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Finance

Posted on: 15th Jan 2015

Can you really afford to buy a home abroad? What of the future? Is your income secure and protected against inflation? In the '80s many people purchased homes abroad by taking out second mortgages on their family homes and stretching their financial resources to the limits. Not surprisingly, when the recession struck in the early '90s many of them lost their homes abroad when they were unable to keep up the mortgage payments. As if that wasn't warning enough, this scenario was repeated in 2008-09 - only much worse - when the worldwide property market collapsed in the wake of the credit crunch and resulting deep recession.

            Buying a home abroad can be an excellent long?term investment, although it's possible to get your fingers burnt in the volatile property market in some countries. In many countries local people don't buy domestic property as an investment, but as a home for life. You shouldn't expect to make a quick profit when buying property abroad (although it's possible), but should look upon it as an investment in your family's future happiness, rather than merely in financial terms.

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