More and more people are buying their vacation homes abroad rather than at home. There are so many reasons to go abroad that there are a number of different types of buyers that all come to the same conclusion. In particular, there are six broad types of people that choose to buy abroad and love it. Here is a run down of each:
These individuals want someplace that is warm all year round, has a relaxed environment and is affordable now that they have a reduced income. Overseas locations in South America and the Caribbean meet this demand perfectly. They are affordably priced and warm all year round. Many of the places like Belize and the Bahamas use English as their primary language so there is no need to learn a foreign language or culture. At the same time, it is a quick flight home to see loved ones and friends.
2. Price Conscious Buyers
Homes in nice, vacation friendly areas of the U.S. can be prohibitively expensive. Communities like Palm Beach in Florida, Hilton Head in South Carolina, and Laguna Beach in California price homes in the millions rather than the thousands. Most price conscious buyers do not want to spend a million dollars or more. Instead, they can find a high quality vacation home in the Bahamas or Belize for a fraction of the cost.
The developing economies are generally growing faster than the U.S. for a number of reasons. They have faster population growth and more rapid infrastructure development since they are starting from a lower base. Investors can take advantage of this by investing in relatively inexpensive real estate in these countries, using them as a vacation home for a period of time and finally selling them for a healthy profit. If they obtain a mortgage on the property, the investment return could be enormous.
4. Cultural Returnees
In contrast to cultural explorers, these individuals share a common culture or language with the destination of their vacation home. They find it easy to get around and understand the local population as well as the sites and activities of the area.
For example, there are more than 40 million Latinos living in America. Many of these people speak Spanish and would benefit greatly from owning a home in Costa Rica where it is easy for them to get around and communicate with the locals. Even if those Latinos have a heritage from another part of Central or South America, they may prefer Costa Rica as opposed to a non-Spanish speaking country.
5. Cultural Explorers
On the other end of the spectrum are cultural explorers. These are people that have lived in one community most of their lives and are interested in seeing the world and immersing themselves in a new culture. They want to try new food, experience new music, and explore new activities. They are ready for the next chapter of life, so they want to get out and see all the world has to offer.
6. Adventure Seekers
Some people want a home close to exciting, adventurous locations. They may be interested in physically engaging activities like snorkeling, scuba diving, kayaking or canoeing. The Belize Barrier Reef is one of the most well-known and interesting tourist destinations in the world for these types of activities. It is the second largest reef globally and has endless activities. Similarly, the Bahamas has a number of outdoor adventure activities and opportunities for water sports. Many people choose one of these two locations to live out their dreams of adventure seeking.
Legacy Global Development is a leading provider of overseas vacation homes for all types of investors and buyers. For more information, please contact us.