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Introduction to Buying a Property Abroad

Go to moneycorp to make the currency exchange for buying your property overseas (best exchange rates for conversions over £10,000, such as buying property abroad).

Are you looking for a change of lifestyle? Perhaps you are moving abroad for work purposes? Or you simply want a holiday home? There are many reasons to buy property abroad and if you have the budget, the energy and inspiration it can be a great experience for you, your family, your social network of friends and more.

Buying Property Abroad

When considering the purchase of a property abroad you will need to first decide what kind of property you are looking for, your budget and the usage type of the property. For example, you may want a capital City property such as an apartment for less that £300,000 or you maybe looking for a rural located property with a budget of £150,000 which is a minimum 3 bed house. One of the best ways to narrow your search for a property overseas is to use Internet Property Search websites such as rightmove.co.uk, homes.com and primelocation.com. By doing this research you may identify new potential areas to move to that you had not previously considered, you may realise your budget needs to change for better or worse, or your searches may confirm the expectations you had about the property location and property type. You may be looking for something ready to move into or let out to holidaymakers or you may want a renovation project. Furthermore you may be keeping a property in your home country too. There are lots of factors to consider and research and foreign currency needs should not be overlooked which we explain in the next section, including the use of Forward Contracts.

Foreign Currency for the Purchase of a Property

When buying a property overseas, you will need to exchange money to pay for the home. Did you know about Forward Contracts? A Forward Contract allows you to lock-in today’s exchange rate for a purchase/transaction in the future within about one year. This enables you to not worry about exchange rate fluctuations affecting how much you have to spend on your property investment. Sign up with moneycorp and they will then explain more about Forward Contracts.

Whether you use a forward contract or simply use the current exchange rate to buy a property there will be other expense such as travelling, paying for food and drink, paying household utility bills, converting income from the property to your home currency if you let the property to holidaymakers and there are other needs for currency exchange too.

You can use your bank or local Bureau de Change to exchange money but the best, most competitive rates will be available from a Foreign Exchange Broker, such as moneycorp. When transacting in £100,000 and more to buy a property abroad the saving by using moneycorp with a local bank can be £1,000’s. Not only will the exchange rate be better but they will also have currency specialists that can guide you as to the likely direction of the exchange rate(s) and you can use this market knowledge to decide the best time to make the currency conversion to pay for a property.

Not sure where to Buy a Property? Get Inspired with our Ideas and Suggestions

Inspiration to buy a property abroad can come from various places. Property Magazines, Property Search Websites, Recommendations from friends and family, past knowledge from holiday experiences and more. Transport networks will also often dictate where is sensible to buy a property abroad because the shorter the amount of time it takes to get there maximises the time you spend at your second home.

Close to the coast often provides beach access, can be close to ferries for the journey to your home country and the views from the property can be spectacular too.

City apartments make city retreats easy, often there are good transport links such as international airports and trains nearby, rental opportunities may be in high demand all year around, shopping and entertainment opportunities may be desirable and more.

Rural properties can offer cheap, good-value-for-money investments particularly in some countries such as France and Spain.

Frequently sunny all-year-around locations may be a good choice to get away from the weather in your home country. For example United Kingdom residents choose Spain for the weather, or if you live in New York you may be looking for year-round-sunshine by buying a property closer to the equator.

Work reasons may dictate where you need to be located abroad. If business reasons lead to buying a property abroad you will have little choice but you can still consider looking at the transport network in the area to see if you can benefit from living in an area away from the business offices/depot/location. If the company you own or work for has various office locations in the country you are moving to you may want to consider relocation within the country in terms of working from numerous offices and travelling between them as well as your home location abroad.

Other high-value purchases abroad

If you are relocating abroad and travel there by train or by air you will want a car at the property to get about locally too. If you live by the coast a cheap boat (or expensive yacht, depending on your budget) may be the ideal hobby. Renovation of a property can be expensive too. Not least moving expenses to relocation all your personal belongings such as furniture will be expensive.

Investments Abroad such as Stocks and Shares, Pensions and Currency

When living in a foreign country it may become an idea to invest in assets, shares, currency, etc. in the country you now own a property within? For example, having knowledge of companies in the country you live may lead to stocks and shares investments. Furthermore if you receive wages and salary in a foreign currency it may be a sensible idea to invest in a foreign pension (particularly if you work for a foreign company that offers a pension in the the foreign currency) rather than convert money to your home currency and invest in a pension at home instead.

Receiving Wages in a Foreign Currency

To read more about receiving wages in a foreign country click here (coming soon).