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SHOULD YOU SELL UP AND MOVE OVERSEAS?

Brexit, Brexit, Brexit.... it's still hanging over the property market and no one seems to know what's really going to happen. In the last couple of months we've spoken with a large number of landlords who are considering moving abroad due to the limbo of uncertainty. Even this week, the papers are talking about talks not starting until Christmas! So we thought we'd pen a quick blog filled with things to consider if you're thinking about heading abroad.

Despite its many obvious advantages, living in the UK has its drawbacks: aside Brexit uncertainty, the temperate climate isn't everyone's cup of tea, the cost of living is fairly high compared to many other countries, and the temptation of novel experiences are often enough to draw the adventurous away to pastures new. In fact, according to the Office for National Statistics, over 500 Brits take the plunge and move abroad every single day. But the decision to sell your property and move overseas shouldn't be taken lightly. There are a number of factors to consider first.

Economics

The first step is to consult with a professional estate agent about selling your current home. What can you hope to make from the sale? How can you maximise your income? Then, look at the house prices in your desired location. How do the figures compare? Don't forget that the UK housing market is fairly secure and, in most locations, almost guarantees that you won't lose money on your investment over the long term. This isn't the case for many overseas locations so do your research thoroughly before jumping at lower house prices abroad, and don't forget to factor in the actual cost of the move, which may be fairly hefty.

Culture

Only 10% of Brits who choose to move abroad actually end up staying in their new location permanently, according to research undertaken by the BBC. This is because the move can be much more challenging than many anticipate, with issues from the language barrier to difficulties integrating into a new community. Consider employment: do you have universally applicable skills that you'll be able to leverage in your new environment? Are you prepared to lose the support network that you have near you in the UK and 'go it alone'? Preparation and realistic expectations are key to a successful move.

Infrastructure

Holidaying in an exotic location can show you all the positive things about that place, from the weather to the day to day lifestyle. But when it comes down to the nitty gritty of actually living in that location in the long term, how good will your quality of life really be? What is the healthcare provision like? If you have children, are there opportunities for a decent education? How much does transport cost if you want to come back to the UK to visit family and friends? What's the internal transport infrastructure like? To avoid disappointment, it's best to spend time in the new location and truly get to know it as an inhabitant before selling your property in the UK.

If you want to talk Brexit, property and what it might mean to your portfolio, give Lewis a call at the office and he'll let you know what's he's seeing from an insider's point of view.


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