Are you thinking of buying a quaint Gîte in the south of France, a slick apartment in Italy or maybe a luxury villa in Spain? If so, you need to consider all options when it comes to your financial planning – not only with regards to the property you’re buying, but also any further costs that go with this. In other words, preparation and thinking ahead are key to ensuring that everything happens as smoothly as possible.
Set an accurate budget from the beginning
Before visiting an estate agent to consider which properties are in your price range, you’ll ideally want an accurate picture of what your budget looks like. With exchange rates changing all the time and uncertainty as to what rate you will eventually be sold, it can be tricky to determine this.
Speaking to a currency specialist first, however, will ensure that your budget is as secure as it can be. After doing this, that conversation with your estate agent will be a realistic one, and you can start the exciting process of viewing properties with total peace of mind.
Protect your money before the rate drops
Earlier last week the pound soared. This could have been seen as the opportune time to agree a price on your desired property. However, by the time it comes to eventually handing over the money, the exchange rate could drop, potentially meaning you’ll spend a lot more than you had initially expected. Your Personal Trader can explain how to avoid a sticky situation like this. They can also put in measures, such as a forward contract, to stop it from happening.
Be advised of impactful events
With Brexit on the horizon and the ever changing nature of the Eurozone economy, you never know how political and economic events are going to impact exchange rates. The pound could be flying high one day and plummet the next.
You therefore want to make sure that you have done everything you can to stop this affecting your money. These events could potentially impact your budget from the very beginning of your property buying journey, which is far from ideal. However, if you have a dedicated Personal Trader on hand from the start, they can advise you of changes like these in advance and therefore protect you from risk.
Build a trusted relationship with your Personal Trader
It’s tempting to think of purchasing overseas as a one-by-one process of going from an estate agent, to a currency specialist, then to a lawyer and so on. Before any of this takes place, however, your named Personal Trader can offer advice and services to protect your money from the risks of currency fluctuations.
This ongoing relationship, which can continue throughout your property buying journey and beyond, will not only ensure that your budget is protected, but will also make it so much easier when you finally decide to place an offer on your dream property.
