[USER]

I could use some help with a major decision (please be kind)
We had an unexpected windfall of money recently (my spouse’s company was purchased and we received some cash from the sale).

We are both working executives. We did all the things—had the kids, got the big house in the nice neighborhood. I should add neither of us come from money, but we worked hard on our careers.

Combined income is about $438k before taxes.
We have some savings, max out of 401ks, HSA, etc. we are in our late 30s.

Here’s the thing: we aren’t enjoying life this way. We’re tired all the time, have no time for our kids (who are quickly getting older) and we have the opportunity with this windfall to purchase a property in Greece (that would also secure us some resident visas) using the windfall money.

We would be spending about $440k on it though (the entirety of the windfall) but the villa would be paid.

We also could rent it once construction is complete in 2 years.

We estimate about anywhere from $35k to 76k in income from the rental. Or we can move there if we’re ready (and can make enough off of the sale of our house).

We’d have about $150k left over in cash, and anything we make from the sale (plus we’d save until we move).

It feels risky, it also feels like it could give us a chance to reset and live a higher quality of life (everything is cheaper over there and we’d have a paid off house vs a $4k a month mortgage).

We know enough to know that if we put this same amount in the market for 15-20 years, we could retire on that too—but life stays the same here.

[Anh]

Have you guys ever visited Greece, solo, coupled, and with children? I would suggest you take a sabbatical, maybe spend 6 months to a year before you jump into making a 450k purchase that you might not enjoy.

Also, if you have not been as present in your children’s lives as you had desired, spending more time with them now (or soon) might take some adjustment.

[Michelle]

Tomorrow is not guaranteed. The more you focus on THIS FACT, the more clear things become. Follow your heart if it leads to happiness.

You can always earn money – but you cannot sacrifice the happiness of today. Change what you are doing if your life is not fulfilled.

The relationship you have with your kids will be in direct proportion to the time you invest in the relationship now.

I know plenty of rich folks who are estranged from their grown children because all they were focused on in the earlier years they were focused on monetary accumulation.

IMHO, nothing is more important than family & the relationships you share. You are young enough to take a risk & still recover even if it
goes totally bunk. O hope you go for happiness, family & adventures.

Life is too short – especially since this is windfall money.

A gift to free you from the grind.

[Elizabeth]

Whatever you decide, you should definitely use the money to make time with your children.

You don’t get those years back.

[Cynthia]

I left the US 30 years ago with a backpack for Asia. It was meant to be for 1 year. I stayed 13. It was a great place to make money – 15% flat taxes, but then we chose Italy to raise children when they were 6,6 and 3.

Best decision ever raising them here. Multilingual, great education, no violent crime, I don’t know anyone with mental health issues, healthy food, community parenting so parents aren’t exhausted and isolated in raising children, time for families, festivals + European travel is cheap and easy.

Now they’re all in their 20s and going elsewhere for jobs (as expected given the Med countries weak economies), but one or the other is always home in Italy so it’s a been a real simple easy life EXCEPT for a bureaucracy, which I swear is worse since Brexit and Covid.

I’ve family in Greece so we’re down there all the time. It’s pretty much the same. My Greek cousins raise the kids there then get them to go north where the jobs are.

[Sue]

Why are you wanting to buy something off the plan that won’t be finished for two years.
In Australia, off the plan investments are the worst type of investments.

I can’t imagine that Greece would be better.

Look for an already complete villa that’s move in ready. Off the plan is way too risky.

[Julia]

I have been wanting to return to Sicily for a long, long time. But, I speak the language, have a lot of friends there and have lived there previously.

I love the Sicilians to bits but there is no way I would consider building or remodeling there.

There are cultural issues at play that I don’t want to tangle with. I am making assumptions here, but Greek culture is probably similar.

My current plan is to rent from my old land lords and keep my house here in the U.S. Best of luck to you…keep us posted!

[Colin]

Sounds awesome. You’re operating from a position of strength with great options. Greece sounds amazing.

The pace of life in Europe is so enjoyable.

[Laila]

Congratulations! And good on you two for thinking outside the box. I would hesitate to do this for several reasons:
Many people who move abroad end up returning to the US within about 1-2 years, and it’s a very expensive lesson.

One of the biggest barriers is often no longer being able to afford to get back into the US housing market in the community where their friends, family and personal history exist.

How will you feel being so far away from all your friends, family and culture … over a period of many years.

Spending time in Greece or elsewhere can feel really different when on vacation, versus living there.

What will lost opportunity costs look like for you, your husband and your children, as they get educated K-12, then possibly university, and in their early and mid-careers?

What if war breaks out in Russia or close to Europe and effects you, and you can’t easily move back?

Rather, I might suggest that you look at doing some different trial runs, lasting perhaps 6 to 24 montnhs … of living and/or traveling abroad.

When you’re ready to settle, if not from the start, rent a place in Greece and really try living there for 1-2 years (Not sure what kind of visas you might be able to get? Perhaps a student, language study visa?).

But, perhaps the reason you didn’t want to do a trial run first is that you want to be able to WORK in Greece and that option is only available with the visa you can get from purchasing a property?

I also agree with what others stated that many people who rent their properties part time abroad make both way less on rental income and also once they sell the property, than initially projected.

Also, it can often be very difficult to get the property sold, as only the wealthy and other foreigners can afford these more expensive properties.

Perhaps the most useful and specific advice and recent anecdotal information can be garnered in Facebook groups that focus on expats living in Greece.

All the best! This is a marvelous opportunity. If there is a way that you all can change your lives but greatly mitigate risk by doing trial runs and not investing in ways that may get you stuck, I feel you may be able to have the best of both worlds.

[Wendy]

I love real estate but not spending very cent you have plus two years of rehab? Construction?

What about renting out your current home?

Or selling it, adding the windfall, spending a lot of time in low cost countries and letting your nest egg grow till your FI?

[Lorena]

From what I gathered your needing a simpler life here like yesterday. Instead of a villa in Greece why not simplify life here in the US, no mortgage or debt spend time with kids, find a job that is less stressful and less time consuming . Use that money to help you get a simpler life.

Start enjoying yoday!!

[Sandy]

I think you’ve got some great ideas about using this opportunity to potentially slow down and focus on life differently but make sure you’re considering everything.

I can’t imagine building a new property in a different country, language and culture from afar without expecting a few hiccups in timing and costs.

Are you familiar with all of the legal and tax consequences? The potential rental income seems high.

Have you factored in the taxes, management fees, repairs, marketing, etc?

Living someplace can be very different than visiting so I would look into a long term rental first to make sure this is really the path you want to take.

Not to say it couldn’t be done but I think you could do a lot more due diligence before committing.

[Wilson]

I left the US and moved to Romania. The lower cost of living, simpler lifestyle, easier traveling, and not having to worry about the cost of healthcare are nice.

But we do have expenses that wouldn’t exist in the U.S., the big one being the cost of renewing our residency permits for a family of 5 annually and then every 5 years when you qualify for it.

And if your children are still in school, the tuition of international schools is ridiculous. If those aren’t an issue, go for it.

We’re generally happier, healthier, have great work/life balance and are just enjoying life.

[Ashly]

Take a sabbatical! Don’t blow it all on a house in a place you may not love – it’s too permeant and limits your options if you want to change your mind later, but I think you’re on the right track of thinking! Life is too short to be miserable.

Quit your jobs, take the kids and do some traveling, spend time figuring out what your ideal futures look like and how you enjoy spending your time.

Maybe you’ll find a place in or outside of the US you want to settle down, and maybe after a break you want to come back home and get back to work but you’ll come back with a treasure of memories of time spent.

[Stan]

Definitely wouldn’t buy the villa as a first move. At least take some time to think about your life and goals. One idea that could provide some immediate and long-term benefit is invest the money in a dividend fund like SCHD.

You can collect just under 4% per year divs that can supplement your income, in the event that you want to take a lower stress and lower paying job, or use the dividends to fund a nice holiday or two as family.

In the meantime the principal should continue to grow at 8ish percent, which could likely provide you a nest egg so at least one of you could retire in the next 10 years.

[Tomáš]

nah … don’t like it … spend some time with the kids relocate to cheaper area but in usa… one of the parents stay at home … or both work part time … ….

for this kind of the money you’d like to buy in Greece you can travel there every year ….

(also, parent but from europa, been to the Greece like it there as well)

[Mindi]

I don’t understand the appeal of Greece. You can buy a nice, cushy house on a few acres in the US for the same amount and not have to deal with the exorbitant moving costs or culture shock.

Sounds like you just want something new and different in your life, but as the saying goes “Wherever you go, there you are.” Life is what you make of it.

Tons of people drastically change their life without moving halfway across the world.

You said it’s risky, so what happens if your plan fails? What’s the backup plan?

Is it something you’re willing to live with potentially for the rest of your life?

[Bear]

We are in our late 30s, 2 kids (6 and I felt like in the US all our parent friends were always exhausted by parenting, including the families with 1 working parent. Everyone was just run ragged.

We wanted a bigger family but stopped at 2 just because it was too hard.

We were gaining weight, losing patience and just not super happy. My husband and I sat down earlier this year to talk about it.

We decided we would move to a village in Mexico, work remotely, and have more kids.

We moved end of December, make about $250k with our US jobs, and have full time help (cooking/cleaning).

We spend a lot of money compared to local standards but still essentially halved our expenses. I’m due with our third this summer. Hubbie is back to exercising and losing weight.

We are eating healthy. We have chickens. Our kids arent on screens all day like they were in public schools in the US and are eating healthier.

If and when we lose our jobs we will be in a bit of a pickle but we’ll cross that bridge when we get to it.

[Kacee]

Sounds like you are burnt out…This, as someone also mentioned , may be a good time to slow down, re-evaluate your goals. And with the “windfall” money, it seems like a good idea to invest in a rental property.

However, owning a property in a different country won’t be easy. You’d need someone locally to handle things (utilities, wear and tear, expenses, maintenance) and not to mention laws, taxes and procedures/processes of those things, etc.

Let alone building one (you mentioned that construction would be done in 2 yrs).

That’s a lot of things to over see etc. You could hire a property mgmet company but they may not have your best interest in mind.

Maybe rent there first for a few months to get to see how you like it? Also, as the kids get older, things/life may change with that too.

I have seen so many parents planned things out with their kids in mind to inherit and the kids want nothing to do with their properties. Or they become empty nesters and then downsize.

My point is, late 30s is still very young and you will go thru a lot of diff stages later in life.

If you feel burnt out at this early stage, slow down to take care of your mental and physical health.

Invest your money, do the math and really take the time to plan.

[Nelya]

May I ask, why Greece? I know their economy has been struggling, crime is up.

A lot of locals are moving out of the country.

[Chris]

your fatigue could be strongly influencing you to make decisions that you otherwise wouldn’t make.

It’s like going to a grocery store when you’re hungry or craving sweets.

I would first use that money to help create conditions for a more balanced lifestyle (in your case, working less and spending more time with the kids) before making potentially life-changing financial decisions, especially ones in which the plan requires income from a business you’ve never run before.

[Donna]

If I have a windfall of 440k I would sit on it for 1-2 years to avoid any impulse decisions. Having a villa out of the country is hard to maintain.

I will do it if I have the ability to work remotely and kids are done with school and have their own life.

Speak with a Greek family living in US why they prefer living here and vise versa.

You can do it it’s not impossible but I think you will end up coming back for kids’ high school or university and to set them up for a brighter future in the US unless you guys build a business there.

Also, employment after your current jobs go away do you have prospects there if ever?

[Mary]

Staying for another 2 years while your villa gets built sounds like prolonging the stress.

Invest the money, take a leave, change your lifestyle.

[Author]

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