Are you an expat and considering moving back to the UK after living abroad? For many expats, the appeal of living abroad in a warmer climate can wane as you get older and begin thinking about the future.
Suddenly the cobbled streets and mountain villas aren’t quite as charming as you grow older and, if your family still lives in the UK, it could be time to ask yourself if this is where you want to live in your retirement. If you are thinking about your health, happiness and future more and more, is it time to come home?
When you’re looking to sell your property abroad and return to the UK, there are 3 key questions you can ask yourself which may help make your move easier.
1. Why do you want to move back to the UK?
The first step in moving back to the UK in your retirement is to think about why you want to return. Establishing the goals for your move will enable you to focus, make decisions and narrow down your options as you search for the perfect home for your retirement in the UK. If you want to be closer to family, or live in a more manageable home for example, returning to the UK in your retirement may be the best option for you.
2. What is your budget?
Calculating your moving budget is a vital step in realising your dream to return to the UK. It’s likely you will have used a large portion of your savings to fund your move abroad but, with the market changing in recent years, you may now face selling your property abroad at a loss.
The amount of capital you raise from the sale of your property will affect your moving budget. You should also consider any debts to be cleared when you sell your property abroad, and any financial changes, like tax and pensions, when working out your affordability.
Read this helpful guide for expats from AgeUK which highlights key things British Citizens should consider when returning to live in the UK.
3. Where do you want to live?
Once you’ve calculated your budget you’ll then want to consider where you’d like to live in the UK. Whether you dream of the countryside, seaside or town life, the ideal home could be just around the corner. The quickest way to find your dream home is to search for properties online via portals, like Rightmove and Zoopla, and filter the results to see what is available within your budget.
You may discover property prices are considerably higher since you last lived in the UK and, if you sell your property abroad at a loss, you may feel priced out of the current UK property market. It can be a struggle for expats moving back to the UK to find the perfect property at an affordable price, but we’re here to help.
Our team of property experts are on hand to support and guide you every step of the moving process. We helped expats Jane and Tony achieve their moving goals to be closer to family, in a home they love, and be secure for the rest of their lifetime with no rent, mortgage or interest payments at any time. If you’re over sixty, we could help you achieve your moving goals and return to the UK too.
The Home for Life Plan is an option for anyone over the age of sixty to find their next home in the UK. Every budget boost is bespoke to the individual, so why not get in touch today and discover how our Home for Life Plan could work for you?
Jane and Tony made the decision to move back to the UK wanting to be closer to family and have financial security in their retirement. Unfortunately, they were struggling to sell their property in Spain and, with property values decreasing, they accepted an offer at nearly 50% less than the price they paid in 2007. This left them with a limited budget to buy a home in the UK and they were facing an uncertain future.
Fortunately, they contacted Homewise to discuss their options and discovered we could help them boost their budget with the Home for Life Plan. Read more about Jane and Tony and watch this short video of them sharing their experience as expats moving back to the UK.
Thinking about the future? Learn how you could protect a percentage of your home’s future value to be passed on as inheritance with Homewise.
If you're over 60 and looking to use the Home for Life Plan, you can use our online Budget Booster! It's simple, quick and could provide you with a better understanding of your potential budget.