Retiring abroad 'offers a better way of life'

Property investors may want to consider conducting an international money transfer and purchase a second home abroad, following one expert's comments.

David Freeman, director and founder of Rouge Property, explained there are numerous benefits that come with owning a house outside of the UK.

He described how foreign exchange rates may mean people can purchase a residence for a fraction of what it would cost to do so in Britain.

It was suggested that those who are in a position to spend on a property may find they can get more for their money if they look abroad.

In particular, Mr Freeman recommended looking into a location that could one day become a retirement home.

"When people try and pay off their mortgage over 20 to 30 years - if you buy a property overseas then there's potential to retire earlier with that and it's not as expensive to live," the specialist stated.

He described how he personally has invested in a second home in Egypt that he could imagine moving to when he completes his working career.

In addition to properties abroad often being cheaper than in the UK, Mr Freeman noted that the lifestyle can also be more desirable.

"[There's also] the sun, no rain, cheaper cost of living - it's a better way of life at the end of the day, a lot slower paced," he remarked.

Planning for retirement may be something individuals want to consider as chief executive of In My Prime Dianne Bown-Wilson recently noted that some people find it difficult to adjust to no longer being in work.

She explained how once the "initial honeymoon period is over" a former employee can find themselves at a loss.

As a result, saving for a retirement home in a warm country with an attractive way of life may be a wise idea, as it will give people a fresh start and something to look forward to.

Posted by Sarah Pitton

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