Jane Slade, the founder and editor of Retiremove.co.uk the property and lifestyle website for the over 50’s, offers 10 top tips for retirees looking to buy a property abroad.
Whether you are looking for an easy-care apartment on a managed resort or a rustic farmhouse surrounded by vines, you need to make a checklist before committing to buying a holiday outside the UK, particularly if you are retired and on a fixed income.
In many ways this could not be a better time to buy. With Europe in financial turmoil prices have nose-dived, but then so has the local infrastructure in some countries. So while there may be more choice than ever before it also pays to be cautious and to do your research.
- How often do you want to use your home?
If you are looking for somewhere you can visit frequently that’s within a two-hour flight; then look no further than France, Greece, Spain or Portugal. However you will need to travel further if you are in search of winter warmth. Florida and the Caribbean are best for year-round sunshine; and Turkey and Cyprus are hot between May and September. - How many bedrooms do you need?
Two bedrooms is ideal, particularly for selling on. Buying on the first floor is more secure than ground but any higher make sure there is a lift. New is better than old too as it won’t need as much maintaining. - The maintenance charges.
Make sure you can easily afford the monthly fees and do not have to rely on rental income. Check that you are legally covered against any increases more than one per cent above inflation. Ensure the charges include cleaning the communal areas; swimming pool, payment for lighting, gardening, buildings insurance and includes a contribution towards a maintenance fund for major repairs. Never buy a property without hiring an English-speaking lawyer who is independent of the estate agent and builder. - Looking for a place for sporty types?
Golfers should consider Portugal, Barbados and Spain for a great choice of resorts of villas and apartments; many of which also offer tennis and equestrian facilities. Skiers should look at mountain resorts in Europe, Canada and America that not only have good snow cover in winter but offer lots to do in summer too. In France, a lot of in-resort accommodation is offered for sale under a leaseback scheme, which is great if you want to rent out your home most of the year and save paying the 19.6 per cent VAT. - Make sure your ‘dream home’ is within a two-hour drive from the airport.
Any further and it will seem too far in 10 years time. The same applies if you have bought somewhere remote. - Find out who else has bought in the resort or village.
Buying into a community of like-minded types is more important than the price tag. English-speaking neighbours with shared interests can be worth fortunes unless you are plugged into the language and culture of the country. - Are you walking distance from village/town centre?
If so what is it like? Is there a nice hotel with a spa, restaurants, historic sights, shopping. If you are thinking of retiring there permanently there must be enough to do; and also for your children and grandchildren if you want them to visit. - What is the resort like out of season?
Does everything shut down? And what about the golf course, gardens and amenities, are still maintained? - Check the local medical facilities.
Visit the local hospital and the surgery – do the doctors speak English? Will you need insurance? Some countries have much better facilities than the UK but others will expect your family to nurse you. - Could you live there alone?
If you are looking to retire abroad you need to think about whether you could continue living there alone, if anything happened to your partner. If not then retain a bolthole in the UK.
Jane Slade is the former property editor of the Sunday Express. She established www.retiremove.co.uk in April 2013 as an online magazine dedicated to providing articles and information about property and lifestyle issues for the over 50s. She and her team of journalists can offer independent advice about downsizing, moving into a retirement village or investing in a property that will generate an income for you and your family in the UK and overseas. Jane and her co-director husband Neil MacKichan, live in London and also own a holiday apartment in Turkey.