Is It Ok to Rent or Buy your Home Abroad ? // SAY IT LIKE IT IS – Ep 08

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Phrankleen

Joined: Mar 2024
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Is It Ok to Rent or Buy your Home Abroad ? // SAY IT LIKE IT IS – Ep 08


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41 Comments

  1. 8 of out 10 Africans end up retiring overseas. The goal is to head back home but as we all know it comes with its challenges. Majority of us build homes back in Africa but just spend a couple of weeks in it when we go to visit whiles renting overseas . Here in the US the smartest investment to make is owing a home, even if it’s a small condo. Homes appreciate, so instead of renting I think it’s smart to own a property, if you can. You can still acquire a piece of property back home along side this investment.

    My other advice is to go for a 15 year mortgage, try and pay it off under 10 years if possible instead of a 30. This way you pay less interest to the banks. Getting a 30 year mortgage is like paying for 2 houses if you do the math.

    Also let’s stay away from credit cards and car notes. Debt is an acid that eats wealth so save up and pay cash- Dave Ramsey.

  2. Real estate appreciation and cashflow in the west gives you so much that you can buy anything you want if you decide to go back anytime. Putting money in a hole back home gives you no growth on your capital. You can use real estate to leverage your saving and have renters pays your mortgages. Take time out to check out the bigger pockets podcast and you can see ordinary people killing it in real estate with little to no money down. Also, the tax savings from real estate is fantastic here in the US, we get to subtract tens of thousands of dollars from our taxes for owning real estate. I should have stopped qualifying for tax returns years ago but still get paid by the government for creating housing. Just want to say, everyone has to get educated on what they can afford/need and how they can use the benefits of owning or renting to their advantage. Great topic my brother.

  3. In 2008 depression many people lost their houses. Foreclosed to the bank. The rest ended up paying for their houses twice. Even though the house now worth less than they bought it for.

  4. Invest up to 90% of your income where you live and it is more secure and then you can take it with you and go wherever you like when retirement. Africa is still have shady system of government.

  5. Bought a house in GA for 290 during the recession (2012), paid it off in 2017, and sold it for 460K in 2019. I live in NYC but will never buy in the northeast. I love being a landlord and owning property..so it is what it is…

  6. You just hit the nail on the head. The issue of maintenance is another thing when considering buying or renting an accommodation abroad. For eexample, maintaining a rented place is usually done by the apartment office, while you do the maintenance yourself if you own the house. Maitaining it yourself is usuallyly expensive. Like you said, home is the resting place. Africa will always be my resting place.

  7. Well said Mr Phrankleen, but buying your home is always better than renting. If you can afford to buy a home…..go for it because you are building equity compared to rent which is an expense that you can never get back or paying off someone else's mortgage. Properties usually appreciate so your home can actually work for you in terms of equity and building wealth. If you manage your finances well, you can even save and pay off your mortgage faster with less interest (as lump sum payments or prepayments go towards your principal). Buying a property or properties in Nigeria is also good investment. It all depends on what works for you at the end of the day. Yes, most people who build or buy properties in Nigeria pay cash and own it outright. But it's either those who earn very big income or politicians. it will take the common man with a decent job almost a lifetime to save and finally build/own his/her own home (in most cases close to retirement age or even after retirement). Buying a property or building in Nigeria is a great investment but you need to be on ground to secure and protect your investment or else……it will be your worst nightmare. Finally it all comes down to choice, fore sight and being smart with your finances. Build wealth and plan for retirement…….that's all

  8. Great advise. Man ,even in tell people they wlll never want to agree, for me I prefer building on Africa nigeria,cos buying home here in American is not the best at all cos u with keep paying still the rest of ur life, cos I live I'm American I kwn. Alot of friends still pay mogage at their old age, is not really the best best ,prefer to buy in African

  9. East or West, home is da best, it's not only the economics (money matters) that is the issue, the culture, the atmosphere, the integration, makes owning homes abroad for immigrants (Specifically blacks) a very unattractive idea, in my opinion, its a HOUSE, not a HOME. No interaction with your neighbors, no communal living, racism, stigmatization, bullying for your kids, its sickening, mehn, if you can, go and buy real estate in a state capital in Nigeria, that's the best, security in those places (estates in Nigerian big cities and state capitals) are very ok, and many more positives, and you will live life to the fullest. and things are changing, money is losing value, and house prices are going up yearly, plus paying property taxes till you die, loneliness, boredom, people looking at you like wtf, naa, Naija4life ooo

  10. I own one apartment in which I put tenant that are paying my mortgage and I live in a renting apartment that is cheaer than the cost of my mortgage.
    I am going to start to save money build in Africa. I believe money from a Loan should stay in Europe and be paid by european tenants and money from my work should be invested in Africa.

  11. Michael Allou below gives a better advice than Phrankleen. Africa is generally unstable therefore buy a house abroad (e.g. UK, US, etc) and sell on retirement to purchase a house in Africa. Western currencies are far more valuable than African currencies. Phrankleen forgets to mention that you can be insured against death, unemployment etc, which means your house may be paid off completely in the event of death – God forbid that it is untimely – and your partner may no longer be required to pay a penny for the house.

  12. I bought 2 semi detached houses, we are renting out the smaller unit which generates over half of what I pay to the bank. Basically cheaper than what I paid as rent to my former landlord.
    If you have kids that are born or raised here, it will be almost impossible to relocate them to Africa or in my case Nigeria. We’re buying landed properties at the moment and hoping to start developing it gradually towards retirement living partly abroad and Europe.
    At long run, we’ll be leaving the property for our kids by God’s Grace.
    My advice, if you are credit worthy go for it.

  13. I’m definitely that Nigerian that’s not interested in going to no Nigeria blah blah.
    Please, nobody should come for me ooo. It’s my life & opinions l.
    Too much unnecessary stress for me.
    I would however go visit here & there. I ain’t killing my self for a country that doesn’t care for its own.

  14. It doesn't work like that in France to buy a house in France😏is very very expensive except if you're buying an apartment, if you buy a house in France probably may be one day you want your children to inherite it hmm your children will have to pay some percentage to the government depending on the amount the house worth that's why most black people don't buy house here instead they build there house back home. You guys are lucky in America 🇺🇸

  15. Don’t try to acquire a property abroad if you’re married to an indigene or a white woman,kiss your property “good bye” if the relationship collapse,all your sweat down the drain.I would rather invest my money where its safe.Home is safe

  16. If you live abroad and are in legal status, I would highly suggest you invest in a house. My personal story, my wife and I started our life in a starter home about $140k in the Midwest USA, the mortgage with taxes was $1080. We worked hard for 7 years and paid it off. Sold that house for $168k and used part of that money as down payment to buy a bigger house in a better part of town. We plan to pay the new $445k house in 15-20 years. By that time it’ll probably be worth $500-$600k.

    When the kids are gone, sell the big house, downsize on a house in the USA and use part of the money to buy whatever house I want in Africa. My retirement plan is to spend 6months in Africa and 6months in the USA.

    Don’t be out of the real estate game if you plan to be in the USA long term. I paid rent for 13 years in the USA before I became a homeowner and I could have purchased a small property with all that rent money.

    If u want to go back to Africa sooner (within the next 3-5 years), you should live in the cheapest apartment/studio you can find and work as hard as you can to stash all the money you can to make the move quickly. When it comes to investing, time is your biggest friend, the earlier you start the more time you have for compound interest and appreciation. I have a friend who has been talking this going back to Africa talk for longer than I have been married and while he was dreaming I bought a house, paid it off and live in a bigger house.

    Just do it.

  17. agree to some of your views but when it comes to rent or mortgage no matter where you are its best to go on a mortgage as rent money is considered dead money , imagine paying for a rent @1000 for 1 yr that's 12 k gone with no recovery, and there is a tendency for it to be increased every 3 or 4 yrs compared to mortgage where you pay and most times mortgages are cheaper and are not considered  dead money cos it is an investment you reap at the end of your tenure and one day you will become a house owner which you cant while renting . different stroke for different folks.

  18. Buying a house is a wonderful thing…but this nonsense so many people do, as in buy a house, take 30yrs to pay up. In the process driving only toyota camrey and turning every kobo 10 times before u buy something. That's stupidity. I know someone who has a house, pays a heavy morgage…no money to even furnish it reasonably. If u can't pay up a house in a reasonable time and at the same time, live a quality life. My broda just rent! How many europeans have a house of their own?

  19. My rent is very cheap here in Canada and I live comfortably with huge savings…I am almost done with my house back home in Nigeria,after that am building my business and then am gone…I can’t stay here in this cold,lonely place for the rest of my life. I love my time here,but no place like home. Another thing most people who buy house abroad pay so much for mortgage that they live depressing lives just to keep the house,it’s not worth it..but if that’s what you want I see no problem,some people want to live their lives here till the end,I just don’t see me doing that…life abroad ain’t all that.

  20. I have been wondering going thru the comments. Does it mean that you must borrow from the bank to buy a house. What if you already made money in your country and decides to travel out and the buy a house and make an outright payment? Is it a CRIME? Please reply. Thank you.