Proceed with Caution When Purchasing Abroad

When buying a vacation home or investment property abroad, particularly in nations outside the U.S., Canada and Western Europe, it’s advisable to go one step beyond a standard building inspection.

While building codes and standards in the U.S., Canada and most other highly-developed nations are stringent and followed to the letter in most cases, building codes in less developed nations may be far more relaxed and may be enforced more loosely. Of course, this is of more concern when purchasing in a high-rise building or in an area prone to hurricanes, earthquakes or other natural disasters.

Strong building codes that are strictly enforced, especially in areas where there could be hurricanes or earthquakes, help protect your vacation home investment. If a building is not constructed with adequate foundations and structural support (including using enough and the right types of rebar, using the proper cement mix, etc.), the building is much more likely to be damaged or even collapse when faced with hurricane force winds or seismic activity. This is obviously not something you want to worry about when on vacation (or at home).

So what should you do to make sure your second home abroad is safe & secure?

Your best bet is to get your own structural engineer to take a look at the building you’re purchasing in, as well as surrounding buildings. They’ll be able to tell you whether or not the building meets local building codes & standards as well as whether it’s built adequately to stand up to typical natural disasters in the area.

Another option is to only purchase from highly respected developers. If a developer has a proven track record and is on solid financial footing, they’re less likely to cut corners (after all, they don’t want shoddy construction to damage their reputation).

If hiring a structural engineer is too costly, and their aren’t any established developers in the area, your best bet is to purchase in a low-rise building or a detached home with no high-rise building near it. Low-rise buildings generally have lower structural requirements and therefore are much less likely to incur severe damage during a natural disaster.

If you enjoyed this post, make sure you subscribe to our RSS feed!

Leave a Reply