Page 5 - Real Estate Now Jan-Feb 2022

As for financing your property abroad, several of Canada’s big banks offer overseas mortgages with a 20% down
payment. Of course, cash is always king or there’s the possibility of a home equity line of credit, depending on what
you currently own in Canada.

But, can you truly move full time to another country without losing your Canadian benefits? The short answer is
no. You can stay six months abroad at one time before needing to come home to Canada to maintain your social
insurance benefits, unless special circumstances apply. Living abroad can also affect how you file your taxes based
on your residency status. It’s important to verify these things with the government before you make any permanent
decisions to avoid future hiccups.
Advice from those who’ve done it already

In 2014, Will and Laila (who have asked to keep their real names private) fell in love with the Turks and Caicos during a
trip to the Caribbean Island to enjoy the sunshine. It became a regular trip for the couple, who eventually got married
there a few years later. Logically, the next step was to start looking for property because, as Will said, “it was the one
place we knew we’d always want to go back to.”

When they started shopping in earnest, they asked around for a real estate broker and decided on one well known
in the area. They purchased a condo unit within walking distance to the beach, knowing it would be an easy rental
until they are ready to retire.

“It’s important, if you’re doing it this way, that you’re prepared for unforeseen circumstances,” they warn. For them it
was the pandemic and occasional repairs or tenants, but they still feel it’s all worthwhile.

“Our real estate broker lives just down the street and keeps an eye on things, that really helps,” they admit. “But it’s
important to get to know the people around you so you can get things fixed when you aren’t there.”
It’s a sentiment echoed by Andrew Eddy, who
moved to Provence, France 10 years ago. He
bought a 17th century provincial farmhouse
in various stages of disrepair and neglect.
Eddy spent several years restoring it, and after
a change in his personal circumstances, he
followed his heart to Burgundy, having fallen in
love with the area during his youth. His current
project is restoring a 17th century Burgundian
manor house.
“The first lesson, I would tell people dreaming
of retiring in Europe, is to get to know the
area you are moving to,” Eddy says. “Go for an
extended holiday. Spend months there if you
can. Save yourself a lot of money by being
informed before you make the decision to buy.”

The time you spend visiting the country is a good opportunity to decide what kind of property you’re looking for. A
300-year-old fixer-upper might be something you want to tackle at 55, but maybe not so much at 75. It’s important
to know your limits and what you’re hoping to gain out of your retirement.

When it comes to retiring overseas, the idea can be extremely enticing. However, there’s more to it than just finding
a home you love and packing your bags! Before making any big real estate decisions, it’s important to speak with a
REALTOR® who can help you sell your current home and connect you with the right resources to make sure everything
is done properly. ■
The article above is for information purposes and is not financial advice or a substitute for financial counsel.

www. CowichanHomesForSale.ca | REAL ESTATE NOW | 5