If you’ve got some money saved up, then investing in a foreign property is likely to be an attractive proposition.
However, there are lots of important considerations when buying a house abroad, and there are lots of little ways you can save some extra money. Here are five ways you can make a saving on your foreign property.
Keep an Eye on the Market
When you’re buying abroad, you’ve not just got the housing market to consider but you’ve also got to look at exchange rates.
When big sums of money are involved, small changes in these markets can make a big difference to how much you end up paying.
You don’t want to end up paying over the odds for your foreign property, so you’ve got to pay careful attention to the markets.
Make sure you’re buying into a stable property market and try and transfer your money at a favourable rate.
Explore Your Borrowing Options
You’re not limited to borrowing money in the country where you’re buying your property. You also have the option of borrowing money in your home country to put towards your new house, and this can sometimes be the most efficient option.
If you’re buying a second home, then remortgaging your main home is a great way to release equity and borrow money at a good rate.
You might not be able to buy your property outright, but you don’t want to be paying crazy interest rates on the money you do borrow, so it’s well worth exploring all your options.
Save Money on Your Car
Wherever you decide to buy a new home, the chances are you are going to want a car.
Selling your old car and buying a new one in your new country is a lot of hassle though, and it can end up costing you money.
A good alternative is to use a car shipping company and take your car with you to your new destination.
It’s one less problem to think about, and one less expenditure that you have to account for.
Know Your Tax Commitments
It’s vitally important that you understand your tax commitments before you make any big decisions.
International tax law can be pretty complicated, so it’s always a good idea to make sure you’re working with a professional and are following all the requirements.
Any errors in this area can end up costing you a lot of money, so make sure you’ve got tax sorted early on in the process.
Don’t Be in a Rush
You don’t have to rush into any big decisions. If the right offer comes around, then do your research and make sure it truly is the right offer. There will always be another house, so you shouldn’t feel under pressure to jump into making a decision.
If you take your time and make sure you’re doing your research and waiting for the perfect opportunity, then you’ll find the process is much less stressful, and it will save you money in the long run.