In previous issues of Escape From America Magazine we detailed some amazing properties you can buy overseas for $150,000 or less . The following week we listed properties available at $100,000 or less and then what you can buy on an even lower budget of $75,000. This week, part 4 of our 4 part series, we are going to show you what $50,000 will buy. We looked for homes that were ready to move in to, or needed very little in the way of renovation. Instead of providing the links to the properties featured in this article we are listing them on a separate newsletter which is free and easy to subscribe to. This is so that we can keep you up to date with properties in a price bracket that suits your pocket. Subscription details are given at the end of the article.
Read on …….
Imagine if you could escape abroad for no more than $50,000 – and if that escape meant you could buy a brand new home overseas and live mortgage free on such a tight budget?
On just $50,000?
Yes, it is possible – if you look long and you look hard and you step off the beaten track you can find almost impossible to imagine bargain real estate around the globe for a very tight budget of just $50,000.
We’ve been and searched the four corners of the globe for you – and trust us, no matter where in the world you would like to lay your hat and call home – whether that’s in Africa, Asia, Europe of even Australia, we’ve found you some choice homes for sale. Granted, some are more attractive than others – but even where we have failed to find a fully functioning home ready to move in to, we can supply you with a renovation project that you could work to enhance and add value you to.
So, if you fancy selling up everything you have and heading out for an overseas adventure, stick a pin in the map and see if we can match a $50,000 home to your choice of nation abroad…
Note: property details including prices are based on those listed by the vendors and agents contacted, and exchange rates are based on those on the 22nd of November 2009.
Buying on a Budget of $50,000 in Asia
In beautiful Sri Lanka a prime seaside plot has just come up for sale for bang on $50,000…and the best thing about this plot is that it comes to the market complete with an old house already on site. This means that anyone who buys here has a precedent set for the development of a home on this incredibly well located piece of land.
Located on the Kalpitiya peninsula, two and a half hours from Colombo, this property is going to be highly in demand simply because of the stunning nature of the location. You’re surrounded by some of the best tourism hotspots, and you’ll own a seaside plot facing the Bar Reef which has the greatest biodiversity of any coral reef in the waters around India. The plot is one and a half acres in size, it’s just north of Kalpitiya town, and this whole area is currently untouched – although this is bound to change in the near future as many plots along the beach have changed hands in the last 6 months
You could either just buy and land bank, or you could get in now, build a dream home or a tourism facing business, and sit back and let the area around you appreciate in value.
If you fancy one of the fastest emerging markets in Asia instead for your home or investment real estate purchase, have you considered India? In the city of Chandigarh in the region of Mohali there is a new development of apartments coming to the market that you can buy in to from just $44,550. The development we’re focused on is due for completion by the end of 2011, it’s just 15 minutes away from the local airport and all the apartments have 3 bedrooms, and they are set within a gated community with good school and shopping access in the immediate vicinity.
Chandigarh is renowned internationally for its architecture and urban planning as it is the first planned city in India, and it has the highest per capita income in the entire nation – this could therefore make an exceptionally good investment property with decent rental yields perhaps.
An African Dream for Just $50,000
Those on the hunt for the ultimate bargain in terms of a fabulous holiday home overseas might like to consider an apart-hotel development on the Red Sea in Egypt. Located in the very popular resort of Hurghada, this development has properties for sale from $44,500 – and you can ask $20 a night in terms of room rental income when you’re not using the property if you like.
The apartments in the hotel are sold fully furnished and so you can use them or let them out for an income immediately, and on site you have everything from a swimming pool to a gym, a spa to a pool bar and even a restaurant. As the Red Sea Riviera in Egypt has year-round sunshine, this could make for a perfect retreat or even an ideal investment in the sun.
If the thought of buying a property in Africa for you is more akin to owning a home somewhere like Kenya where you can go on safari rather than relax by the Red Sea beaches, then how about a home with a guest house for sale for a negotiable $50,000 in Shanzu, Mombasa in Kenya? The property is Arabic in design, it has high ceilings, is airy and cool – it was fully renovated in 1996 so just needs a little updating, and because it comes with its own separate guest house you could think about running it as a business. The property is set within its own walled compound and there are kennels onsite for guard dogs, it has its own underground well and the grounds in which the property is set are wooded.
Staying Close to Home in North America on $50,000
If you’d like to relocate but stay closer to home, what about a 3 bedroom bungalow with garage, basement and large back garden for $39,696 in Trepassey, Newfoundland, Canada? The home offers ocean views from the front and rear, it has been internally decorated relatively recently – although, perhaps not to everyone’s tastes! And according to the current owners, you can watch boats coming into the local harbour while you barbeque in your own back garden, or you can sit on your front porch overlooking Fanny’s Pond and the Atlantic Ocean.
The house is set in a quiet cul de sac and it backs on to green belt land. You can enjoy great fishing, hunting and ATV-ing all year round, plus enjoy snowmobiling in winter. Locally the town is lively and you’re only an hour and a half from a major city. Or, for even less you can buy yourself a run down but spacious home in Nova Scotia that is set in an absolutely ideal location. The 3 bedroom house for sale is in Digby on Acacia Valley Road, with homes around it selling well for anything up to $130,000 – and yet this project is on the market for just $21,388, leaving you over half your budget to turn this empty, unloved piece of real estate into a stunning family home.
According to the agent selling the property, Digby is a beautiful and historic town on the Annapolis Basin, with a close-knit community, year-round activities and a bustling summer tourist season. Take the ferry to the mainland or drive into the city of Halifax and either way you’re in for some gorgeous scenery!
For those who are looking for a project or perhaps a new home for themselves, there are even bargains to be bagged in America you know. For example, a bank-repossessed house is for sale in Detroit that I defy anyone not to be blown away by. This house has 4 bedrooms, 3 receptions rooms, it’s built in the Colonial style, has spacious gardens and according to research, could offer rental yields in the region of 20% simply because it is on the market for just $48,697. However, if such a spacious property is more than you had bargained on and you’d maybe worry about the upkeep of such a home – what about an apartment in one of the best areas of Florida for just $49,000 instead? For sale are brand new condominiums in Orlando, close to the theme parks and set within a beautiful development of low-rise apartment buildings.
These apartments are quite possibly the ultimate investment property for anyone with $50,000 to spare – what’s more, they are in pretty much permanently sunny Florida, so even if you only get a few days holiday a year yourself, you can still enjoy your purchase at any time of the year and rent it out for the rest of the time.
Heading South for Real Estate Bargains in South America with $50,000 in Your Pocket
Brazil is a great place to go on the hunt for well priced and well located property overseas – although a lot of what is for sale tends to be off-plan – which is less than ideal if you want to pack your bags and move tomorrow. However, for someone in such a hurry we’ve found a two-bedroom house that’s a 3-minute walk from a beautiful beach, and it’s on the market for just $41,958.
Located in Taiba, which is 60km from Fortaleza and an international airport, the property is spacious and well finished. Taiba is a charming former fishing village with good infrastructure and plenty of shops and restaurants. It’s a perfect place for relaxing and it is becoming a very fashionable place to spend the weekends if you’re Fortaleza’s wealthy citizens! International tourists are also falling for Taiba’s idyllic peace and charm – and the town’s international food festival is a particular draw.
If you’re thinking of moving abroad and you want to start or run your own business, a better bet in South America for your $50,000 could be a vineyard in the Mendoza region of Argentina. Famous as the wine growing capital of the nation, Mendoza is also fast becoming an international tourism hotspot – with a lot of expatriates from around the world now calling this particular part of Argentina home.
For sale for between $36,000 and $48,000 is a private vineyard just south of San Rafael in Mendoza. The real estate offered for sale comprises of the full ownership of just over an acre of fine grapes in full production – with irrigation and net covering against hail damage. The sale price includes full management and administration by a professional staff as well!
The land is in a great location with the airport just 5 minutes down the road, and you have what the owner is dubbing a ‘residential alternative’ – in other words you can construct a property on the land as well. All services such as water and electricity are on the doorstep of the property.
If you buy this you can produce 400 bottles of your own wine, with your own label a year! You also have the chance of getting involved as much or as little as you want in the wine making process. So, for your $50,000 you can have all the joys of owning a vineyard and producing your own wine, but without the hassle – and the sale price is from $36,000 without vines to $48,000 with full production vines.
Property Hunting in Europe on a Tight Budget of $50,000
Europe is not generally considered cheap when it comes to real estate – after all, some of the most expensive cities in the world are in Europe – think London, Paris, Milan…but is it possible to bag some real estate bargains in this neck of the woods? You bet it is! First up we have an entire apartment block for sale in Germany. Now whilst you may wonder why we’re featuring this – as Germany is not a popular place for expats to relocate to – could we just point out that the vast majority of Germans still rent their homes. Therefore, this could just be an exceptional investment opportunity.
The apartment block is in Apolda, a pretty market town 70km west of Leipzig in the Federal State of Thuringia. It comprises of 5 units, 2 of which are already let – with the 3 remaining requiring complete renovation. Bearing in mind that all other apartment blocks in the area have been renovated already, you would certainly be able to add massive value to this property which is on the market for just $40,705.
If you want emerging market value in Europe instead, you can find this in Albania in the form of beachfront apartments in a brand new development that are on the market from $50,547. Situated in Sarande, just 5 minutes walk from the beach, 10 minutes walk from the centre of the town and 15 minutes walk from the harbour, you can buy a studio, one or two bedroom apartment with sea views in a truly emerging nation…or, you can buy a renovation project in France!
For $47,408 you can purchase a fabulous barn with beautiful countryside views that’s just a 10 minute drive away from the charming towns of both Chabanais and Confolens. This barn is also just 5 minutes from the lakate at Roumazieres-Loubert, and only 30 minutes away from the airport at Limoges making it ideally located. It does need complete renovation however, as it is only a shell of a property – but if you want to get your teeth into something, this could be ideal.
Surely There are No Bargains in Australia for $50,000?
So finally we arrive at the very bottom of the world – well, almost! And we reach the Australian real estate marketplace…where surely there are no bargains for our tight budget of just $50,000? Wrong! Even in Australia, where property has boomed and has not bust like it has in the rest of the world, you can bag a home for the tightest of property budgets. For your consideration is a small family home in Caragabal in New South Wales which is tipped to become a commercial mining town. Okay, so that fact may not thrill you – but looked at in another way, it could mean that any property is a veritable goldmine in investment and rental yield terms!
For sale for just $22,800 is a two bedroom, very basic cottage on a decent plot of land in a friendly township. If you’re looking to run away and hide overseas this might be right or you – or if you want to take a punt on the local community being transformed if the local mine becomes commercial, this might be the best bet you put your money on this year! Alternatively, we’ve found you a house in need of renovation in Gulargambone in New South Wales. The house has 4 bedrooms, it’s an hour from Dubbo which is an employment and tourism centre in the region, it’s close to all the local amenities such as schools and shopping facilities – and because it’s on the market for just $45,761, you could still have over $4,000 in your kitty to make it into a new home from home for you.
To conclude – it’s clear that you don’t have to break the bank to escape overseas, to find an investment that’s potentially better than any pension fund or to find a fun place to frolic in the sun. $50,000 isn’t much in terms of real estate dollars – and yet, as you can see, if you hunt far and wide and think perhaps a little outside the box, you can find anything from a dream home overseas to an amazing investment opportunity abroad.
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About the author: Susan Beverley is a writer and editor for Escape From America Magazine and also writes for and maintains Expat Daily News – the expat news blog for EscapeArtist.com. She traveled extensively before becoming an expat herself having found a place to call home in South America where she has lived for the last five years. She understands the concerns, needs and difficulties that expats face from first-hand experience and is dedicated to supporting and encouraging anyone who is looking for a new nation to call home.