Is there a more valuable tip for property buyers?
Have you thought about the crippling effect of exchange rates on your overseas property budget? If you have funds in a UK bank ready for purchasing abroad, the value of those pounds in euros or dollars is constantly changing in line with the exchange rate. This means many buyers from the UK don’t know until the day they make a foreign currency transfer how many pounds they’ll need to meet the agreed euro or dollar price of their foreign property.
Here’s an example. The current asking price of this smart three-bedroom villa near Paralimni in Cyprus, with white goods, two bathrooms and terrace with hot tub included, is just €148,000 (for more details contact OGC on 0207 898 0549).
So here we demonstrate – using exchange rates available from currency speciaist Smart Currency Exchange – how the actual price in pounds to British buyers fluctuated at various points over just three months, thanks to nothing more than rate movements. The result is by a hefty £3,362 – enough to cover the cost of a few trips over there if you were to buy the property!
Date Approx. Smart £/€ rate Property price
November 22 1.1935 £124,005
October 22 1.1730 £126,172
September 23 1.1810 £125,318
August 22 1.1620 £127,367
The good news is that you can eliminate the effect of fluctuating exchange rates on the cost of your overseas property purchase. Using Smart Currency Exchange to make all your currency transfers is the first step to making your pounds go further when buying abroad – they offer consistently better exchange rates than high street banks. However, download our FREE REPORT today and discover how a forward contract could help you fix the cost of your overseas home in pounds, before you have to pay for it in a foreign currency.
How can a Forward Contract save you money this Christmas?
If you are in the process of buying property overseas and have been keeping a watchful eye on the sterling/euro exchange rates, you will be aware that last week we saw the best euro exchange rate since January this year. If your plans mean that you are due to complete in the first few months Continue Reading…