Buying property abroad is not uncommon these days as many individuals who can afford to use such transactions either as an opportunity to enhance their quality of life or to make some money, or indeed both. In order to achieve this aim, people need to make use of international money transfers.
However, a television presenter has warned consumers not to engage in such foreign currency exchange to buy real estate in other countries that stretches their finances too much.Commenting on the issue, property specialist and A Place in the Sun host Amanda Lamb claimed many individuals spend more money than they can afford to when they purchase homes in other nations. The expert suggested people should not buy a home overseas in the belief that a rental income will cover their mortgages.
According to Ms Lamb, it is important that consumers can afford to buy the residence even without an income from it.
She stated: “You have to make sure you are buying it because you want to use it and enjoy it. Don’t buy something because somebody tells you you are going to treble your money over night.”
One of the most popular destinations for Brits making use of international money transfers to buy property abroad is Spain. However, as prices in the country have risen, an increasing number of individuals have sought real estate in cheaper destinations such as Bulgaria.
As well as using foreign currency exchange to make the investment itself, those who choose to purchase a home in another country will need cash each time they visit their location of choice. In order to avoid wasting money, it is important for such individuals to take advantage of the best rates available. After all, over time such transactions can mount up and a lot of money may be lost if consumers are not careful.