I have a rich Chinese friend who was thinking she could buy a shack outright and then rent it out and/or live in it herself as a long-term diversification investment. When I mentioned $20k/year in property taxes she was bewildered... why does she have to keep paying and paying and paying when she paid in full up front? She's not exactly going to be putting on a new roof herself, either; and that's something you probably shouldn't do without permits because you're likely to get caught. Plus, she doesn't speak Spanish. (Her Chinese skills probably would help in the plumbing department, though.)
I think a lot of foreigners get into a house here and are completely surprised by all the other costs.
They buy them and rent them out, they know RE is a good investment and will continue to buy no matter what it sounds like, just not as much at the moment.
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