A lot of overseas buyers are drawn to the fixer-upper. That is, a home that falls somewhere in the continuum between bring your paint brush and a total wreck. One reason many of us like fixer-uppers is that they generally sell well below market value. Another reason is that there is plenty of upside potential for those looking to profit on the purchase.
Restoring a run-down home is profitable because you’re able to make improvements on the house that add much more value than the cost of the work. This is especially true in countries with low labor costs… countries where working class wages are far below those required to buy the kind of home you’re fixing up.
My experience with restorations abroad has been very positive and I’ve never had a problem finding skilled workers or quality local materials. Yes, it’s been profitable. But these endeavors have also been a fantastic cultural and learning experience in Ecuador, Uruguay, and Brazil.
I always approach the project with Continue reading