When looking at moving to France, examining your finances has to be high up there on your list of priorities. Before you begin even looking for a property, we recommend you know exactly how you are going to finance your property – whether you need to examine your savings, see how much you could earn from the sale or re-mortgage of a UK property, or through a new mortgage plan.
You also need think about how much of this you can use to purchase the actual property, and how much should be allocated for the costs involved in purchasing the property – as well as those that may pop up unexpectedly.
One of the most important things that you need to think about here, unless you already have funds in France, is how you are going to transfer your funds over to France to pay for your purchase. You need to remember that when doing this, you are very exposed to currency fluctuations - which can be incredibly volatile.
Once you have thought about this, made your purchase and have moved to France, you still need to keep your finances in the forefront of your mind. You will need to consider your mortgage repayments and how you are going to maintain your property and your life – including the difference in costs between France and the UK. You may well need to continually transfer funds from the UK (such as your pension) into euros in France – so it’s important that you are aware of the best ways to do this.
Taxes will continue to affect you wherever you live in the world – so paying attention to what you need to pay and where will be of paramount importance. If you are working, you need to make sure you are not paying taxes in both the UK and France, and have all paperwork in place to ensure this.
To avoid the financial pitfalls, download your free Guide to Buying Property Overseas from Smart Currency Exchange today