How to Find your Dream Home Overseas
How to find your dream property abroad
Lots of us return from a holiday thinking ‘I wish I lived out there’, but some turn that dream into a reality. Finding your ideal property abroad is an exciting time, but it can be daunting. Deciding that you’ll be purchasing a property abroad isn’t a decision that should be made quickly - there’s the language barrier to consider, as well as differing rules, laws and regulations regarding home buying and moving into that country, but if you do it right, you can enjoy the amazing benefits of having a stunning property overseas – something that’s on almost everyone’s wish list. People decide to buy homes abroad for many different reasons, so the first question you need to ask yourself is, what are you looking for?
I’m looking to move permanently.
This is the big one - the emigration to somewhere new. Whether it’s for work, to provide a better way of life for your family, or simply a fresh start – moving to a new country is a huge decision and one not to be taken lightly. The idea of moving abroad is often idyllic, the amazing weather, golden beaches and relaxing atmosphere is a far cry from the cold weather and busy schedules we’re used to in the UK. But moving to a new country is not an extended holiday – you’ll be calling this place home and you need to be comfortable with the day to day things such as shopping for food, taking the dog to the vet and picking the kids up from school.
In countries where a large number of UK residents move to, there are expat communities that host events and regular meeting. They also have online forums so you can chat to people who are, or have been in your situation. Moving to somewhere completely new can be an overwhelming time at first, but there are networks in place to support you, help you settle in and make you feel welcome. It’s inevitable that every move will come with a certain amount of compromise, but don’t settle for anything less than you’re happy with. Sitting by a private pool sipping cocktails is great (and I’m sure there will be a lot of that), but consider the idea of living there 24/7 and take into account:
- How close is the local airport? If family will be visiting, you may not want a 4 hour+ round trip to pick them up each time.
- Do your research on what the local area is like and get a good feel for the community.
- If you are going to retire in your new home, think about accessibility and how close are the local amenities are. (Not nice to think about, but could be a problem in the future!)
- Always visit the property in person at least once, photos don’t always show the bigger picture.
- If you’re taking out a mortgage, make sure the lender is licensed in the country you’re moving to.
I’m looking for a house to rent and get some extra income.
Buying overseas can be a great investment, and in certain parts of the world you can get a lot more bang for your buck than in the UK, but it’s a huge commitment and takes a lot of research and time to do properly. If you are looking to purchase an investment property, you need to have your business head on and consider how attractive the home is to potential renters, and not necessarily what you want. With a home so far away, it’s recommended to use a rental agent who can handle any issues when you’re not there, but there are extra costs for this. To get started, ensure you consider the list below:
- Check local rental incomes for similar properties, so you get an idea of the income you can expect.
- What are the maintenance costs to run the property? (Water, Internet, Electricity etc.)
- What commission does the rental agent take?
- Make sure the house has been built legally, as authorities have been known to demolish buildings that don’t have the right permissions.
I’m looking for a second home.
A beautiful holiday home you can head off to whenever you please? Bliss. All you need to do is book a flight and pack your bags and you’ll be relaxing on the beach before you know it. When looking for your second home, here are somethings you may want to consider.
- How many times a year will you be visiting and for how long?
- How much do flights cost?
- What is the time difference and how long is the flight?
- Do you want to rent out the property when it’s not in use?
- Check the local taxes and charges.
When you’re ready to sign on the dotted line.
Most purchases will require a minimum deposit between 10% and 30% once you commit to buy, which is often not refundable if you cancel without good reason, so being sure you’ve made the right choice is key. Somewhere along the line, you’ll need to exchange your money to the currency of the country you’re moving to, and that’s where Moving Currency comes in. We will support you in organising your international transfers in a simple and stress-free way. We offer excellent exchange rates and free transfers. You will have an account manager dedicated to you who will guide you through the process.
Our top 5 tips to take away are:
1. Keep your options open and don’t limit yourself too early on.
2. Research, research research! Do as much as you can before you commit to anything.
3. Learn about the purchasing side of things in the country and hire a solicitor who can speak the language and knows the local processes. Moving Currency have some wonderful partners and can recommend Lawyers and help with your research.
4. Check the local taxes and charges, so you’re not hit with any unexpected expenses.
5. Get in touch with us when you’re ready to exchange, so you get the most out of your money.
If you’d like to find out more about how to get the best deals on your currency exchange for your property purchase, we’d love to have a chat. Contact us on our UK number 0207 435 7052, our USA number 516 548 6485 or email info@movingcurrency.com
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