If you really want to move abroad, but can’t stand the thought of breaking ties with your home country – fear not. With a few careful manoeuvres such as renting out your UK property and popping your essential belongings into cheap, reliable storage from RSS (in case you ever decide to return) you can have the best of both worlds, so here’s how to relocate to a foreign land while keeping a base at home on a budget.
1. Rent out your UK property
Whether you’ve lived in your UK property for ten months or ten years, it can be hard to tear yourself away from what you know and love, particularly if you’ve a few niggling doubts about moving – but you don’t have to get rid of your beloved home forever. In fact, more and more British expats are renting out their properties these days rather than selling them as this not only generates cash – which can help pay your mortgage or fund your lifestyle abroad – but it ensures you’ll always have a base to come back to, something which can make the whole relocation thing a lot easier to handle.
If you do go for this option, however, it’s important to do your research and find out how to rent out your property in the best way for the highest returns. While it can be tempting to cut out the middle man and deal with tenants yourself in a bid to avoid agency fees, for instance, this might lead to a whole lot of stress which can’t be dealt with easily while you’re abroad. Tenants will expect someone on the ground to deal with their issues, so it’s often best to let an agency manage your property and to focus on the rental money that will be coming in each month rather than the niggly charges you will receive along the way. That said, make sure you research agencies carefully to ensure you’re not being ripped off and get an arrangement you know and understand in place before moving away.
2. Move into a property you can afford
When starting a new life in a foreign land it can be tempting to buy or rent the biggest most beautiful property you can find. A house with ten acres of land might suddenly seem necessary and if everyone’s got swimming pools you might not want to be the odd one out. While it’s good to live in comfort, try to move into a property you can afford otherwise you might find yourself in above your head. This might sound obvious, but when you’re away from ‘normality’ it can be easy to forget that things are ticking away at home and there might be a time when tenants are not in your house and your mortgage payments are not being covered – so it’s wise to keep some money aside for a rainy day just in case anything should go wrong.
Similarly, there’s a high chance you’ll want to return home once, maybe twice (if not more a year) especially if you have family living in the UK so you don’t want to blow all your cash on a foreign mansion and not have the flexibility to travel. There are many locations across the globe which offer properties to suit all budgets and tastes, so set yourself a realistic budget and don’t be afraid to live a little frugally from time-to-time by visiting local markets, haggling and searching for bargains in a bid to keep your outgoings low.
If you want to move abroad while keeping a base at home, the most important thing you must remember is to be realistic. There are plenty of ways you can generate income and live within your means but each piece of the puzzle requires careful consideration.