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Source: Modest Money
Saving for retirement is a lifelong process but everyone approaches it differently. For some, it means building a stock portfolio while others choose to rely on an IRA, 401k or another retirement account. Another option – and a compelling one for those with a lump sum to invest – is to put your money into real estate. International real estate in tourism-heavy areas, where property prices may be lower, can make for especially good investments.
How do you determine whether or not international real estate should be part of your retirement plan? Consider these four factors first.
One common mistake that people make when trying to invest in real estate is that they don’t fully understand the area where they plan to purchase the property. That’s why it’s important to do your homework – the more you know about real estate investment and specific real estate markets, the more successful your investment will be.
Don’t be afraid to hire a real estate agent and other professionals during this process. While there are some costs associated with seeking help, you’ll likely spend more investing in the wrong property or overpaying for real estate if you try to go it alone.
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