I totally agree with you. I think a lot of us are in the same boat. I am tired of the rat race of the USA. I am not wealthy. Far from it. I am lucky that I owned a modest place that wasn't too expensive in Long Island many years ago when I first bought it. Now it's worth a small fortune. I do have a mortgage on it but I have a lot of equity in it.
I already have an offer to purchase it and should close on it within a few weeks. Had I not purchased that apartment I would be screwed! I didn't save enough when I was younger and now it's tough to find a job at my age. I'm 58 years old. I do a little online marketing and make a little income. From what I'm researching, I can't easily get a job in Buenos Aires and salaries are very low.
What I learned is that owning real estate is the most important thing no matter where you live. ALL my friends that I know would be in serious financial difficulties if they were renting their entire lives. But more so, the equity in their real estate is their nest egg for when they retire. Most of them do NOT have any significant retirement savings. It's mostly all in their equity from their property. I'm in that boat and will admit it. I just got lucky.
Like you
@FuturoBA I won't have much income each month but fortunately I can afford to buy an apartment in Buenos Aires. I have been watching prices the past few years and the apartments I'm looking at have fallen about 40% the past few years. I am eying a 2 bedroom apartment in Palermo and it's slightly over $200,000 USD. It's not cheap by any means but this same thing in NYC would be 8X it it more. It's painful having to pay it all off but at least I won't have a mortgage and the HOA is only around $125 USD per month. I figure with inflation this might double or even triple over the next several years but I will still have $300,000 USD in equity from my apartment even after paying for the apartment.
One thing I was surprised at is the closing costs and fees in Buenos Aires. I am going to hire an expert to make sure I don't screw this up as it's all cash so no room for mistakes.
@FuturoBA what part are you looking to buy in?