Have you ever seen yourself moving abroad? It’s a great way to experience another culture, and many people live happy lives and make new friends over the entire world. However, it can be expensive. Here are several tips for people looking to move overseas, that can help save them money.
Mortgages and loans tend to be tricky to get when you live in a different country. And, if you do get hold of one, it is likely to be expensive. On the other hand, it will be tough to get a loan from your current country of residence, if you are planning on taking flight to foreign climes. So, the best way to save the most money is to buy a property outright. Of course, this can be risky if you are buying blind, so it is important to do plenty of research. We’ll go through some of those ideas later on.
Take stock of currencies
The currency market is a good one to look at when you are thinking of moving abroad. Make sure you find a currency specialist to handle your transactions if you are paying before you move. Most banks will charge you a rate to convert large amounts of cash, but a specialist can save you anything up to five percent. If you are spending a quarter of a million on a new home, that is not an insignificant sum.
Timing is everything
When you are dealing with foreign exchanges, timing is everything. This is especially true when you are talking about the considerable sums involved in buying a new home. So, watch those exchanges like a hawk, and set yourself a level that you are happy with. Don’t make any payments until then. Sure, it’s a risky strategy if you are missing on a property. But, if you want to save money, it’s the only way to play the game. Even a quarter of a percent change can lead to massive savings.
Investigate local markets
It is essential that you look into the housing market of the location you are planning to move to. You will need to keep on top of prices, rental rates, and investment from local authorities to ensure you get the right price for the right home. You can use the web to find out the prices of property for sale in another country. And, it might even be a good idea to get in touch with a local estate agent. They will know their locale better than you ever will, and will be in the best spot possible to find you the best deal.
Watch your other finances
Make sure that you are keeping track of all your savings and investments, too. Don’t forget that they are traveling with you and that they can also be affected by currency rate changes. Again, it’s important to time everything just right if you want to save as much as possible. It might be worth opening an offshore account somewhere that will help you save on taxes, too. Seek out help from a financial expert if you struggle.
We’re keen to hear your thoughts – would you consider moving abroad?