RETIRE TO A PLACE IN THE SUN

In the next ten years, an extra 2.3 million people over 50, that’s one in eight, will be retiring abroad, according to figures from Alliance and Leicester International. 

In a recent survey from Clerical Research it was found that 30% of people at retirement age now envisage themselves retiring abroad. Even among those content to spend their retirement living in Britain, nearly eight out of ten still want to travel abroad, according to the Clerical Medical poll.

Although company pensions are no longer as reliable as in the past and private pensions are dependant on the performance of the stock market, one in five people think that their dream of retiring abroad is realistic and achievable. Of those looking to escape overseas, 20% want to go to Spain, 29% want look elsewhere in Europe, 9% hope to go to Australia and 6% would like to retire to the US.

Paul Shelly of Clerical Medical says, “We think one of the reasons for the increasing trend to retire abroad is due to the increasing international mobility British people enjoy. People go abroad on holiday, they are exposed to different lifestyles and they want to live like that permanently.”

Mr Shelley said seven out of ten people want to retire before 60 but fewer than half think they will manage it.

If the buyer does find their dream house abroad it would benefit them to move forward with the transaction as quickly as possible. The longer it takes to complete the transaction, the more at risk you are from rate fluctuations. If you buy a property in France it could take up to 20 weeks to complete the transaction and in Spain. Italy, Greece and Portugal it will average between 12 to 18 weeks.

If someone wants to buy quickly abroad but still has a house to sell in Britain then they might want to consider selling their home using a fast homebuying company as the process alleviates the usual slow procedure of house selling. If you don’t have the cash to pay for a foreign home the two traditional ways of affording a life in the sun are as follows:

1) Extend your current mortgage and purchase a second property. This, in most cases will put a huge financial strain on those involved as you risk losing both homes if you cannot keep up payments.

2) Several companies offer mortgages overseas but again this would cause stress, just when you want to relax and not worry about money issues.

One option that’s increasing in popularity is to sell an existing property through National Homebuyers. By doing this you’ll be guaranteed a quick sale, giving you plenty of time to find and purchase your dream house abroad.

Director of National Homebuyers, the market leader in the emerging market, Julian King says, “With the retirement age rising, we understand that more and more people want to live their final years in the sun. By selling through National Homebuyers the vendor can be guaranteed a quick sale, which is a practical alternative to the traditional house sales process. We guarantee to offer on any property, regardless of the condition or location. By selling their existing property through us, vendors can enjoy a healthier climate, absorb a new culture, and generally live a new life of luxury without the stress of money hanging over their heads.”

“Also if the vendor doesn’t want to move abroad permanently, they can sell their house and rent it back from National Homebuyers. This will free up equity giving them the option to travel the world and see places they’d only ever dreamed of, whilst being safe in the knowledge they have a house to go home to.”