Singapore is much more expensive, although it’s definitely possible to live cheaply there with the right strategies. 

Infrastructure and Facilities

Finally, consider the infrastructure of the area where you are considering moving to. For example, if you will be using public transport often, how safe and reliable is it? What kind of amenities are available in the area that you are considering moving to? What is healthcare like? 

If you want to buy a second home to live in overseas, you have almost the whole world to choose from. Keeping these important factors in mind when deciding where to buy your second home will help you make the best choice.