How likely is it that you’d purchase a home abroad? Most people would shake their head at the idea after considering all of the costs and logistics. However, there are actually many reasons why you might change your mind and why you might want to consider purchasing a home abroad.
For example, some people might want to retire abroad because it’s surprisingly affordable, and others might want to move abroad because they’re just tired of their current country. Others might want to move home simply because they enjoy the country, and some may have found a life partner that lives in a different country. These are all completely valid reasons why you may want to become an expat, but is it really a viable choice for most people? Isn’t it really difficult to move abroad?
While it’s not the most difficult thing to do, there are certainly some very important considerations that you need to keep in mind before you decide to purchase a home abroad. Even renting a home can take a lot of work and if you’re not prepared, you’ll find yourself struggling to cope with all of the responsibilities that come with moving abroad. So to help you out, we’ve put together this helpful post that will list some of the most important considerations to keep in mind when purchasing (or even renting) a home abroad.
Are you fully aware of the financial obligations that come with moving abroad?
There are dozens of things that you need to keep in mind when you move abroad, but perhaps the most complicated aspect is the financial side of things. For example, you’ll need to figure out how to calculate stamp duty when purchasing a home abroad, you’ll have to consider the costs of living, and you’ll also need to think about the logistics of getting a job should you need to sustain yourself. Assuming your income and funding sources are in the UK, you will also have to take into account fluctuations in exchange rates, the local tax regime including inheritance tax if planning for the future. These are all life-changing things that you need to keep in mind and it’s not easy to maintain your composure when calculating all of these costs.
So what options are there to make moving abroad easier?
Making moving abroad easier with the right services
When it comes to moving home, one of the first things you should be thinking about is working with someone that can help you facilitate a move. Yes, this is going to cost a bit of extra money, but it’s worth it in order to save time and mitigate a lot of the stress that comes with moving abroad. These companies usually help you negotiate a move by speaking to realtors in the country you want to move to, but they’ll also help you sell your current home if you own one. This can be a huge help because trying to time the move correctly can be a huge pain, so having someone to plan out the entire process can be a much better option.
Calculating your living costs
When it comes to calculating living costs, you’ll have to take into consideration your job but also the living standard in the country you’re moving to. Some countries like Singapore have an incredibly high quality of life compared to most of the world, but you’re going to end up paying more for everyday essentials, for your home, and even travel. Other countries might have a slightly lower standard of living but can be considerably cheaper. There are many things to keep in mind here, so you should do your research on different countries before you decide to move.
Looking at job choices
When you’re thinking about getting a job, you’ll have to look at your choices and decide based on your circumstances. For instance, you could continue working remotely if your employer doesn’t require you to ever physically be in the office or even in the country. Since 2020, more and more businesses are starting to hire full-time remote employees from different countries, so this might be an option for you.
Searching for a job in your home country
Alternatively, you could search for a job in your home country by looking at overseas businesses in the country you wish to visit. This is a great option if you also need help getting a visa and dealing with other legal issues before moving to a country. This is because your employer will be able to help you out during the process and even act as your benefactor. Searching for a job overseas isn’t difficult, but it’s a lot more work than most people realize so it’s important to seek help when possible.
Could starting a business be an option?
The other option is that you could start your own business in your home country and then continue it in the country you want to move to. This is for people that are more interested in becoming self-employed instead of working a traditional job. However, you’ll likely still need to work with some kind of service to help you legally enter a country and live in it. Fortunately, it’s very easy to run an online business these days if you’re using the right service and have a solid idea for your products or services. However, you could also just freelance if you have skills that can already be marketed to international clients.
Are you ready to leave your friends and family members behind?
A lot of people find that the hardest part of moving abroad is that they have to leave behind their friends and family members. This can be challenging because you’ll need to meet new people, make new friends, and integrate into another community that can be very different to your own. This takes a lot of courage and motivation, but it can be easy as long as you’re willing to break out of your comfort zone and meet new people. There are many opportunities to do this, but you have to actively seek them–your new friends won’t come to you directly! Look at expat groups and ‘meet up’ groups to connect with people with shared interests.