Reached a crossroads which means choosing between downsizing from the family home in the UK or cashing in and moving abroad? We make our case for the latter and reveal why relocating to a sunnier climate could be just what you need!
Better and healthier lifestyle
Ready for this to be you?
It’s well documented how much better life in the Mediterranean is for the body and soul compared to the UK. Hence Spain, France and Italy are constantly jostling for the highest life expectancy in Europe. Bucket loads of sunshine and being able to spend lots of time outdoors is part of the secret, complemented by a healthy diet and generally less-stressful pace of life. None of which is easily achievable in typical suburban Britain… On healthcare, if you’re a UK pensioner, you arrive in an EU country with immediate entitlement to reciprocal state healthcare. This is thanks to the S1 form, which remains valid even post-Brexit and is easily obtainable from the UK Government’s Overseas Healthcare Services. If you’re fortunate enough to still be below pensionable age, private healthcare or paying into the local state system are options in EU countries – once you’ve been a resident long enough you should then qualify for free state healthcare.
Achievable locations
Say “hello” to your home by the beach! This one is in Moraira, Costa Blanca, Spain.
An instantly noticeable perk of popular European destinations is how much more affordable homes are. Sure, every country has its high-end options and pockets of prime property with higher-than-average values, but away from these your budget for a new home should stretch much further than in the UK. The big bonus is that in much of southern Europe people can afford to be near or within a short walk from a beach and seafront promenade, which can be enjoyed for most or all of the year, as well as amenities. Likewise, land tends to be cheaper, so if you prefer being inland amongst countryside and dream of owning a cottage with a smallholding, then this too should be more achievable than in the UK. What you think you could never have in the UK, likelihood is you could have it in Europe!
Flexibility over space
Disregard the term ‘downsize’ for a moment. Do you really need a smaller home? Perhaps you just need a change, or a house with a similar amount of living space just less outside, or one that’s easier to maintain and offers a different lifestyle. Also keep sight of the fact that whether in the UK or abroad, you’re likely to entertain occasionally (or frequently!) and have family or friends to stay. Whatever your individual requirements, you can count on your money going further abroad and your choice of property type will be better. Whilst in the UK your ‘downsizing’ options might be an apartment or terrace, in Europe you could feasibly be looking at large townhouses or small villas, often with a shared pool and gardens. It comes down to having more choice.
Custom build
Why not use moving abroad as your opportunity to custom build your ideal home. Most overseas estate agents will help you find a plot and assist with appointing an architect and builder to create your property from scratch. Or ask to see a selection of developments, where show homes will give you an idea of whether you would want a home there. Either way, buying an off-plan or new-build gives you control over how your property is finished, including the style and colours of fixtures and fittings. If buying an off-plan villa on a plot, there could also be flexibility to alter the plans and layout of the building.
Multinational communities
Many expat hot spots are a melting pot of different nationalities and cultures. It’s not only British people who like to move to sunny places, with other northern Europeans, including Scandinavians, French, Belgians, Dutch and Germans, owning homes in popular resorts around the Med. More recently, Americans have started buying homes in Europe too. This diversity and communal environment makes for a great and enriched social life, especially as English is often the common language!
The amenity-packed ‘resort’ lifestyle
Embrace the resort lifestyle! Here’s Alhaurin golf course on the Costa del Sol in Spain.
Overseas holiday destinations tend to have a good choice or developments and communities geared towards lifestyle users, which means on-site leisure amenities. This could include a golf course, swimming pools, gym and spa, tennis, clubhouse with bar and restaurant. Most have a reception with 24-hour gated access and on-site maintenance to take care of communal areas. For many, this type of environment is not only a social and engaging place to live but also brings security. You won’t find too many opportunities to buy into this type of lifestyle in the UK.
More money in your pocket
Day-to-day living costs are generally less abroad, especially if your new house is smaller than your old home and requires less heating! Council tax is far less pretty much everywhere compared to the UK. Eating and drinking out is where you can really save abroad – avoid busy tourist streets and follow the locals for the best value spots. You should have little trouble having your pension income paid into a foreign bank account or if it gets paid into a UK account, transferring it to your foreign bank account is easy using Smart Currency Exchange.
What will £250,000 buy you in France, Italy, Portugal and Spain?