Making the Right Move | Pathfinder International

Wednesday, April 28, 2010

Dear Reader,

Over the last few months, we've helped you choose the right overseas destination for a second home.

We started with our four step process, and the factors that motivate us to make the move. Those motivations are different for each person; you may want a second residency or retirement benefits...or perhaps beach living year-round is your dream. Identifying your motives for moving will cut the number of potential countries on your shortlist.

We identified some of the most-important items that you should consider before buying a second home abroad:

Cost of Living: With a sluggish economy back home, cutting the cost of living takes priority for many. Ecuador tops our list in terms of low day-to-day living costs. Both Panama and Ecuador rated highly with their retirement visa discounts, saving money on entertainment, travel, and monthly energy bills. Read more here.

Affordable Real Estate: We uncovered some areas with low-priced properties, great intrinsic value…and monthly payment plans that make even luxury properties affordable.

Medical Care: For quality medical care, Panama took the honors. Panama boasts excellent quality care in hospitals such as Punta Pacifica, the only Johns Hopkins-affiliated hospital in Latin America. Private medical insurance and complex treatments cost less than in the US—and many doctors and specialists are US-trained, and speak English. Costa Rica’s new immigration law enrolls all residents into their national health care system…great if you’re on a tight healthcare budget. It costs roughly $50 a month, and covers pre-existing conditions. Click here to read further.

Climate: This was tricky. Brazil wins for lovers of warm, beach weather year-round (although we appreciate the sunny charms of Costa Rica, Nicaragua and Panama, too). For cooler conditions, we have three country choices. For those who prefer four seasons, see my report here.

Accessibility: This applies not only for you, but also for renters, and buyers at resale time. Have a look here for some of the most important property accessibility considerations, and a few close-at-hand property picks, a half-day from the US.

First-World infrastructure: This is important, especially if you plan to run a business. First-world infrastructure includes items like fast, modern highways, drinkable nationwide tap water, unlimited availability of reliable telephone lines, good cell service, and high-speed, 100% reliable internet access. Panama just edged out Uruguay in this category. See my full report here.

Entertainment: Next, we steered culture buffs to Buenos Aires, and outdoor sporting types to Costa Rica’s Southern Zone. Take a look here.

Language: If learning a foreign language is a scary prospect, look to English-speaking Belize…and a surprising alternative in Mexico. Read about the ins and outs of language here.

In-country explorations: The next step in finding a home abroad is visiting the 3 or 4 countries on your whittled-down shortlist. And thanks to Pathfinder Chill Weekends, you can explore your countries of choice in a relaxed atmosphere, and at a low-cost. Read on here.

At the end of our four-step process, you should have a clearer idea of which countries are a match, and have just one or two remaining on your shortlist.

What’s next? Renting for a few months. You need to live like a local…shopping at grocery stores, meeting dentists, doctors, attorneys, other expats…and investigating the local real estate market. In other words, try living in your country of choice in the way you’ll be living there after you buy, or move.

This year could be the year you’ll make the big move. Just follow our four steps first, and make sure it's the right move.

Margaret Summerfield