The story highlights Tommy Sikes’ transformation of his hobby into a significant aspect of his business. After realizing the prospect of retirement abroad following the graduation of their youngest child from college, Sikes commenced exploring potential homes in France and Italy for himself and his wife. As he shared these properties online, an increasing number of individuals became interested in owning property overseas but lacked knowledge on how to go about it. Nowadays, Sikes shares approximately 25,000 followers’ and subscribers’ preferred properties through X, YouTube, as well as a weekly newsletter. However, he cautions potential clients against purchasing foreign houses hastily without first ensuring the viability of their financial plans.
Sikes advises individuals to create an inventory that covers assets, sources of income, such as Social Security benefits and pension programs. The evaluation will facilitate inexpensive overseas housing prospects when comparing this expense level with domestic expenditures’ expenses. Nevertheless, before settling on a location for retirement, people must interact closely with tax consultants due to disparities between countries regarding the treatment of investment accounts like 401(k)s and Roth IRAs.
Although Americans are not restricted from purchasing property in France or Italy without being citizens or residents, they may still encounter obstacles such as a lack of mortgage options for foreigners unless they’ve already resided locally long enough to develop an affiliation with native lenders. Even if one is willing and able to pay cash upfront, the procedure could be lengthy due to language barriers and slow responses from agents or sellers who do not speak English fluently.
Sikes suggests that individuals interested in purchasing foreign property should rent for at least two weeks before making a purchase decision since they may fall in love with an area without realizing its limitations regarding amenities, transportation options, and social life. He also recommends hiring local proxies to act as eyes and ears on the ground instead of frequently traveling back and forth between their home country and foreign properties. Above all, he urges prospective purchasers not only to consider property value but also the surrounding environment’s quality of living since it will determine whether they can thrive in that location long-term or not.
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