Find a Property Abroad
What with the cold winters we’ve been experiencing over the past couple of year, soaring fuel prices, budget cuts and an uncertain economy, many Brit’s are selling up and looking at houses for sale overseas. And who can blame them? The prospect of a warmer climate, financial relief and a better standard of living would be enough to tempt even the most patriotic. So, if like the other 100,000 plus Brits who made the move last year, you are hoping to find a property abroad, you first need to know what to look out for.
It can be easy to fall in love with the idea of relocating overseas whilst on holiday but try not to be too hasty. Being on holiday is about getting away from work and the other stress’ of home life, so obviously relocating is going to be a seductive idea, but it’s not necessarily the best one. You’ll want to consider the following points before you begin your quest to find a property in the sun:
Salary Rates – How does the salary vary between your chosen location and back home? If you can earn more then that’s great, but you could also face the possibility of having to take a pay cut.
Cost of Living – If it turns out that you will receive a better salary in your new country then there is a good chance that this is because the cost of living is higher. You could even end up worse off. Look into how much your weekly food, fuel and utility bills will cost and compare this to what you are currently paying.
Property Prices – As with different locations across Britain, foreign property prices can vary considerably and what you will be able to afford will be subject to fluctuation with the currency exchange rate.
Education – It’s easy to be selfish when dreaming of moving abroad, but if you have children or are planning too at some point in the future then you will need to consider the levels of education that are available in your chosen country, including whether or not they are state or privately funded.
If it turns out after taking these points into consideration that moving abroad is a viable option then you will be ready to start looking at the next steps.
Find a Property
In an ideal world you would want to buy your home abroad outright so you’ll be able to make the move without land yourself with debts. However for most people this probably won’t be a realistic option. If this is the case then you can arrange overseas mortgages with many high street banks and building societies, but be prepared to put up a 10-15% deposit. Alternatively you can arrange a mortgage in the local currency; this way if you are moving out there permanently you won’t need to worry about fluctuating exchange rates. Your best bet is enlisting the services of a financial advisor who specialises in buying property abroad. They will be able guide you through the entire process.
As far as finding a home is concerned, there are loads of property websites out there that contain extensive lists of international houses for sale. Once you have found a few properties that you are interested in, arrange a little trip to go house viewing. Check your chosen country’s laws regarding the offer making process, as in some places once you make an offer you are in a legally binding contract.
Before you make an offer on your dream property, check if there are any additional fees, as there almost certainly will be. Britain has some of the lowest home buying fees in Europe so it makes good sense to check this before you receive any unpleasant surprises.
Obviously if you are moving abroad permanently then finding and funding your new home is only part of the overall process. You will also need to arrange residence visas, sponsorship or work placements as well as setting up new bank accounts etc… all of which can take time, so you’ll need to be patient.
When considering emigrating you will almost definitely need the help of an immigration specialist to help you keep on top of all the paper work and ensure that everything goes smoothly. You will be able to find plenty of specialists online, so it really is just a case of shopping around and reading testimonials.
So there you have it, you should now be ready to take that next step and find a property abroad. Good Luck!