Modern air travel and the ability to communicate via the Internet make owning a second home abroad a luxurious — and viable — option for today’s families.
By Leila Zogby
Canada and Mexico are among the most popular second-home markets for U.S. residents. “Canada attracts because of cultural compatibility and geography, as well as price, and Mexico because of price and warmth,” says David Michonski, chief executive officer, Coldwell Banker Hunt Kennedy and a Certified International Property Specialist (CIPS).
However, spectacular vacation and retirement homes can be found from Tahiti to Tuscany and everywhere in between.
Favorites Around the Globe
Europe, with its Old World charm and rich history, is always in season. The French and Italian Rivieras, as well as Spain’s Marbella and Barcelona regions, remain favorites of vacationing families and retirees. Corsica’s pristine shoreline and favorable winds are a draw for sailing enthusiasts from around the globe.
The luxury golf communities along the Atlantic Coast north of Lisbon, dubbed “the Golf Coast,” are attracting buyers to Portugal. “Prices in Portugal are good values, and the country has a lovely climate,” says Jill Devriendt, European director, Previews International, Coldwell Banker Europe.
For those who seek “hidden gem” locations, Turkey and the Adriatic coast of the Federation of Bosnia and Herzegovina, the former Yugoslavia, offer emerging opportunities.
Latin America, particularly Brazil and Argentina, as well as Panama in Central America, continue to draw interest from U.S. second-home buyers. Still can’t decide/ Islands anywhere in the world are can’t-miss dream destinations.
Simplify the Complex
Buying abroad increases a real estate transaction’s complexity. Buyers must meet the financial, legal and immigration requirements of another country, and must understand the impact foreign property ownership may have on their personal finances at home.
Engaging an experienced international luxury property specialist eases the process. The real estate professional understands all aspects of the transaction and can connect buyers with attorneys, lenders and others. And after the purchase, the real estate professional can help with ongoing maintenance and rental issues. “There no longer is a stigma to renting your home. It makes sense for many people who can’t use their home year-round,” says Jacqueline Grellinger, broker associate at Coldwell Banker Residential Brokerage in Boca Raton, Fla., and a CIPS.
International home ownership is definitely on the rise. “Twenty years ago, I was one of 25 real estate agents who were Certified International Property Specialists,” says Michonski. “Now there are more than 2,000 and the number is growing rapidly. We are filling a need.”
| 