Can You Afford To Move Abroad?

If you’re approaching retirement or just considering a change in scenery, you might be thinking about moving abroad. The biggest question on your mind should be whether or not you can afford to make a move like this. Moving abroad isn’t quite the same as relocating to the next town away. There’s a lot to consider but if you are aware of all the issues you should find that moving to a tropical new country isn’t that problematic at all.

Finding The Home For The Right Price

So, the first thing you’ll need to look at is finding a home over there to buy. The instant reaction here is to get in touch with a company in the new country and get them to do the grunt work. Tell them what you’re looking for, get them to search the market and send you the possibilities. However, there’s a problem with this.

Estate agents can’t help but see international buyers as a grand opportunity. They push houses that they know local buyers would never purchase. These houses are either in undesirable locations or have serious build issues.

Instead, you should book a holiday or trip over to the destination where you’re thinking about moving too. Take some time to explore the area, look at the houses up for sale and get a feel for the prices. That way when you do buy, you can make sure you’re not overcharged.

To Survey Or Not To Survey

Once you find the home you want you’ll have a decision to make. You’ll need to decide whether to survey the property before you buy. You might think that if you’re buying a brand new home, there’s no need for a survey. However, if you do this, you are putting a lot of trust in the building company. That’s not necessarily a bad move, but if they do turn out to be unreliable, it could be an expensive mistake. Instead, you should think about running a barebones survey. Make sure everything on the surface is running as it should be. After that, feel free to proceed with the sale.

Move Over

The actual move is when the costs really start to bite. You expect to pay a lot for the new property, but most people forget about the cost of actually moving. If you’re relocating overseas, you have logistics with items like the car. You can’t drive it over, but you do have options. With Shiply car delivery and other similar services, you can get your vehicle shipped directly to your new driveway for minimal costs. No muss, no fuss, and the car will be right there waiting for you. For other items, you might want to consider air freight.

So How Much?

Well, let’s say the house costs 300k, you’ll need another 30k for sales fees and then maybe 10-15 for transportation. So, if you have around fifty thousand left over once you’ve calculated the cost of your property, yes you can afford to move abroad. You might even find the exchange rate gives you a little nudge in the right direction. Goodluck!

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