Moving abroad is something we all fantasise about. To uproot our current living situation- which can sometimes seem somewhat dreary to us and move to a destination that is idyllic is well, dreamy! However, the process can be a lot more challenging than we anticipate. Here at We Buy Any House, we have compiled our key tips on setting up a home abroad.
Don’t Buy a Property You Can’t Afford:
Before you move abroad, it’s important to make sure you budget properly before you start looking for a potential property to move into. It’s crucial that you do this, as you don’t want to be in a position where you can’t afford your lifestyle or the property you want. By creating a budget, you can realistically see what you can afford and in which area.
Do Your Research:
Wherever you are planning to move, it’s vital that you do your research on the location you are intending to move to. Just like how there are pros and cons to the area you live in now, the place where you intend to move to probably has its own pros and cons. It’s important to find experts who can inform you properly about specific areas you are interested in, and then you can do your own deciding from there.
Find Out If You Can Get a Mortgage Abroad:
Since the 2008 financial crisis in the UK, a lot of British banks are less willing to lend mortgages to Brits who are seeking to invest in foreign properties. That leaves most people with two options, to either remortgage your UK house to release equity, or take out a foreign mortgage. When you are budgeting for your mortgage, it’s important to make sure that you have enough to cover extra costs. These include things such as:
- Survey fees
- Property registration
- Moving costs
- Insurance
- Tax on property transactions
A great idea is to seek expert advice from an overseas mortgage broker. This way, you can devise the best way to approach buying a property.
Try to Find the Best Exhange Rate:
When you move abroad, you will inevitably have to make the transition from the current currency of your country to the new currency of your chosen country. It’s important that you try and use the best exchange rate possible, as when if you have a better rate you will be able to have spare expenses for your future costs.
Don’t Underestimate How Hard it is to Move Country:
Moving abroad may seem like a dream, and something that is easily achievable. However, its more complicated than you think, and from finances to legalities- to generally setting up life in a whole new place- it can all be somewhat overwhelming at times. Before you move out to your chosen destination permanently, perhaps it’s a good idea to try and move out there temporarily. This will give you a better insight as to how you get on over there- before you completely pack up your current life.
If you’re wondering “how can I sell house fast?”, head to the We Buy Any House website for more information relating to all property related enquiries.