Retirement Property Overseas Podcast with Dominic Whiting and Chris Simmons

This week’s Overseas Property podcast takes a look buying a retirement property overseas. The decision to retire overseas is a growing trend and with a nation of baby boomers coming up to retirement, the number of individuals and couple’s retiring abroad is on the increase, creating a whole new overseas property market sector with specific property demands. Adam Samuel is joined in podcast 24 by Chris Simmons of Saga and Dominic Whiting of Retirement Property Guide to discuss retirement property abroad and what buyers should consider when looking at purchasing property overseas. People’s perceptions of retiring have changed and with so many different types of property dedicated to the needs of retirees both at home and abroad, how do you go about making a decision?

Dominic explains that buyers are governed by push and pull factors. The topic of many a retirement discussion, weather in the UK, crime, escalating house prices and burgoening costs of living are strong drivers for people to buy a home abroad. As searching for information on the web is a mainstream pasttime these days, buyers can make an informed decision about buying an overseas property that suits their needs. Golf, the outdoor lifestyle and subsequent health benefits are a draw for many and people are much more comfortable with the idea of owning or living in a foreign country.

Retirement property can be a dual purpose choice, using it for part of the year and then renting it out to holiday/travel makers. This will help towards maintenance and other costs associated with a property. Chris explains the results of a recent Saga poll, which made for interesting reading:

Out of a sample of approximately 1000 people, 1/3rd considering buying abroad and over 1/2 of those wanted to move abroad permanently. They did however have lots of concerns with legal issues being top of the agenda.

We discussed the main countries that retirement buyers were looking in with Spain unsuprisingly top of the list with Portugal, France, Cyprus, Australia, Cape Verde and the Caribbean also being popular. When selecting a location abroad, research into your personal requirements for health are important, Dominic stated that it is important to remember that the care system standards in some of these countries are not the same as in the UK. Chris added that the standard practice with any property purchase abroad, buyers should seek independent legal advice and research indepth the place they are interested in. Visiting an area at different times of the year can give you an idea of what a place is really like and is it what you are looking for in a low season.

Chris and Dominic left us with the following important points:

Create or update your will. Each country will have different ways of dealing with inheritance issues so you may need more than one will.

Talk to a financial advisor to discuss your financial planning to make sure you can fund your retirement and have realistic expectations about your intended lifestyle.

Talk to residents who already live there to get an unbiased opinion.

Think about your needs long term. In early retirement you may want different things in life, so you may need to make a second move further along the line.

Take out a necessary health plan, which will cater to your needs, as you grow older.

If you agree or disagree with any of the comments made by Adam, Chris or Dominic, why not have your say by clicking the ‘Comments‘ link under the title of this post.

The podcast has been removed as it is now out of date.

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