Renting Versus Buying A Home When Relocating Overseas

“Kathleen, I’d like to comment on the ‘Rent Before You Buy Overseas? No Thanks‘ article you ran recently.

“Since anyone who buys over the internet or within the first few days of arriving in a new place can’t possibly ascertain what are the best deals, or what hidden defects are involved, of course one should rent at least a few months to be able to look at all the deals and all the properties advertised or with for sale signs.

“Get second opinions on all the deals from various competing brokers.

“Once in Panama we saw a great place on a lake nearby Panama City with a great little private beach. When we told another broker about that place he said it hadn’t sold because the lake was full of crocodiles. He pulled up a photo of our ‘private beach’ with a half-dozen crocs sunning themselves, waiting for lunch.

“In Spain, we almost bought in a beachfront subdivision that was in the process of being legally condemned for having been built without proper permits. Later, it was scheduled for demolition with no compensation for owners.

“Spending a few months to look and investigate is in my opinion essential. That will reduce the odds of being taken for a ride.”

–Greg P., Panama

Continue Reading: Expat Life In Cartagena, Colombia

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