As foreign buyers or sellers of Spanish property you may need to pay careful attention to exchange rates. In fact you really should if you want to make your money work for you. Just a few cents in the rates can make substantial differences to your selling/buying power.
Sadly, many people in our experience, particularly the Brits, in the Hondon Valley areas do not factor currency exchange into their buy/sell goals.
In particular British sellers looking to return to their homeland have not worked out what they may sell for in relation to what they bough for (Euro to Sterling £). Often, they simply want to make a profit based on their original purchase price + added feature costs (like a pool, patio, etc). When we point out that as they bought in the boom years at about 146+ € to the pound they are currently in a great relative position, exchange wise if they take money back to the UK. And it CAN BE THOUSANDS DIFFERENCE!
And for the British buyers in particular you can save thousands on the purchase price by being proactive in checking the exchange rates, buying Euros when the rate is good. Many banks now offer currency accounts.
Maybe not so easy for British sellers who sell when they can so are subject to the rate at the time… But there are still things you can do whilst your property is on the market.
So get wise with your money, make it work for you… Of course it always depends on your personal circumstances, your property goals and target budget. Hondon Villas can advise you but we do partner MoneyCorp who know the way to play this game a lot better than we do and have an enviable pedigree in exchange. They literally could save you literally 1000’s.
TYPICAL EXAMPLE: In early Nov 2019 the rate was 116€ to the £. As I write (mid Dec, pre-Brexit) it’s gained to 119€ to the pound.
So for an average 200,000 property in the Hondon Valley this 3 cent margin could be 6,000 €uros difference! Amazing!
So you’ll agree this is a significant amount and worth punting for if you can.
Of course you don’t have to wait until you buy or sell to play the currency or take advantage of the rates in your favour but MOST people don’t and as in the example above you can see that inertia could cost you dearly. Get wise, get a currency account ASAP!
And the daft thing is it isn’t hard to do with the help of a currency exchange account, like MoneyCorp.
As we enter BREXIT/ELECTIONS in the UK the future is uncertain and this usually affects the exchange rates. So get proactive NOW whether you are buying or selling. It may be wise to open a MoneyCorp account now if you don’t already have one.
Ask us for more details… so we can get the Rep to chat it over with you. The advice is FREE, so what have you got to lose?