Financing A Move Abroad

If you have decided to take the plunge and move abroad then you may not be aware of the costs involved. Here are some tips regarding the costs of relocation and some useful advice regarding financing a move abroad.

1) Save, save, save

Try to start saving as much money as possible. If you enjoy buying a coffee every day, limit it to once a week. Cut back on non-essential items. If you’re planning to relocate, start saving a year before you intend to make your international domestic property move.

2) Selling your Home

This idea should only be used if you intend to immigrate to your new country. Depending on where you live, it can take months before you’re able to sell your home. Therefore, if you’re sure you want to carry out relocation to a new country, contact an estate agent and put your house on the market as soon as possible. Make sure that once the house is sold, you’ll have sufficient funds to either rent a property until the relocation is sorted out or enough funds from the house sale to fund the move abroad.

Financing A Move Abroad

3) Carry Out Research

Many people fail to research a country before moving. It’s imperative that you carry out research, whether it’s via books or the internet. Find out how much food and drink costs on average compared to the prices you pay in the area that you live. If you take medication, find out how much medicines cost in the new country that you intend to move to. Draw up all the costs that you have at the moment i.e. food, water, electricity etc. Compare the prices that you pay in this country compared to the ones you’ll pay in the new country. If there’s a shortfall between two, determine how you will make this amount up.

4) Plan Carefully

While you’re doing your research about the country, set out a plan. Cover what you know about the country and how long you plan to stay. Check whether you’ll have enough funds to cover the length of your planned stay. Know about the laws and the customs of the country you plan to live in.

5) Work Options

If you are planning on arriving in your new country without a job to go to, you will have to plan how you intend to find work. There are organisations that help people entering the country to find work.

6) Removal Costs

Unless you are moving to a country nearby, such as France or Belgium, where it may be possible to hire a van for a few days to transport your belongings, you will need to contact an international removals company. The removal company will transport your belongings via lorry, if the country you plan to move to is within Europe, or by container, if it is a destination outside of Europe. Most removals company will have some form of insurance and so they will take care of the documentation, so that your belongings are allowed into the new country safely. However, international removal companies are very expensive, so do some thorough research first before deciding which one to choose.

7) Take your Time

If you intend on buying a property in the new country, do some research first. Don’t buy the first property that becomes available. Take your time.

8) Health Insurance

Once you leave from the UK for good, you won’t be allowed to use the NHS service. Therefore, you’ll have to apply for some form of health insurance. It’s a good idea to sort out some health insurance before you leave.