Press Release Summary = Purchasing a property abroad is a financial outlay, as everyone knows, but could there be a way to buy a property abroad and actually save money in the long run?
Press Release Body = Purchasing a property abroad is a financial outlay, as everyone knows, but could there be a way to buy a property abroad and actually save money in the long run?
It has long been known that the spiralling house prices in the UK mean that many homeowners have a little extra cash in their pockets from the outstanding equity, which is leading them to seriously consider looking to foreign markets. Additionally, at the other end of the spectrum, recent reports show that buyers who cannot afford to purchase in the UK are looking abroad for their first property.
So perhaps both of these demographics could splash their cash in nearby countries such as France and have a holiday home of their dreams - while still making a little extra on the side. Darragh MacAnthony, group chairman of MRI Overseas Property, certainly believes that this is the case.
\"Buying a property in an area that they [Britons] love not only offers the flexibility to visit frequently but by renting out the property to others you can also generate an additional income,\" he explained to Easier.
Recent figures from Mr MacAnthony\'s company showed that one in ten Britons spend over £4,000 each year - cash which could be pumped into funding the purchase of a second home, which could be rented out for the remainder of the year to offset mortgage payments.
Additionally, over the course of a working life the data reveals that adults spend, on average, £70,000 on trips abroad. Given this statistic, maybe it would be cheaper to take the kids to a holiday home in the south of France while it\'s unoccupied?
Liam Bailey, the head of residential research for estate agent Knight Frank, recently noted that a large number of Britons are looking to foreign property markets in order to ensure that they spend their twilight years abroad. If this is the case and they long to spend their golden years strolling around a vineyard rather than their local London estate, they could certainly consider buying a property sooner rather than later, with an eye to renting it out in the interim.
Finally, Assetz\' latest Property Investment Tracker, which aims to record house price movement throughout Europe, showed that France returned 51 per cent overall to investors, while also providing a stable property market for the future. Therefore, if things change before retirement, there seems to be little risk in selling the property to get the initial outlay back - and then some!
2022
