Owning a home ‘back home’ comes with some major Pros & Cons for International Educators. A big Pro of home ownership, and I think you’ll agree, is you have a place to retreat to in an unforeseen crisis such as Covid-19 putting a sudden end to your job. On the other hand, a huge Con for home ownership is the question of ‘How do you take care of the place and protect your investment when you’re 1000s of miles away?’
If you are planning to own a home from overseas, the Con side — a mortgage, potential troublesome tenants, regular maintenance and upkeep, annual taxes and insurance, emergency repairs — needs to be balanced against the Pro side — potential rental income, property value appreciation, a home to park yourself during the summer, a place to call home in the event of an emergency.
If a mortgage and other house-related bills are dependent on your teaching position and/or tenants, you may want to think twice. The headaches may not be worth the benefits of long-distance home ownership. However, if you’re financially solvent, home ownership could be the way to go, provided you have trustworthy people to oversee your property in your absence. Teachers report making more in rental income as compared to their salary.
ISR asks: Do you own a home that you maintain from a distance? Has it been a positive experience? What advice do you have for other International Educators considering owning a home ‘back home?’
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