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Many Canadians are looking overseas to buy property because prices in Canada have risen dramatically over the last few years. Many see their overseas investment as much more affordable than if they were to buy land here in Canada.
There are many reasons why Canadians are buying property overseas, including:
1. Investments overseas are generally cheaper than in Canada
2. Buying property overseas can be risky, but it can also be very rewarding.
3. Retirees often look to purchase land or property overseas in order to experience a different or more affordable lifestyle
Buying property overseas is a major undertaking that requires preparation. Do your research. Are you looking to relocate for work? or be close to family? or looking to spend the winter months somewhere warm ( US, Mexico or the Caribbean).
When purchasing property overseas, it's important to be aware of a number of things including:
If you’re having trouble raising the full amount required to purchase property overseas, you may need to find a way to finance your investment. There are financing institutions in Canada that have branches or business partners in foreign countries worldwide, which may be able to provide you with a financial solution. Most of these will help you complete the required paperwork and make the necessary transactions.
The Internet is a great place to look for more information regarding financing options in specific countries. If you can’t find what you need, it may be wise to reach out to a broker or financial expert in order to receive additional guidance when looking into property overseas.
When you're sending your hard-earned cash to another country, it's important that you consider all of the available ways in which to get this done. In order to make sure that every penny is going towards what matters most (buying property), be mindful about how much will go into fees and charges by considering a few key facts before choosing one method over any other:
Banks or other financial institutions like credit unions. Banks tend to charge higher transfer fees and provide less competitive exchange rates.
Specialist money transfer service. It may be a better option for you to use a specialist money transfer service that is dedicated to sending money overseas. These companies will likely offer the best rates and allow you to send over certain amounts of money without charging any transfer fees.
In the event that you are planning to purchase a property, one key point to consider is the currency transfer exchange rate. Exchange rates vary and fluctuate constantly, so it’s better for you to purchase an overseas property when the rates are favourable.
Remember that this rate will also affect any income that you’ll receive if you rent out your property, and this may vary from one year to the next. In order to get the best rates and lowest fees when sending your money between countries, you might want to consider a currency exchange service like MTFX.
The MTFX platform is a cost-effective way to buy property overseas, exchange currency and get your money in the local country.
Forget about paying excessive bank rates for exchanging currencies on international transactions!
The quickest sign-up process will take you 5 minutes or less!!
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