Pocket-Money Boltholes: Own Your Dream Home Overseas for Less than $99,000

Pocket-Money Boltholes: Own Your Dream Home Overseas for Less than $99,000

In 2008, as the world careened into crisis, I bought a condo in the mountains of Ecuador for $40,000.

I didn't buy it to make money. It was my "pocket money" bolthole, a place where the air was clear, the water pure, and I would have the option of riding out major global calamities.

As the 2008/09 financial crisis blew up many of us feared the ATM machines would stop working. A bolt hole seemed smart and the small town of Cotacachi was perfect.

The property was a penthouse suite of about 800 square feet inside and 700 square feet outside. I was tired, busy, and rushing around as the world appeared to unravel. In the West banks collapsed, people lost jobs and saw pensions and savings decimated...

Up there I slept like a baby, the air was crisp and clear. The views from my terrace to Cotacachi were what really sold me on it. That's where I imagined I'd spend time. Reading, writing, eating healthy.

The suite was one big room with lots of scope to create a charming space. My friends Dan Prescher and Suzan Haskins were neighbors and did exactly that.

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Dining room

But I never got around to furnishing or laying out the interior. In the end, I didn't need my bolthole in the Andes.

The world kept spinning and amid the crisis came incredible opportunities. Deals in Brazil...crisis fire-sales in Europe...

I eventually sold the property with no regrets. I was on the road fulltime scouting real estate with no time to visit. That year I founded Real Estate Trend Alert and devoted myself to growing my global network of contacts and pursuing incredible deals.

Today, over a decade later, I own part-time bases around the world, though none in Ecuador. My criteria for a base include never needing air-conditioning nor heating, being close to a golf course and to an airport. I'm writing this on a bench with a view of the Pacific, close to my condo in the 5-star Quivira Resort in Cabo, Mexico.

I write a lot of my reports while sitting on this bench.

As you know I have a research team strung out in bases around the world. I have contacts across my RETA beat. All of these people love real estate and have an eye for a bargain. All of them have their own criteria. Some love rural retreats, others like lock-and-leave apartments in buzzing cities...

And I've leaned on them to help me put together this report on cheap dream homes, properties you can own for less than $99,000...sometimes a lot less.

A major component of my RETA mission in 2021 will be the hunt for the world's best bargain boltholes. The crisis is creating the buying moment of a lifetime. In Europe in particular my team and I will fan out to explore. We are in fact already scouring the world for historic homes, country retreats and cool city pads at knock-down bargain pricing...

What I offer you in this report is a taste of the stunning bargains you can find in amazing locations.

If you love real estate and you like dreaming about bargains read on. I've homed in on locations I think offer the most bang-for-buck and given you a range of sample properties and some places to get started with your own search.

I'm giving you the link to the listings. I have done no due diligence on these properties. They merely look like properties I would want to check out in person.

And some of them might get sold, which means the listing gets taken down. But I'll work to keep the listings "live" and up to date as my team and I find hot-looking bargains...

Let's begin...

Wishing you good real estate investing,

Ronan McMahon, Real Estate Trend Alert

P.S. Remember, always do your due diligence when buying any property. It's easy to fall head over heels for a place and let the romance woo you into hasty decisions. But a good lawyer and proper due diligence are essential no matter how cheap a property is. For the record, I haven't done any such legwork on any of the properties I mention below; you'll need to do your own. Now...on with the fun!

Cheap Homes in Ireland

On a sunny day Ireland is the most beautiful place in the world. The ocean shimmers like the Mediterranean and you can dig your toes into powdery soft sand on a deserted beach. The countryside is at its deep-green best and as the daylight stretches to nearly 11 p.m. it can feel like the summer will never end...

But sunny days aren't all that common. Even in the height of June it can rain. All that rain is why it's so stunningly green.

I spend time each summer in Ireland. I'm from Cork. This is where I made my very first real estate investments and learned much about real estate before traveling overseas. I have a lot of contacts in Ireland and have made many recommendations to members of my Real Estate Trend Alert over the years from historic country mansions at bargain prices to incredible profit-plays on condos in Dublin in the wake of the 2008 crisis.

Right now though, real estate in Ireland is generally expensive, certainly not the hottest investment play. But you can find bargain homes, quaint cottages and overlooked historic properties.

Plenty of them come with a stunning view or some land to call your own. You just need to know where to look...

The farther you are prepared to go from Dublin or Cork City the better the bargains. Local buyers typically haven't been that interested in old cottages, preferring larger new-build homes. That means that you can find stunning little homes, often in need of just a little TLC, in remarkably beautiful parts of the country.

Sligo and Leitrim are two counties in the west of Ireland that offer a lot of cheap cottages and much of what makes Ireland special...natural beauty, history and rich traditions of music and folklore.

Along much of the west coast you'll find mountains that sweep down to the Atlantic Ocean and plenty of cottage bargains.

A tip, narrow down your search to spots close to Ireland's major highways. Ireland's small and easy to get around if you're not too far off the beaten track. Old country roads can add hours to a journey.

One of my favorite places in Ireland is the Beara Peninsula in West Cork, a wild, natural wonderland, home to charming fishing towns you'd expect to see on a postcard from days gone by. It's the sort of place where you feel like you're getting back to nature, away from the noise and traffic of big cities and modern life. It's also packed with history, reputedly where the Celts first came to Ireland more than two-and-a-half thousand years ago.

One last tip, weather-wise it is wetter in the west and north of the country than it is in the east and south.

Here's a selection to give you a taste...

€69,000 ($81,700). Originally built around 1800, Kellys Cottage (it was owned by a Captain Kelly) is set on a lot of just under 2 acres and has river frontage and a waterfall on the property. This 2-bed, 1-bath property also has a kitchen, sitting, and loft and there are also some outbuildings on the property. It has a lot of traditional features like the latch door and an exposed stone fireplace in the kitchen.

€88,000 ($99.562): Village life might have more appeal than a country retreat. You can walk to the shops, pubs, and yet escaping into the lush green countryside is easy. In the heart of the small town of Borrisokane in Tipperary is a three-bedroom home with a large garden and lots of old-world charm. Original features abound and there's a large old store that could be converted too. Close by is one of Ireland's most beautiful lakes, Lough Derg, forest walks and fishing. You're just an hour from Shannon Airport and flights to the U.S. and Europe, too. See listing here.

€35,000 ($39,610): Ireland's Wild Atlantic Way stretches from the north-western peninsulas of Donegal right down to West Cork. About half-way along you'll find Belmullet, a peninsula jutting out of County Mayo into the ocean. If sweeping views and rugged Irish scenery is what you're after than this listing looks interesting. It's a one-bed cottage and my guess is it needs a lot of work, but you don't get panoramic Atlantic views like that every day. Picture yourself sitting on the deck watching the light on the ocean.

Bargains in Portugal

Until recently Portugal was a secret. Sure, millions of tourists visited the beaches of the southern Algarve, which gets 300 days of sunshine a year, but beyond that the country was pretty unknown.

I've been scouting here for years. I've spent many months on the ground and I now plan on buying a property on the Algarve, my own place to use as a part-time base and rent for income the rest of the year.

I've found a lot of opportunity for serious real estate investment in Portugal. It began with the crisis of 2008/09 which hit Portugal hard and—after a few years of no movement in the market—gave RETA members the chance to snap up bank fire sales and double their money around the Algarve on the south coast. I found opportunities in the cities too, especially in Porto in the north. (And I think the latest crisis is going to see a crash in prices in Lisbon and perhaps some killer bargains.)

But if you're budget is under $100,000 and you just want a dreamy property...there's so much on offer.

Portugal's hill towns are a secret for now, but tourism is on a tear and I expect that continue.

Portugal has mountain villages and hidden hill-towns where time slows down and the food is farm fresh every day. There's rich rolling hills, sun-drenched vineyards, and vibrant little university towns. The cost of living is incredibly low, the people are so polite and friendly...

The trouble is that there are so many bargains it's a case of where to start...

Want to own close to a historic town, good transport links, and the Atlantic beaches for under $80,000? No problem, look between Coimbra and the sea. Do you want land, an olive grove, orange trees and a mountain view? Try the upper Alentejo region. You can own a neat two-bed in a walled medieval town for just $60,000 or a country house with land for as little as $36,514.

It's extremely exciting looking for property in Portugal...it's rocket-fuel for anyone's dream of a more international life...

Head off the beaten track to discover Portugal's stunning bargains in historic hill towns and glorious countryside.

Portugal is an extremely attractive place for mobile people. It's safe, secure with good transport and infrastructure. The education system is good and the cost of living is incredibly low. The authorities have been smart about this with their Golden Visa and non-habitual resident regime. The Golden Visa is a fast-track visa program for investors from outside the European Union.

And there's a kicker: Portuguese banks are lending to foreigners as much as 80% at interest rates as low as 1%. This has created amazing opportunities to use leverage to double our money with profitable plays.

Now imagine buying that dreamy historic home with bank financing and owning it for just a few hundred bucks a month...it's completely doable. Let's look at some examples...

• €86,000 ($96,274): A two-bed home with a garden walking distance to everything in the walled medieval town of Evora in Portugal's Alentejo. Evora's historic center is stunning, a UNESCO-protected mix of medieval, Renaissance and Baroque architecture. In the surrounding region you'll enjoy wildflower meadows in spring amid the Cork oaks. Summer is hot but your home is cool and shady. You're just two hours by train to Lisbon. See the listing here.

• €80,000 ($87,734): A four-bedroom house in stunning Marvão nestled in the Serra de São Mamede mountains on the Spanish border. The house is whitewashed like everything in this eagle's nest of a village. Huge granite slabs frame the doorway. Bright red roses climb twine up and over. The ceilings are crossed with rough-hewn wooden beams, the floors have time-worn flagstone in places. Marvão was old before the Romans even got there. Now think about the financing...it's possible for a foreign buyer like us to drop about $18,000 on this, borrow the rest from a Portuguese bank at 2% ( or less.) Say you're repayments are around $300 a month with a fixed rate 25-year mortgage. I could probably get a few more years on that and bring the monthly payments down to $200-and-something. So every year you pay $3,600 to the bank to own this place. See the listing here.

• €75,000 ($88,840): Just a 30-minute drive from the university town of Coimbra, is this large, 3-bed, 2,530-square-foot home. Nestled in the Portuguese countryside, this three-bedroom house has lots of potential. The interior needs some sprucing up. The price tag includes a garage, a wine cellar, and a patio and it all sits on half an acre of land. The market town of Vila Nova de Poiares is just 5 minutes away. Coimbra is steeped in history and is considered "the Oxford of Portugal" thanks to its universities. Lisbon is just an hour and 45 minutes away. See the listing here.

Imagine owning this large, three-bed home just 30 minutes to historic Coimbra...for under $100,000.

Homes for Free in Italy

The cradle of the Renaissance, the birthplace of opera, the country that gave the world Italian food... Italy is jammed with treasures, many of its cities are themselves works of art. You can wander along old Roman streets, stand in the shadow of the Colosseum or just sip espresso with the locals. For culture look no further, enjoy Verdi in the birthplace of opera, visit the lavish home of the Pope adorned with priceless works of art...and the cities are only the start...

This three-bedroom home is for sale amid the rolling hills of Umbria, in central Italy. Price in USD just $96,319.

Italy has many small art towns which offer great attractions...medieval gems set amongst lost-in-time landscapes, sun-drenched vineyards, olive groves, and wildflower meadows...gentle wooded hills crowned with castles and medieval villages...

I believe that all great real estate investments start with a big idea. With my RETA group we follow Paths of Progress...we focus on playing the rise of emerging middle classes...get to grips with the psychology of crisis markets...

Long before Covid-19 ravaged Italy I saw the convergence of compelling global trends there that I expect to continue. That's why I've been digging there for the past several years. Italy is a blue-chip tourism destination, the fifth most-visited country in the world. Tourism will bounce back...in blue chip locales. Venice will still be Venice. Rome won't lose its appeal. Owning the right overlooked property in these places could get you a 15% yield.

Before the current crisis Italy was already in a terrible state. It has some of the highest debt-to-GDP ratios in the world with an outstanding debt of $2.5 trillion. And 27.5% of its debt (35.6% of GDP) comes due before the end of 2020.

The country has struggled since the 2008/09 financial crisis and it looks to be in a state of almost permanent political crisis. Foreign direct investment tumbled. Throw in corruption, weak institutions, a brain drain and a lack of confidence among Italians of anything changing, and now Covid-19 and the shutdown of the economy.

Real estate prices have been falling for 18 years. Now we will see big falls in value of best-in-class real estate. I'm figuring on 30%. The value of marginal real estate in the hills and empty villages will go to zero.

Italy has been giving away free houses for years in an effort to re-energize depopulated hill towns. These are often historic, beautiful towns in stunning places, but there's no work for the young. (One of my big ideas for a while has been to get a whole town for free and bring it back to life. I'm now getting serious about it.)

The country is jam-packed with cheap dream homes, just pick a region and start looking. Here's a taste of what I've come across...

• €88,000 ($96,319): A three-bedroom, two-bathroom house in the hills of Umbria. Located in the heart of the village of Monteleone d'Orvieto, this house hugs the medieval walls and offers panoramic views of the surrounding countryside of vines, olive trees, and forest. Arranged over three floors, it has a kitchen/dining room, a study, and two utility/storage rooms. If you bought with just $38,000 down, your Italian mortgage would only be $195 a month. See the listing here.

• €75,000 ($88,500): Among the rolling hills of Le Marche is where you’ll find this stone cottage in need some renovation. The 3-bed home has 2,300 square feet of living space and sits on a lot of a little under an acre with views of the surrounding countryside and nearby villages. The entire house needs renovation but it has bags of potential. Although in the countryside, beaches are only 25 minutes away. ⁠See the listing here.

• €85,000 ($93,250). A charming one-bedroom, one-bathroom, stone village house in Montecatini Val di Cecina. This hilltop village is just over an hours' drive from Pisa. The house has a wealth of character and retains many of its original features including exposed wood beams in the ceiling and it has views to the surrounding Tuscan countryside. See the listing here.

Imagine taking on this renovation project in the rolling hills of Le Marche, it's on the market for $88,500.

Romantic Spain

Like Italy, Spain offers you Europe at its most romantic...full of historic hamlets, dramatically perched hill towns, stunning country homes, and glorious art-filled cities with centuries of history all around you.

Along the sunny southern coast is where I've found the best RETA-grade deals in the past, especially on the Costa del Sol where RETA members had the opportunity to double their money in the wake of the 2008/09 crisis.

Now Spain's fragile and debt-laden economy has taken another serious hit, and as in Italy, we're set to see big falls in the value of real estate and some outstanding bargains.

If you're interested in a stupendous bargain on a stunning dream home you have a huge choice...

This stone, two-bedroom, one-bathroom townhouse in the foothills of the Pyrenees mountains was built in 1892 and has 1,290 square feet of living space for $31,600.

As in Italy, mass migration to the cities has left a glut of unoccupied homes across the country crying out for someone to love and enjoy them.

Spain's big and it's climate is varied. You'll find the best weather in the south, close to the Mediterranean. Spain has one of the longest coastlines in the Mediterranean and you have a lot to explore. I've always liked bargain hunting in the traditional white-washed villages with echoes of North Africa tucked away in the mountains back from the coast.

Spain's "Green Coast" is the stretch of the country along the Atlantic ocean, a land of stunning mountains, verdant forests and white-sand beaches fringed by emerald-green fields. It rains here, hence the greenery, but if you don't mind that you can find country houses between the soaring Picos de Europa (Peaks of Europe) and the beaches for as little as $98,000.

Spain's wine country is worth a mention... the northern province of La Rioja is the center of wine production in Spain and you can own a village home among the vineyards for $70,000.

Then there's the cities...take Spain's third-largest, Valencia, which lies in the middle of Spain's Mediterranean coastline. There are long stretches of beach in the city and the place is full of parks. As befits any 2,000-year-old city there is a lovely old town quarter. And you can own find plenty of apartments walking distance to everything priced below $99,000.

That's just a whirl-wind introduction to a big, varied country with over 3,000 miles of coastline, snow-capped mountains and arid deserts. Here are a few examples...

• €65,000 ($76,850): Step back in time, with this 4-bed, 1-bath, 1,400-square-foot townhouse in the town of Senija. Built in 1914, this property has beautiful wood beam ceilings and a lot of Old World charm. There’s an open kitchen with a storage room, a living room with a fireplace, and a terrace on the second floor with panoramic views of the nearby mountains. ⁠See the listing here.

• €70,000 ($76,366): On the border of the Basque Country and La Rioja—Spain's wine region—is a three-bed village home in move in condition. From the large terrace you have a view of one of the oldest and most ornately decorated churches in the region. The village is home to 48 wineries. Take a moment to repeat that...48 wineries. It's also packed with Renaissance mansions and plenty of restaurants. And you're a 15 minute-drive from Laguardia—top contender for the prettiest hill-top town in Spain. See the listing here.

• €83,500 ($98,600): If beaches are your thing, there’s this modern, 1-bed, 1-bath bungalow in the Andalucian coastal town of San Juan De Los Terreros. It has an open-plan kitchen and living/dining area with doors that lead out to the patio. The bedroom has fitted wardrobes and there’s also a laundry and store room. And there’s plenty of outdoor space with a large roof terrace with views of the surrounding countryside and the sea and a private garden. This home also has air conditioning and is being sold partially furnished. If you’re a golf lover, there are plenty of courses in the area. And the town center is a short walk away with all its bars restaurants, supermarkets, and gym facilities.

The beach town of San Juan De Los Terreros has long been a popular tourist spot with the Spanish…and for just over $98,000 you can own your own bolthole here.

Bang for Your Buck in France

Whether you dream of a pied-à-terre or a rambling farmhouse...or a village house wrapped in wisteria-hung memories of long ago, France has something for you...

There are scores of hidden corners of France for bargain hunters.

British and Irish buyers discovered the charms and value of France a long time ago. The market soared from 2003 to 2006. Buyers flooded into parts of the country. It was a five-minute conversation with a bank manager in London or Dublin and your home was re-mortgaged to get your French idyll. Many embarked on extensive renovations thus creating many of the very high-quality resale properties we have today.

A three-bed cottage in a region sandwiched between Normandy and the Loire Valley for just $102,058.

My most recent scouting trip to France took me to the Languedoc region, right next door to Provence. I found historic turn-key village homes that I figure could throw off a healthy 6% gross yield renting during the summer peak season. Then you get to spend time there the rest of the year. (They were in the $200,000 to $350,000 price range.) And the city of Montpellier is high on my watch list, a vibrant university town steeped in history and just a 20-minute tram ride to Mediterranean beaches.

Once known as the "poor man's Provence" the Languedoc region of southern France is slowly arriving as a destination. From 2013 to 2019 tourism numbers rose by an average of 17%.

The Languedoc's Mediterranean coast is part of France's sun belt, and its long sandy beaches are still fairly uncrowded. Inland, you'll find wild mountain ranges, dramatic gorges and stunning hill towns that many Francophiles will tell you are more authentic than what you'll find in over-touristed and over-priced Provence.

If you're idea of France is fairy-tale castles perched on rugged mountain peaks and medieval villages where the food is amazing and the wine is local, then you'll find everything you want in the Languedoc.

And if you yearn for Mediterranean views, long beach strolls and fresh seafood, then the Languedoc has that, too.

Languedoc-Roussillon essentially covers the area of southern France where the Occitan language was once the common tongue. It's just west of Provence, stretching all the way to the Spanish border where you'll find Roussillon—French Catalonia—sandwiched alongside the Pyrenees Mountains.

As you move inland from the sea, the sun-drenched coastal plain gives way to rolling, forested hills and jagged mountains. No other part of France I know of is so varied. In fact, the micro-climates you'll find in the Languedoc can pose a challenge to the real estate buyer. A short drive from one village to another can mean a difference of a few degrees in temperature.

That matters if you're considering a place you can rent out in the peak months of the summer and spend time enjoying during the off season. You want to buy in a place where the climate is still warm enough for short sleeves in September and April. You'll find that in the Languedoc, but my point is you need to choose carefully.

But the Languedoc is only the beginning...I have a member of my research team primed for an extended scouting trip down the Atlantic coast from Brittany to Bordeaux and I'm planning my own return to scout French real estate markets for opportunity in the wake of the crisis. To whet your appetite for bargains...

• €84,500 ($99,900): If you’ve ever pictured yourself living in a quaint French cottage, this might be what you’re looking for. This 2-bed, 1-bath cheap dream home is located in a hamlet just outside the village of Le Retail. The living room has exposed wood beams in the ceiling and the kitchen makes a feature of an exposed stone wall. Outside is a terrace that overlooks the private, walled garden. More details here.

• €50,000 ($59,150): Near the village of La Chapelle Montbrandeix, in the Limousin, is this 4-bed, 1-bath village house. This property has an open-plan living/dining room with a feature fireplace and exposed beams. There’s also a large kitchen. Outside, there’s a garden and you are a short walk from the center of town. This house has been reduced in price from €88,000. See the full listing here.

• €79,200 ($88,845): Not only is the stairs medieval, but so is the sink...own a three-bedroom village home with exposed wooden beams, two bread ovens and a wood-burning stove in the heart of the Lot valley. The house is in Puy L'Eveque, one of the gems of this part of France, perched above the river amid a labyrinth of lanes which lead down to the quayside where once barges bound for Bordeaux used to moor. See listing here.

This is Puy L'Eveque. You can own a three-bed home here for $88,845.

Ecuador

It's a country with mighty mountain ranges, tropical rainforests, mirror-smooth crater lakes and smoking volcanoes. It's got hundreds of miles of unspoiled Pacific beaches, vibrant colonial towns and a culturally-rich capital city.

It's a hit with retirees but it's also popular with young surfers. It's a low-cost destination for travelers and one where expats can afford to live the good life...

The real estate market is driven by locals...and Ecuadoreans living overseas in places like Spain and North America. They often invest in Ecuador, buying a second home or future retirement home. There are foreign buyers, but they're a tiny percentage of the overall market. That's one reason why real estate prices have stayed low here, unlike many countries in the region where prices rocketed after a surge of foreign buyers piled into the market.

One benefit of buying a home in Ecuador is that a relatively low investment (around $33,000 at time of writing) can get you a residence visa...so you can stay in country as long as you like.

Property prices are still affordable in many parts of Ecuador. So, if you're dreaming of a home in the coffee-growing highlands...a getaway in hummingbird-filled cloud forests...or a beach condo steps to the sand...I have some to get you started with your search...

As I mentioned earlier, in 2008, I bought a little bolt-hole in the town of Cotacachi. Two hours north of Quito, and 8,000 feet above sea level, Cotacachi is a charming village. Traditionally a leather-making town, and a center for growing roses, it's slow and sleepy.

You can own an apartment with a terrace in the Andes of Ecuador for as little as $48,000.

Cobbled streets radiate out from the tiny central plaza...a volcanic peak provides a dramatic backdrop. There are local spots where you can get lunch for a few bucks. Or, you can splurge on the award-winning La Mirage where guests include visiting royalty. Ibarra, a large town close by, has big-box stores and large supermarkets. The town of Otovalo, 20 minutes away, has one of the biggest markets in Ecuador, selling everything from textiles to spices.

Here's some enticing examples of how far your money can go...

• A two-bed, one-bath house in the center of Cotacachi is currently on the market. It's traditional in style with 2,300 square feet of living space. It needs a make-over. The asking price is $69,000.

• A spacious one-bed one-bath apartment with a large outside terrace. The terrace has lovely mountain views. The apartment is being sold furnished. The list price is $48,000.

• A large house with a good-sized walled yard. The 2-bed 2.5-bath home has the bedrooms downstairs and the living space upstairs. There's lots of hardwood detailing. The list price is $99,000.

On Ecuador's Pacific coast, the town of Salinas has long been a magnet for well-heeled Ecuadoreans at vacation time. In the school summer holidays, families move into their second home in Salinas and activity in town kicks up a notch.

They've been joined in recent years by North Americans, looking for an affordable beach destination.

Salinas has a nice malecon (boardwalk) and two beaches. One beach is lively, close to restaurants, cafes and bars. The other is a wide, quiet sweep of sand, popular with families. These beaches get busy at weekends and vacations. But a short drive outside the city you'll find long stretches of unspoiled beach and secluded coves without the crowds.

Salinas, Ecuador, where a two-bed condo right on the ocean has an asking price of just $75,000.

Salinas isn't a vacation spot that becomes a ghost town out of season, however. Its year-round population, taking in neighboring areas like La Libertad, is around 200,000. It's got plenty of restaurants, cafes and ice cream parlors. It's got a buzzing nightlife with bars, clubs and live music joints. It's a hot spot for sport fishing and sailing with two yacht clubs. Plus, you'll find supermarkets, clinics, hardware stores, banks, beauty salons, a huge produce and seafood market and a movie theater.

This is what you can buy in Salinas...

• A cozy two-bed one-bath condo right on the malecon. Building amenities include a rooftop deck, jacuzzi, swimming pool, steam room and social area. The asking price is $75,000.

• A spacious condo with an ocean-view balcony just north of downtown, in a quiet residential area. With 1291 square feet, it has three bedrooms, two bathrooms, plus a powder room. The building has two pools, jacuzzi, gym and sauna. The living area is open plan. The list price is $74,950.

• A one-bed two-bath condo with an ocean view from the living area. The building is on the malecon. Building amenities include a rooftop deck plus bar, a swimming pool and ping pong table. The asking price is $99,900.

Dominican Republic

The Dominican Republic offers powder beaches and crystalline Caribbean Sea. The landscape includes waterfalls, mountains, valleys, forest, and lakes.

It's a country of firsts: the Caribbean's highest peak, Pico Duarte...the Caribbean's largest lake...it's home to the first cathedral, castle, monastery, and fortress built in the Americas...it's also the first seat of Spanish colonial rule in the New World. Moreover, it's the most visited destination in the Caribbean.

Tourism is one of the factors fueling growth in the Dominican Republic. The country has a warm climate all year, beautiful beaches, national parks and historic sites. Upscale resorts bring in visitors from North America, Latin America and Europe. They offer lots of amenities like golf courses, fine dining and marinas. There's even a replica of a 16th century Italian hilltop village inside one, with artists' studios, boutique stores and an amphitheater.

But my top spot in the Dominican Republic is far removed from cookie-cutter hotels and extravagant resorts. It's the little town of Las Terrenas, on the Samana peninsula.

You can pick up a furnished condo on the Samana Peninsula for just $65,000.

It's low rise and low key. Thirty years ago, Las Terrenas was a rustic fishing village. The town didn't have an electricity supply until the 1990s. But it attracted thousands of French and Italians who came as tourists, fell in love with the town, and started businesses: Restaurants, cafes, bakeries, art galleries, small hotels...

The old wooden fishermen's huts sitting on the beach are now trendy cafes and restaurants. They serve wood-fired pizza and simple snacks, right up to gourmet Italian and French food. You can dine on a covered outdoor deck on the sand, with good food and fine wine, soft music, and the ocean a few steps away.

This is one location where you can make good rental income when you're not staying in your home. There's good demand for decent accommodation, especially downtown where you can walk to the beach, dining and entertainment.

• A one-bed condo in the heart of Las Terrenas, with 840 square feet. The living room opens onto a small patio with views of the community swimming pool. It's right across the street from the beach and a stroll to dining and shopping. It comes fully furnished. It just sold for $85,000.

• A small one-bed condo, 350 feet to the beach and close to restaurants and cafes. The complex features a swimming pool and tropical gardens. The condo comes furnished. The asking price is $65,000.

• A one-bed one-bath condo in a small community with spa and wellness, and a swimming pool. The condo is sold fully furnished and equipped. It's 5 minutes to downtown close to a pretty cove and beach. The asking price is $100,000.

Costa Rica

Ask anyone who's ever visited Costa Rica what they think of it—and most will tell you it was love at first sight.

I've lost track of the number of people I've met who bought property in Costa Rica in their 50s and 60s...based on fond memories of surf trips and wildlife adventures when they were decades younger.

The might have traveled with little comfort in their younger years, roughing it in cheap hostels and beat-up buses...but when it comes to a second home in the country, their older, more experienced, and better-heeled selves often want a touch of luxury.

Costa Rica is a safe, stable country. It's got no army, no beef with anyone, and a very friendly welcome for tourists and expats alike.

Its biggest treasure is its natural beauty. From unspoiled beaches to smoldering volcanoes...tranquil lakes to crashing waterfalls...thousands of acres of rainforest and cloud forest...there's beauty almost everywhere you look.

It's the kind of place for those that love the outdoors. If your yen is tracking rare tapirs...zip-lining through the jungle canopy...sea kayaking and whale watching...hiking, biking or horseback riding...Costa Rica has it covered.

If you're dreaming of a bolt hole where you can escape for vacations with family and friends; a retreat where you can ride out the cold winters back home; or your goal is a second home that can deliver good returns—you'll find it in Costa Rica.

One spot that's gotten my attention is Arenal. It's home to a 33-square-mile lake, surrounded by hills and forest and volcanic peaks. It's a gorgeous part of Costa Rica, but one that's been overlooked and is therefore undervalued.

You can buy a property in the lush countryside around Lake Arenal, Costa Rica, for $75,000.

The biggest towns on the west side of the lake are Nuevo Arenal and Tilarán. Nuevo Arenal has a bank, grocery stores, a clinic, gas station, bars and cafes. The famous German bakery is a good spot for lunch, serving bratwurst, sandwiches, fresh pretzels, and apple strudel.

Dotted around the lakeshore road, you'll see little hand-painted signs for eateries. You can eat New York steak, local-style rice and beans, barbeque chicken, pizza, home-made pasta, burritos...or just stop for a rich Costa Rican coffee with a macadamia-nut muffin, warm from the oven.

During the day, residents often enjoy fishing in the lake, horseback riding, gardening, or hiking in the forest. With the constant spring-like climate, it's comfortable to be active and outdoors any time of year. There's a small but active group of long-term expats who often meet for drinks or to share a pot-luck dinner.

One current listing is over the limit for this report, but it's priced so well that I wanted to share it. It's a two-bed two-bath home, with nice finishes (tile floors, hardwood cabinetry, granite counters) and it's set on a large lot, 1.75 acres. Best of all, it boasts lake and volcano views. The large covered deck is a nice spot to have lunch or dinner while you enjoy the views. The list price is $135,000, but the seller is motivated, and open to offers.

A two-bed two-bath house on the lakeshore road with a river at the back. This could do with a makeover but it does include a one-bed apartment. The asking price is $75,000.

There's More...

The world is big...once you start casting your net out for pocket-money dream homes you realize your biggest challenge is narrowing down your search...

That's why establishing your personal criteria is so helpful. And it's fun, you can do it right now. Just grab a pen and paper and write down what you're looking for then you're set to get started with your search.

Beyond the places I've talked about in this report I've spent time on the ground in Greece and Slovenia in recent years for example, and found bargains. There are Mediterranean-view homes in Turkey and restored cave homes in Cappadocia...

A team member of mine recently sent me details of a couple of attractive two-bed apartments in the historic beach town of Essaouira in Morocco from around $80,000.

Pick from three terraces (two of which have seas views) to enjoy your morning coffee in this lock-and-leave, one-bedroom home on the Greek island of Crete.

My point is that once you start looking you might be surprised what you'll find...

Good bargain hunting!

Deal Hunting for Dream Homes in a Crisis

It doesn't matter what you're buying, when it comes to buying real estate in a crisis a cool head will benefit you. Be unemotional. Try and park your natural excitement when you see a special property. Focus on getting the best deal. Don't let falling in love with the place get in the way of grabbing a true bargain.

Start with your personal criteria and stick to them.

Home in on a region you like. Apply your criteria...what climate do you want? What about the culture, the food, and things to do? Do you need to be close to a city, an airport...

How will you use the property? Is it a part-time base for a few months a year...do you want to make it a primary base, have a large garden, some land for animals...will you have a lot of visitors from back home...

How much work are you willing to take on? Does the property need to be turn-key, do you drop your bags at the door and start enjoying yourself? Or are you up for the adventure of renovation...bringing life back to a centuries old stone home and making it your own.

A big one, if you're looking to make some rental income that's a whole other thing, that requires you to put your investor's hat on and analyse the property accordingly.

If you find a property that meets your criteria I say pull the trigger. Just make sure you have your criteria nailed down. Don't be hesitant, nor fearful and don't be greedy.

When you've found what you're looking for, don't hang about.

Remember, all asking prices are just that...it's what the seller is asking you for.

You want to pay less.

So, how much will the seller settle for?

Take Europe, where there are beautiful villages and towns with dwindling populations. You can find regions with a glut of stunning old homes on the market and very few buyers. Migration to the cities is the prime reason. And often locals just prefer to live in a modern apartment then deal with the management of a large rambling house that's centuries old. Now we have a major crisis. So there will be more motivated sellers. Cast a wide net and let potential sellers compete for the sale.

This is exactly how I would play it.

And look for places where folks already have second homes. Granted not everyone will be in a rush to sell, but some folks will. You can find turnkey dream homes, no work required, and get a screaming deal.

How do you find out?

Just ask. Let sellers compete for your business.

Find a half dozen properties you like...or more. Show sellers you are serious. Prove your funds...then offer them what you're willing to pay and see if they bite. Sure, a bunch of sellers will dismiss your offer. But you only need one to offer you the best deal.