The dream of owning a vacation home in your favorite exotic locale may have existed since your first day in the workforce. Whether you have hit the motherlode of retirement or are just looking to jet away sooner, finding a home away from home can be a challenge! To keep you from falling into a money pit, here are a few things to consider before you buy a home abroad.

Earth-Friendliness

With Americans becoming more eco-friendly by the day, you may want to look into the green capacity of your future residence abroad. How green is the home, and how much waste will it produce when it is unoccupied during the year? Is it possible to implement green measures like rainwater collection or solar panels? You may believe you are okay with the large carbon footprint from your home now, but come to regret that choice down the road.

Structural Soundness

Buying a home is an intensive process, and most people hire an inspection company before they purchase. Inspectors will check your prospective purchase for foundation cracks, electrical problems and plumbing or sewer problems. This is critically important before you make a purchase abroad.

Buying abroad presents a multitude of new concerns about your new home, as your exotic country may not be subjected to the same rigorous building standards you see here in America. This means you could have faulty wiring, dangerously close to causing an electrical fire, or the home could simply have been constructed hastily and is at risk of collapse.

Before making any final decisions on a purchase abroad, it is best to find a trustworthy inspector to examine the home. The cost of flying a friend from the states out to the locale to look at the property is negligible if you can avoid a falling-down, money-pit problem.

Building Permits

Are you going to need an addition on the home within a few years? Before making the leap into international purchasing waters, you want to be sure the home will suit all of your needs. If you foresee a need for additional bedrooms, find out what building permits will be required or if there are zoning laws that will prevent additional square footage. Getting stuck with a home that is far too small or far too big can be unnecessarily costly.

Retirement Potential

If you are buying a second home in your early years in the workforce, you are lucky; but, you also need to take into account matters of the future. Consider whether you will have room at the home abroad for children and extended family. Will you want to retire there permanently? If so, is it a comfortable living situation or will it need a lot of work? Don’t jump into a home purchase that will suit you for only a short period of time.