Many people dream of living in a tropical paradise. It would be great to have a place in paradise that you could go for vacation every year or even to have a place to retire. A good option is to buy property in a holiday paradise, such as the Caribbean, central America or Asia, where the cost of living is low, but is a place that tourists love. If you want to buy into paradise, here are a few tips to help make it possible.
Live there and host
There are services that as a homeowner, you can sign up with, that will rent your home out for you, and will take care of payment processing and other important administrative tasks. Examples of these would be Home Away, Expedia Rentals or Airbnb. These services give you a degree of flexibility, because you can list and unlist your home as available, based on whatever is convenient for you and your schedule.
Get a Property Manager
If you are not going to be around most of the time, then it is best to hire a qualified professional to take care of rental and maintenance on your vacation rental. If it is a large property, you might want to hire someone who would live onsite. They could act as a leasing agent, gardener or even a plumber in case of an emergency. There are also services that have many employees, who will send specialists to keep up your property, from a certified electrician to a tropical fish specialist or pool cleaner.
Buy in Complex
If you buy a condo in a multi-family dwelling, in a vacation area, like a tropical island, they may offer property management as a service. These type of services can save you advertising money, because your property will be listed as one in an available pool, when someone visits their website.
Check Local Laws and Taxes
Before investing in any property in another country, be sure that you understand the real estate laws of that country. If need be, hire an interpreter and a local lawyer. Be sure that you figure local and federal property taxes into your total cost of ownership.
Plan Out the Costs.
When figuring out how much money you could be making from rentals, be sure to ask about previous occupancy rates. Ask for proof of their claims. Also get a feel for the area and talk to locals about what the tourist trade is like at various times of the year. Make your best guess and then under-estimate occupancy. Figure out what your financial tolerance would be if conditions changed. If you chose a property well, it could be empty for a good part of the year, without a renter, and you could still afford to buy.
Pick up some sunglasses at Sunglass Hut and some new swimsuits and get away to paradise. If you like it, then own paradise.