How Buying Property Abroad Can Save You Money

Every year hundreds of thousands of UK residents decide to purchase property abroad as a way of saving money. Buying a home in Spain is one of the most popular choices. However, some Britons are investing in places as far flung as Australia and New Zealand.
So do these people know something that the rest of us don’t? We investigate how buying property abroad can potentially save you money.
One of the main financial reasons for buying a home in another country is because of the high cost of living here in the UK.
According to recent reports, UK residents pay more for every day items (like bread, milk and petrol) than those living in Spain, France, South Africa, the United States, Australia and New Zealand.
Furthermore, and partly owing to taxation issues, the cost of alcoholic beverages is significantly higher in the UK than in most other parts of Europe.
The costs associated with owing a car are also much higher in the UK than elsewhere. Cars are generally much more expensive to buy here and running costs are also higher. Fuel prices are nearly double those in other countries whilst we Britons pay more road tax than almost anyone else in Europe.
Given that the above named countries are the main destinations for those moving abroad, lower living costs are clearly a key incentive for moving. In fact, studies show that around 10% of all people who decide to leave Britain and buy property abroad claim that the cost of living was a major factor in their decision.
However, it is not simply the opportunity to cut down on every day living costs that is enticing many UK residents to buy property abroad. Since going out for a meal or to the movies is so much cheaper elsewhere, purchasing a home in another country also enables you to go out more and still save money!