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Understand the Financial Impact of Moving Overseas

 

There is a lot of information on the internet giving you advice about what you should think about when you’re considering a move overseas, and all of it is valid. In the following words, I intend to condense what you should think about in terms of finances before you even talk about buying or renting somewhere in your new country. In fact, this part of your planning stage should take-up almost a lever-arch files worth of paper!


THE most important thing you MUST make sure you do is know exactly how much money you have at your disposal in your own currency. Without this, you will run into trouble. You don’t have to be an accountant or a mathematical genius. Just know what you have, and where it’s going.


It all starts with you deciding which country you would like to live in. Once that’s settled, you need to think about currencies. Now, this can be a bit of a minefield. For most of you reading this, you’ll probably only deal in two out of three currencies, GBP, Euro and the US Dollar.


The trouble with currencies is their value changes all the time, and this is where things can get a bit tricky. Below is some advice on how you should treat certain parts of your move overseas in terms of the money you’re dealing with:


If you’re buying or renting a Property

Timing is important with this, but it’s not always possible to get a home at a bargain price (unless you’re a money market expert). Just make sure that you compare the prices of the home you’re interested in with similar properties so you know you’re buying at the correct market value. The same applies if you intend to rent.


How Much Will Your Removal Actually Cost

The chances are you will feel more comfortable with using a removal company that’s based in your home country and travels to your chosen country. A good many reputable removal firms can be found here http://www.theroadahead.co.uk/getaquote.aspx. It may also be beneficial to you if you book and pay for your removal in the country you’re moving to. When you receive quotes, try to compare the prices you receive in your currency based on those abroad.


In most cases, it’s not going to make any difference (apart from the exchange rate). What this means is it may save you some money if you can pay in a currency different to your own. For example, if you get more for the pound in Euros’, see if you can pay in Euros.


These are just a couple of examples of what you should think about in the very beginning before you part with any of your hard earned or saved cash. Furthermore, you should also think about how the cost of living will differ from your own in your new country.


Paying for Daily Life

Do some in-depth research into how much it will cost you for the following in your new currency compared to your own:


  • Utility bills
  • Petrol for your vehicle (something we all have to keep an eagle eye on these days).
  • Groceries
  • Clothing
  • Electrical Appliances
  • Furniture
  • Additional costs you may have in your new country that you don’t at home. For example, if you have a swimming pool, you will need to factor the cost of maintaining this which is an added expense you probably didn’t have before.

 

In Conclusion

All of this may sound daunting, and a lot like hard work but it’s essential that you take all of the above into consideration if you’re going to be able to live comfortably in your new home.



Author: Julie Coburn

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