It seems that Americans have always believed that buying a home was the best way to grow and preserve wealth. But that’s changing, according to a survey conducted for the National Foundation of Credit Counseling.
The survey finds that nearly half of all participants no longer believe that the American dream of homeownership is a realistic way of building wealth.
About a third of those polled don’t think they’ll ever be able to buy a home. Of those who once owned a home don’t think they’ll ever be able to buy another one. And 31% of current homeowners say they don’t think they’ll ever be able to buy another one, move-up to a larger one, or buy a vacation property or investment real estate.
Ronan McMahon, executive director of Pathfinder Real Estate, says the American home ownership dream isn’t dead. It’s just moved offshore.
Pathfinder Real Estate specializes in research and marketing of value properties in markets around the world. McMahon says that the dream of home ownership and real estate investing abroad is not only still alive, but incredibly affordable.
“Imagine a real estate market where beachfront condos can be had for one percent down and one percent per month,” McMahon says. “In some parts of Brazil, this isn’t the exception, it’s the norm.”
McMahon says that parts of the world, like Brazil, are in a much better position to weather the global downturn. Combined with lower real estate prices compared to the U.S., some of these markets are ideal for relocation and investment.
“When you consider that you can get into pre-construction deals in relatively rich and stable countries with almost no upfront money, it’s clear that the dream of home ownership and investing isn’t just alive and well, it’s actually more affordable than it ever was in the U.S. You just have to look a little farther a field.”
McMahon advises potential buyers and investors to do their homework with a real estate checklist.
“The international real estate market is different than the U.S. market in important ways,” McMahon says, “but with the right information and guidance, it can be just as safe, and even easier and more profitable.”
