More and more Americans are taking the leap of buying a second home abroad give that the U.S dollar is still strong and the significant decline of property prices in some international markets during the financial crisis.

In recent years, American buyers have shown strong inclination for buying properties in Canada and various European countries including Spain, Italy, France, and Germany. Mexico has also become a top choice given that it’s right next door and moving to the country is comparatively easier. Especially, the Mexican city Puerto Peñasco or Rocky Point has been growing appeal among American retirees and second homebuyers.

A second home abroad can boost your income and assist with your vacation and retirement plans. But, before sealing a deal, you have to sketch out a good purchase plan and work on it to avoid any problem afterwards. Let’s take a look at our 3-step plan for buying a second home abroad:

Probe into Your Desired Market Carefully

The first step of buying a home abroad should be carefully checking on every details of your targeted market. Are the property prices rising? What are the laws about foreign ownership in that particular country? Does the country impose any strict conditions on foreign buyers? It’s important that you do your homework before putting up your money in order to avoid scams or disappointment.

Plus, the choice of location should depend on how you are going to use the purchased home. Will you use it as a vacation home or a permanent abode? If you are eying for a permanent home, look for a market that offers you plenty of options fitting your budget and desired standards of life.

Puerto Peñasco can be your perfect destination in this case because it’s culturally familiar; almost everyone here speaks English; has miles of wide, sandy beaches; and enjoys brilliant sunshine and pleasant almost the entire year!

Check out the Residency Laws

Buying a home in a foreign country doesn’t give you the right to live in it permanently. Some countries allow you to live for a temporary period but the process of gaining long-term or permanent residency is a complex one. If you are buying that second home as a permanent abode for future, make sure you qualify for that residency status of that country.

Comparing to other countries or regions, the process of getting permanent residency in Puerto Peñasco is very easy. You have to apply through the Mexican Consulate and show them the passport books, verified documents of 6 months of income, and some other supporting documents. The entire process will take a couple of weeks and will cost you just $350-$360. The great thing is you never have to pay again for an Immigration Visa or even renew it once you have the permanent residency card.

Seek Professional Help

Buying real estate in a foreign country involves a great deal of work and it’s a tough deal for one who’s unfamiliar with foreign real estate markets. So, the last step of buying a home abroad is to take professional help from an experienced real estate agent or a reputable agency that can help you avoid hassles, scams, and pitfalls. They will educate you about the residency laws, tax laws, and other requirements needed for the purchase and help you to prepare your required documents for the deal. You can also hire a professional lawyer who will safeguard you from potential legal problems.

Buying a second home in a foreign country is a life-changing decision. But, it takes much pressure off your shoulder when you choose a location that is just 62 miles from the U.S. border, offers you less cultural shock, pleasant weather, affordable property prices, and other facilities. So, arm yourself with a solid plan for buying your second home in Puerto Peñasco.