Buying property abroad – why should this be a financial consideration?
Buying property abroad continues to be popular with Britons with 2.1 million households reported having at least one second property, 40% of which were outside the UK (English Housing Survey 2022)
Apart from maybe looking for a slower pace of life, better weather, more outdoor opportunities and life onn the beach, there are some key financial benefits to consider.
Most people think that purchasing a property overseas is to have a second home to go to when you want to holiday, or that it’s something to consider when you are planning retirement.
The truth is there are many perks to buying property overseas – it is much more than having a place to vacation or having a second home away from home.
Points to consider:
- Purchasing your future retirement home and renting it out whilst it isn’t in use can generate cash flow abroad in another currency.
- Property is a true investment diversification away from generic saving plans and ISA’s etc.
- Identification of an overseas property hotspot where development and prices are predicted to rise significantly – this can be an advantageous financial risk.
- Buying property overseas also allows you to plan your funds or long-term cash flow and enjoy the security of a hard asset.
- Investing in property overseas could open the doors to future overseas residency.
But this tempting prospect comes with a number of risks and can also be a much more convoluted process than buying property in the UK.
Let our experts at Prestige Property Europe help you own the dream property…
https://pp-europe.com/contact/