Job Discussion Forums

tomwaits · Joined: 27 Nov 2011 Posts: 13

Hi,
A bit general but does anyone have experience of buying a flat or house abroad whilst working as a TEFL teacher?
Would be interested in good and not so good experiences, also areas that might be better value than others.
Thanks.

Opiate · Joined: 10 Aug 2011 Posts: 630 Location: Qingdao

I'd highly suggest narrowing it down to a specific country or region at the very least and ask on the forum for that country/area. As it stands, your question is rather general yet you seem to be looking for specifics that may not carry over to another country.

tttompatz · Posted: Wed Jan 25, 2012 10:37 am Post subject: Re: Buying property abroad

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

We bought an apartment in Mexico City and as mentioned there were some legal hoops to buying property as a foreigner involving applying for the permission to do so from the Mexican state department. Nothing onerous but we did have to sign an agreement stating we would not seek our home government's help should any dispute arise, and land disputes do arise often in many parts of Mexico.

spiral78 · Joined: 05 Apr 2004 Posts: 11534 Location: On a Short Leash

We also own two places 'abroad.' All good experiences.

MotherF · Posted: Wed Jan 25, 2012 4:16 pm Post subject:

Like Guy I bought a house in Mexico.
In my case I used the government mortgage program which is an excellent deal. In personal experience and from other people I know, I would say the biggest draw back of this program is the builders who go in for it have zero interest in building quality people buy from them because they work with this program, not because of their reputation.
My mortgage payments are deducted directly from my paycheck and I'm six months from paying it off! (I've lived in and been paying for the house for eight years) I had no money up front as a downpayment.

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

MotherF · Posted: Wed Jan 25, 2012 4:52 pm Post subject:

They constantly change the program, but you get locked into what ever the conditions of your loan are. I actually don't pay intrest, because when I got my loan, the interest was fixed to what my employers INFONAVIT contribution for me is--so instead of stocking up more money, those payments are now my interest. The other draw back is that everything is calculated in minimum wages. I started paying in April 2004, and in January 2006 was shocked to see that the peso amount I owned was almost exactly the same as it had been in January 2005 due to the increase in the minimum wage.
One big difference from banks is banks often have penelties for paying off your mortgage faster--how dare you deprive them of their interest!--where as INFONAVIT has several things in place to encorage you to pay off faster. In the fall of 2010 I won two months' payments in a drawing!

Talk to someone about using it to buy undeveloped land--in the past that wasn't possible, as one of the goals of the program is to stimulate the construction industry--but as I said, they are constantly changing the conditions, and there have been a lot of changes in the last 5 years (including an allowance for green homes!--I wish they'd had that in 2003, when I got my loan).

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

green homes...that is interesting as we're thinking summer ranch style home, and a place to keep some horses. As we own our apartment here, we get to take part in setting policy for the building (16 apartments total) and I've been pushing for investment in rainwater recovery and solar paneling but I'm meeting resistance on those issues. Like herding cats.

I didn't think to ask about undeveloped property, but will thank you.

MotherF · Posted: Wed Jan 25, 2012 5:03 pm Post subject:

You can also use it to "improve" a home you already own.

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

An improvement would be to get rid of the downstairs neighbours...you think they'll fund that? Wink

BadBeagleBad · Posted: Wed Jan 25, 2012 5:57 pm Post subject:

tomwaits · Joined: 27 Nov 2011 Posts: 13

Thanks all and opiate, I take your point.

Haven't decided on where yet, but possibilities include Turkey, Europe and SE Asia. Will post there as advised.

Not looking at mortgages as probably too old. So a modest apartment or small house is possibly what I will be looking for.

MotherF · Posted: Wed Jan 25, 2012 7:36 pm Post subject:

I had to laugh as modest apartment or small house and mortgage are not mutually exclusive!

naturegirl321 · Joined: 04 May 2003 Posts: 9041 Location: home sweet home

I bought two in Peru. Cash only. It's doable. get a property manager though. My experiences were good, you've got to jump through hoops. NOt sure abotu your situation, but if you're on a temporary visa and you can't renew, find out if that affects the property or not.