Counting The Complete Costs Of Property Ownership Overseas
Nov. 4, 2011, Medellin, Colombia: The purchase price and closing costs are only the beginning of the total cost of property ownership anywhere in the world. You must also remember the costs of taxes and, especially, homeowner, or HOA, fees, before making a property investment in another country.
Dear Live and Invest Overseas Reader,
When buying property in a foreign country, you have to consider a number of expenses beyond the initial purchase and closing costs (which can be as high as 10% in some countries). You have to understand all associated carrying costs of any foreign property investment, and you want to do this before you make a purchase.
In the United States, property taxes can be a big (maybe the biggest) cost of carrying a piece of real estate, but not all countries impose property taxes. In some countries, this carrying expense is zero; in others, it is negligible, maybe US$100 or US$200 per year.