EP 6: The Biggest Property Mistakes Women Make When Relocating Abroad

Moving abroad is often seen as a lifestyle decision, but one of the biggest financial traps happens long before you ever board a flight.

In this episode of The Bougie Expat Podcast, Sable breaks down the most overlooked yet expensive mistakes women make when relocating internationally and it has nothing to do with visas, jobs, or even income.

It’s property.

From selling too quickly, holding onto homes without a clear plan, buying emotionally in a new country, to misunderstanding taxes, rental structures, and long-term ownership strategy, Sable explains why real estate decisions can quietly determine whether your relocation becomes financially freeing or financially draining.

She also explores why so many women lose money by acting emotionally, following blanket advice like “sell everything,” or jumping into foreign property markets without understanding the laws, taxes, or long term implications.

This episode is especially important for women over 40 who own property in their home country or are considering buying abroad as part of their relocation journey.

In this episode, Sable shares key insights on how to think strategically about property so your relocation supports your financial future instead of disrupting it.

In This Episode

• Why property decisions are the most expensive relocation mistake
• The danger of selling your home too quickly without strategy
• What happens when you keep a property without a clear plan
• How rental income can support your life abroad if structured correctly
• Why understanding equity and tax implications is essential
• The importance of property management for long-distance landlords
• Why empty homes can become financial burdens over time
• Understanding primary residence vs investment property rules
• How taxes, capital gains, and exclusions affect your decisions
• The risks of buying property abroad emotionally
• Why you should live in a country before investing in real estate
• Key factors to evaluate before buying overseas property
• How liquidity mistakes can leave you cash poor after buying property
• Why long-term thinking is essential for relocation success
• The importance of having an exit strategy before you buy or move

Thank you for listening to The Bougie Expat Podcast.

If this episode spoke to you, subscribe to the podcast and share it with another Black woman over 40 who has been thinking about relocating abroad, retiring overseas, or designing a new chapter with more freedom, peace, and intention.

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Transcript

Sable Ryan 0:00

Because too many times I hear this very blanket sell everything, don't keep it, don't buy anything. And that myth is very good for some people, but is it good for you? Is that what you want to do? And just because you own real estate doesn't mean that you also have to take in all the responsibilities. So what I want us to think about is you don't have to sell everything just because you're leaving the United States. And there are things that you can do with your property, even once you live. So these are some of the things that I want you to think about because I don't want your relocation to be sabotaged financially because you just made this really quick decision to sell or to keep. Even keeping your home could also cost you. She's done waiting. She's done shrinking, and she's done building empires in rooms that were never designed for her. This is the Bougie Expat, the podcast for black women over 40 who are ready to reinvent their lives, rebuild their income, and relocate with intention. If you're done settling in corporate, tired of environments that no longer feel aligned, or quietly planning your next move, you are in the right place. Hosted by Sable, live from Panama City, Panama. Seven countries, four continents, one move she made in five months flat, income strategies, exit plans, a life designed to actually fit you without starting over broke. Let's get into it. The biggest mistake that I see women make when they're relocating has nothing to do with visas, nothing to do with choosing your income. And as much as I talk about money, not even to do with their income. It has to do with their property. Yes. Their homes, their condos, whatever they were owning in the United States, that's where I see the largest mistakes. Because we either hold on to it too long, we sell it too soon, or we buy something. In the new country we moved to, emotionally, oh my gosh, I wanted to live on a beach. I just had to have this place. Oh, the prices are so cheap, so I bought this place. Or it's not even understanding the tax implications of what we just did in the purchase or the sale of the home. Or it's not even having the right structures of rental management, of who's going to manage the property when we have left it home to be a rental property and hoping that it was going to give us income. Or sometimes how it just ties up our entire financial future because we don't know exactly what to sell, what to keep, or what to do with the real estate, not knowing that there's so many creative things that you can actually do with real estate. It's not always just long-term rental or Airbnb. There's so many different things. And even as you're moving over to another country, there's so many ways that you can actually invest in real estate as well. And so these mistakes are not just $100, $100, $10 mistakes. These are very mistakes, very expensive mistakes that we're making. And so I want to talk to us today about how we can avoid these mistakes and what we should be thinking about as we are considering relocating, as we are considering what to do with our property. Because too many times I hear this very blanket sell everything, don't keep it, don't buy anything. And that myth is very good for some people, but is it good for you? Is that what you want to do? So let's talk about what you could do. Now, what I'm sharing with you are just some ideas, right? I think all of you know by now, I am not a lawyer, I'm not your financial advisor, I am not a real estate agent or a real estate strategy. I'm just talking about some things that I see that happened in the market from so many women who are moving, and I see how it's causing, as we would say in New York agenda, right? It's causing mistakes and pain because these things are not done wisely. Now, what I'm gonna share with you is just some ideas of mistakes that I seen. Take it for what you as a learned, right? Just that's good information and do it which as you may, but I'm not here to give you advice, just know that. So, one of the things I see, mistake number one, you sell too quickly. Because a lot of times people are thinking, oh my gosh, what I don't want to have this property when I move, I don't want to be a landlord, I don't want to be bothered with it. And so we just sell quickly. Maybe the market is really good for selling. I know right now the market is not really, this is not a seller's market, right? So this is not a seller's market. So is this really the best time to sell? And maybe you're selling because you're thinking, I need the cash, right? I need that cash to settle down into my new place. I don't know. Or maybe you're like, I am out of this country, I don't want anything else to do with it, I don't want to have any connection to it, and so we sell, or we're burned out, we're tired of this property because maybe there were so many things we needed to fix, and you're just overwhelmed with that, or maybe you owe taxes on it, or I don't know, maybe just so overwhelmed, or you're thinking that I just got to get under and away from the stress of owning a real estate. And just because you own real estate doesn't mean that you also have to take in all the responsibilities. So, what I want us to think about is you don't have to sell everything just because you're leaving the United States, and there are things that you can do with your property even once you live. So, before you sell, I want you to think about a few things. How much equity do you have in that property? Because that makes a difference. How much equity you have, right? Because if you're gonna sell and walk away with $30,000, what are you gonna do with $30,000 when you move? That's gonna be wiped out. Could you not make $30,000 easily in a year from rental income? So think about that. Then I want you to think about what is the tax implications. Because if you sell that property, is it your residence or was it an investment property? Because there's different kinds of tax implications on it. I want you to think about that. Is it your primary residence? You have about $250,000 that you can clear, right? This is not tax advice. I'm just giving you information that I learned on my own journey. And so you do have this whole $250,000. Are you at that $250,000? Are you close to that $250,000? Because that could also make a difference. Should you sell or not sell? Also, what would rental income look like in that property, right? So could you make enough money every single month because maybe your mortgage is really low and you can make money by selling this, renting out this property every single month. So that's something you want to consider. You also want to consider how that rental income could be the very thing that's gonna support you every single month. I love that strategy. The fact that my rental property pays my rent where I am now. That's kind of like my strategy. I did not sell my home, I still have hold on to holding on to my home. And so also think about what would be your return on on if you decide what would happen if I sold this property, what would be my return on that? So these are some of the things that I want you to think about because I don't want your relocation to be sabotaged financially because you just made this really quick decision to sell or to keep. Even keeping your home could also cost you. So let's think about that. Mistake number two is keeping your property and you don't have any real plan. I said don't sell too quick, but you don't want to keep on it. What's your plan if you keep it? Are your kids living in the house and they're not paying any rent? And now you have all the utilities and you have all the expenses of this home, as well as your expenses to your new place. So you want to think about that. So keeping your home, oh, this is my home. This was my first home, this was my dream home. I see people now who are holding on to your homes, their houses are totally empty, and you know that property is depreciating, not necessarily value, but things are going wrong with it. So now people are going back home on vacation and they're spending the whole time trying to fix that place up. So think about why are you still holding on to that home? I know you built your dream home. I know this may be your first home, but holding on to that home and it's empty, is that really helping it? And you're asking yourself, I'm gonna be a landlord. Being a landlord long distance is a business. And you got to think also about the tax implication of that. Because especially if you're drawing down Social Security, if you're collecting income on that home and you're a landlord and you're running it like a business, that could affect your rental, that could affect your social security. So you'd want to set it up in such a way that is not necessarily income coming to you. It's a separate business. And so, what you want to think about is having a property manager, not your cousin Bull, who's gonna come over when they can, they're gonna collect the rent when they can. I'm talking about proper property management. An organization, this is what they do. They're gonna make sure they get your rent every month, they're gonna vet your tenants, they're gonna make sure repairs are done properly, they are monitoring your property. That was what I'm talking about property management. Maintenance, how are you gonna maintain that place? Do you have a good maintenance team already in place? What happens when it's vacant? Are you still gonna be able to pay the mortgage when it's vacant? Because now, especially if you were depending on that property paying your rent and now it's vacant. You got to pay the mortgage and you're gonna have to pay your rent where you are. So, those are some of the things I want you to think about. What are your taxes on that property? Are your taxes constantly going up? I know a lot of neighborhoods, especially neighborhoods are being gentrified, they're finding out that they can't afford their homes anymore because the taxes are so high now. So think about your taxes, think about insurance, think about repairs, think about do you want to deal with tenants? Do you have somebody else to deal with those tenants as well? Because even with tenants, if you have perfect tenants, I had some really great tenants and it was easy peasy right now, not so easy. That's all I'm gonna say. Not so easy. And so I am finding that I had to, after all these years of never having a property manager, I now had to get someone to help me manage this property because my tenants were not that easy peasy for me to deal with. And then you want to think about making sure you have emergency reserve. So just in case you do have a vacancy, do you have a couple of months in reserve that you can pay your mortgage and pay your rent? If that was your strategy, that your rental income was going to pay your mortgage. So make sure you have those reserves. I know that people like to plan. I know that was my plan. And it is still my plan to have my rental property pay for my rent where I'm living. But if that doesn't work out, like earlier this year, I think some of you know that I had to go up and do a lot of repairs. So my property was vacant for the first time in six years for not a full month, but almost a full month. I had to do a lot of repairs to that property. So I wasn't renting it out, I didn't get any rental income from it. Plus, I was painting, I was doing drywall, I was putting in new soft furnishings, I was spending a boatload of money. And so if I didn't have some kind of reserve, then that would have sent me wacky. And so I want you to think about that. Then ask yourself keeping this property gives me peace or pressure? Right now, girlfriend, I am feeling the pressure, but I am holding on because I don't want to make an emotional decision. Because just because one tenant at this particular time is causing you adjusted doesn't mean it's gonna always happen that way. And so you don't want to make just really quick decisions, right? So that is mistake number two. Let's find a stick number three. You don't understand the primary residency rules. Primary residency rules, right? This one you really need to understand. Is that still your primary resident? Are you still considering your primary resident? And how is it a primary your resident when you're living somewhere else, right? You're saying, like, oh, I'm an expat, I live in this, I'm claiming expat stuff, but then you're also claiming primary residence. So understand the difference because there is a difference in tax implication. I talked about when you sell your property, your primary residence, that you get the $250,000 on the capital gains. Also, there's a homestead that's available to you as a primary resident. But if that's your investment property, you don't get homestead. But what you do get is to write off all your expenses. And baby, this year I got me some serious expenses to write off. And so that's an investment property for me. But also understand when you have an investment property, make sure you have insurance as a landlord. You don't want to have insurance on your property as a as if you're living there as a homeowner and you're really a landlord. That makes a major difference in your claims or anything that could happen in that property. And then also understand what the implications are for a rental property, right? So there's investment, there's second home, there's all kinds, and they all have different kinds of tax differences. We're going to be talking about that too. And then also start depending on your where your property is, how long you live there, when you decide to sell, all these things could affect you in terms of capital gains, in terms of what exclusions you're entitled to in your tax obligation. And that's why I say you have to understand what it really means to have a primary resident. And then there's also if you decide to sell, are you going to do a 1031 exchange? And how can you do a 1031 exchange if you're living in another country? Will you qualify for a 1031 exchange if you're buying property somewhere else? So a 1031 exchange is this was an investment property, you sell it. And to avoid some of your capital gains, you buy another investment property, right? And so, and that's only within a certain period of time. And so you also want to understand primary residence exclusions. Is your property in a trust? Is your property in an LLC? And so that way it doesn't affect your personal income. And so all of this could be part of your estate planning as well. All of these things you want to think about. Now remember, I am not your tax expert. This is not tax expert. This is not tax advice. So talk to a tax expert and understand. Mistake number four: buying property aboard abroad emotionally. Not understanding the market that you're investing in, not understanding laws, not understanding taxes. We just dive right in. Oh my gosh, I want to buy a property. I'm with you, girl. I want to buy a property abroad. You know why? Because I don't want anybody talking to me in my 70s about when rent is increasing. Now that's my reason. I don't know. Isn't emotional? I think it's a financial thing. I'm thinking the fact that my income is not going to be escalating or accelerating at a really fast pace at this stage in my life because I'm slowing it down. And so, therefore, I have to think about if I'm on a fixed income and my rent and the cost of living is going up, the one thing I can stabilize it could be my rent. And so maybe that's why I want to buy. Now that's my personal reason for buying. Everybody's been on my case. Don't buy here, don't buy here. And so everybody has to buy because you have a good reason. But not, oh my gosh, this property is so wonderful. It's so cheap. It's only $150,000. I'm getting five bedrooms. Do you need five bedrooms? Do you really need a property for $150,000? So just slow down and don't buy emotionally. Have a good reason why. And I would say live in the country for a while so you can understand the environment. Because you may buy something in an area and then come to find out you don't even hang out in that area. You don't really like that area. You can find out that there's another area that you really love. That's where you spend your time with, that's where property values are better. It could be a better investment for you. So just take a minute before you actually buy. Look at what the resale is. Now, if you're buying because you're thinking, oh, I'm going to sell this. What does the resale market look like when you're thinking about buying? I know for sure in Panama, the resale market sucks. In Nigeria, that resale market wasn't too hot either. So you want to don't think about from your American brain that, oh, I'm going to flip. I love we love to talk about flipping. What is it? Flipping, flop, flipping, whatever it is, right? You're about flipping properties. Think about why you are buying and what it means to you. What's your reason for buying? And understand like the neighborhoods that you're buying in, not what the neighborhood is today. But what is the projection of this neighborhood? Who is starting to move? Is it starting to turn into an expat neighborhood? Is it an older neighborhood and now you see that the property values are going down or the property values going up? Try to understand the neighborhood you're in. Also, understand how the weather affects that neighborhood. Are you living in a place where there's hurricanes or volcanoes or earthquakes or rainy season? What happens in that neighborhood? All of a sudden, do you live someplace where there's going to be mudslides because generally I don't know. That's what you want to find out. What's transportation access right now? Maybe you're taking Ubers everywhere or you're driving your car as you age? Is that something that you still want to have access to? What's healthcare access to in that neighborhood? I know we had a client who was looking at a place and she where she wanted to live. And I'm like, do you know that there's no medical centers here? And so you want to take that consideration. What's your health care access going to be? What's transportation going to be as you get older and have to rely on public transportation? How noisy it is, right? Right now, you may not care about the noise that you're hearing, all the busyness on streets, all the place living in a building and you're hearing children. But as you get older, do you want to hear all that noise? I know I want to live in a very quiet, peaceable life. And what is the safety of that neighborhood? You want to think about that, not just for today, but you're in buying. So you're going to be there five, 10, 15, 20 years. And what kind of social life or community life? How would you fit into this neighborhood in 10 years? It may be on and popping right now, but really, is everybody else in that neighborhood also going to start maturing with you? Or are you going to find yourself as a little old lady in this building with lots of teenagers who are going to be running around? Those are some of the things you want to consider when you're buying. And the mistake number five, I would say, is that we use up all our liquidity, all our cash, all our money is put into a property overseas. So we have bought this beautiful house. We love it. It was perfect. We love the neighborhood. We love where it's situated. But we have a beautiful property and we are cash poor. We can't do anything to that property. We can't even buy a curtain because we don't have any more money. So you don't want to spend all your money in legal fees and buying the property and all the other fees that are attached to when you buy a property, down positive, down payment, or if you bought it totally cash and wind up being broke and you can't fix anything. You don't have any emergency cash. You have a healthcare issue, you don't have any cash to take care of that. You need to fly back home. You don't have any money to travel home. You can't even go on a holiday or a vacation or hang out with your friends. Dining is off the table. You don't want your whole life to stop because you bought a cash property because you lived abroad. So I would say try to live abroad for one or two years. Experience the country. Make sure you really want to stay there. Make sure you really enjoy living there. Make sure you understand the neighborhood before you invest. But I always say this mistake number six, not thinking long term. You're like, I'm here. I love it. Yeah, I'm gonna be here forever. Really? Are you? I don't know, right? But best relocation plans also have exit plans. You have an exit strategy. You have a strategy to move in and a strategy to move out. Not an emotional exit, like, oh my gosh, I can't stand this place anymore. Oh, it's getting too expensive, and you have to leave out. And if you do, what are you gonna do with that property? So a long time, a long-term strategy. Asking yourself, what's it look like to age here? I knew for sure in some of the countries I lived in, I knew after 60, I was gonna be out of those countries. They didn't have good health care, that most of the people that we had to depend on for our daily living were not necessarily the most reliable people or dependable people. And I knew in my old age I was not gonna be depending on some illiterate who was not dependable. And so I moved. I knew that's not where I wanted to be. Ask yourself, is this a place that I can age in? Do they respect elderly people? Do they have resources available for people who are elderly? Do they have good health care that's gonna maintain me when I get older? So do you want to think about it long term? What would my life look like? I know it's on and popping now. You go into this club and this dining and this restaurant and you're having a great time. But when you're 75, 85, 95, is this still a great place to live? So think about that as you're buying property. What if you need to return to the US? What are you gonna do with that property? Is it gonna be easily to sell, easily to reinvest, or use as a rental property? Is it something that your children may want to inherit? Do they even care? Do they even come to visit you even now? Think about that. What does it mean to your ears? These are things you want to think about. So these are just a few things where I see where a lot of women make mistakes around property. This is some of the biggest makes mistakes that we make. I do not want you to make that mistake. So I'm Sable, your bougie girlfriend. I hope you learned something today. I want you to realize that relocation is more than just logistics and moving, it is a lifestyle. And I want you to make property decisions that are wise and that are long-term and not short term. If you enjoyed the information that you learned today, go ahead and subscribe to this channel, hit that notification button so this way you can hear the next information that we have coming out for you. Until then, you continue to live an elevated life.

Speaker 23:40

That's a wrap. And if this episode resonated with you, go ahead and follow the podcast and share it with another woman who's ready for her next chapter. And if you're ready to move beyond thinking and start building your exit strategy, I invite you to join me inside my live experience, the elevated exit masterclass. You'll find the link in the show notes. Until next time, make your next move a bougie one.