Are you already a pensioner or will you be retiring in the UK soon? Your retirement years offer many opportunities to engage in activities you may not have had time for during your busy years of working and raising a family. Now could be the time to travel the world, and if you find a place that really appeals to you, why not purchase a holiday home there?
Purchasing a home away from home is gaining popularity among retirees. A recent HSBC survey shows that an increasing number of retirees or future retirees, 38%, are planning on purchasing a property overseas to spend part of their golden years. The highest number of people, over a quarter, plan to buy a property in Spain. France and Italy are the next most popular destinations.
The economic recession has made some locations more affordable than ever. The housing prices in many parts of Florida, for example, have dropped by half over the past five years. Greece, Portugal and Cyprus also offer attractive options for many pensioners.
There are several things to consider when choosing the best location for your holiday home. First, you need to decide where you want to purchase your property. Do you want to live on the coast, in the countryside, in the mountains, or in a city? What climate do you prefer?
If you have only visited your prospective second home on a short holiday, what is it like to actually live there? What is the weather like during the rest of the year? One advantage to spending the UK winter in a warmer clime is that you can save on heating expenses. Be sure to do your research before making your final decision.
The next thing to consider is cost. How will you pay for the property? If you don’t have enough savings, one option is to sell your home in the UK and move into a smaller apartment. Another possibility is to remortgage your house.
If you are only planning on spending several months a year overseas, then you could also consider renting out your property for the time when you are not in the country. This income could cover maintenance costs and other taxes and fees, as well as potentially offering an additional source of retirement income.
Buying a holiday home overseas doesn’t mean you have to leave the UK completely. As a pensioner, you have the freedom to decide how much time you want to spend abroad. Owning an overseas property allows you to enjoy a different climate, culture and cuisine for part of the year, but then also be close to your family for the rest.
InterNations is the largest expatriate network worldwide. It was created to help members meet other high-profile expatriates from around the world living in their city and connect with them, both online and offline through events and activities. InterNations also offers its members the know-how and support to make moving abroad more manageable. InterNations was founded in 2007 and now has over 900,000 members in more than 360 Local Communities around the world.