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Have you fallen in love with a property? Now sort out the money

A little preparation on the financial front means you needn’t fall in love with a property out of your reach...

Looking for a property abroad is a bit like falling in love. At the start there is the thrill of gazing at the shimmering pool or the veranda and knowing that it can be yours! Then there’s the passion and excitement as you plan your new life together. But then you start to worry about the practicalities of it all – the travelling arrangements, just how well constructed is it, can you afford it? You can download a comprehensive guide to buying property overseas here.

When it comes to money, at least getting your currency sorted out can set your mind at rest and let you get back to the romance of it all. The problem for buyers is that currencies fluctuate every minute of the day, each currency strengthening and weakening against each other as economic data and political news comes in. This complex interplay makes setting a budget very difficult if your savings are in pounds but the property is in euros or dollars.

We are not just talking about small amounts. A €100,000 property you first find in September 2015 would have cost £73,000 but by September 2016 it costs £84,000. Ouch! Suddenly your dream property has drifted out of reach.

You can avoid that so easily. Work with a good currency broker and you’ll get peace of mind and money in your pocket. MoveAgain recommends Smart Currency Exchange for all your currency needs. Smart has been voted Number One for both currency exchange and money transfer provider on Trustpilot, the respected hub for customer reviews.

Smart offer several ways to exchange currency when buying a property overseas, and which you choose should depend on your particular situation and requirements. Smart’s currency expert will explain all this to you, but the usual way is to take out a forward currency contract. With this, you agree an exchange rate, which could save you as much as 4 percent on the rate you would get from a high street bank. Just think how much love you could lavish on your new home with that!

You lock in that currency with a deposit of around 10 percent. Then, whatever the currency does, you will be guaranteed that rate when you come to buy.

For more information and to see how much you could save call 020 7898 0541 or click here for a free quote with no obligation.


 

Sep 14, 2016 | 179 Page Views

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