A greater number of LGBT people seem to be ditching the traditional package vacation and choosing instead to invest in property overseas. The reasons for this are diverse and complex, and we will attempt to explain them below, as well as review the value of making such an investment.
After reading, let us know what you think about this trend in the comments section below.
Discrimination in their home country
One key reason that many LGBT people choose to buy a second or vacation home outside their native country is the continued discrimination that they face. This discrimination is something that is especially prevalent in Asia and Africa as many of the countries there still enforce anti-gay laws. Although, even in places where homosexual relationships have been decriminalized LGBT people still face significant social discrimination and judgment.
It is not then, so difficult to see why we would then choose to spend as much time as possible in countries that are not so hostile to our very nature.
In fact, for many LGBT people, the chance to spend time in a country where the laws and views are more progressive is a welcome break from this oppression. It is also something that can provide a beacon of light in a seemingly dark world. After all, if you can see that change has happened in one area, then it is not so hard to hope for the same in the place that you are native to, and it is this hope that can fuel LGBT communities that are still living under oppression to continue their fight for equality.
Sensible investment
Of course, the reason that many more LGBT people are choosing to buy vacation home overseas isn’t just one of discrimination in their home country. In fact, it is also a sound financial decision that can pay off in the long term.
The reason for this is that there are two ways in which you can make money from overseas investments of this type. The first is that you buy cheap and then hold onto the property, something that allows you to enjoy it in the meantime. Then sell it on when the market is stronger and pocket the profit.
To do this successfully, it is essential that you keep a close eye on the property news for the area you are hoping to buy in. The reason that this is so important is that by being as informed as possible, you can greatly improve your chances of buying at a beneficial time. Something that means you will pay less for your purchase and can make a greater profit when you do decide to sell it on.
The second reason is that you can also make a regular income from a vacation home overseas, as it’s possible to lease it out during the periods when you are not there. This is something that many people choose to do because it can help pay the mortgage on this sort of property, something that makes it a lot more affordable in the long run.
Of course, for this to be successful, you will need to engage a property management company in the country where your vacation home is based. Then they can clean, and monitor your investments, as well as welcome new guests and provide them with the keys and all the information they will need for their stay.
There are also some mistakes that you will need to avoid in the area if you want either of these investment options to be successful. One is that it is vital that you do not allow yourself to become over-leveraged. What this means is that you need to ensure that you can afford the payments, upkeep, and fees on your vacation property before you decide to buy. This is incredibly important because if you do get into a situation where you can no longer make these payments you could lose your vacation home and it can seriously affect your credit score and the security of your original home.
Next, don’t forget either that there are often many hidden fees in buying a property abroad such as stamp duty, surveys, realtors’ fees and the cost for getting to the location to view the property in the first place. With that in mind, it’s vital that you realistically review the cost involved before deciding to go ahead.
Last of all, a major issue that many people come across when buying a vacation property in another country is the difference in the property buying process and laws in that area.
To that end, it is vital that you do thorough research and uses a professional real estate agent that will keep you informed of any difference between your home country and the one you are hoping to buy in. For instance, there’s REP Calgary Homes that can help you find no matter what kind of property you are looking for in Calgary, Alberta. Sans these experts, you could end up losing money or losing out on the home that you want all because you don’t understand the system in which you are playing.
Other reasons
While overseas vacation homes can be great finial investments, this isn’t the only reason that more LGBT people are choosing to buy them. In fact, there are even more reasons why this trend is becoming so popular, and the most obvious one is that it is fantastic to be able to have somewhere which you can travel to easily and get away from the hustle and bustle of everyday day life.
Also, many LGBT people find that having their own property as opposed to staying in hotels helps them to maintain their privacy and safety when they travel abroad, as well as avoid being turned away from establishments that are not LGBT friendly when they have arrived in their location.
Now I’m not saying that this is always a good thing because we shouldn’t have to hide our true selves away. However, sometimes the practicality and safety of a situation take precedence over anything else, and for that owning a vacation home abroad can be very useful.
