livvit.com

Foreign real estate has received a lot of press over the last year. With all the baby boomers looking to retire, second properties are becoming all the rage. And If Montevideo, Uruguay is any indication of the deals out there I can see why they are heading outside North America to pick up their second home.

International living has found that Uruguay is the 10th cheapest place to live in the world with one of South America’s lowest levels of corruption, lowest cost of living and the best infrastructure. How does a 43 cent cheeseburger or a good bottle of cabernet for $3.20 sound.

Real estate seems to be the best bet around though. For the price of a 3 series BMW you can get a two-bedroom condo three blocks from Montevideo’s waterfront. And if you’re willing to pony up the $125,000 - $150,000 you can enjoy the beach from your front porch.

Uruguay has the same property rights for foreigners as locals, which is great, but the mortgage rates can top 10% so borrow in North America or pay in cash. The process is relatively simple with the requirement of a 10% down payment and the services of a lawyer will be required to process the title search. Expect it all to take about a month.

Good luck finding your next investment property, or beautiful summer home.