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You’re Moving Overseas – Is it Better to Buy or Rent?
One of the big decisions you will have to make if you are moving overseas is whether to buy or rent a new home while you are there. Hamiltons Removals offer European house removals as well as moving packages to many international destinations; here we look at some of the key factors which should be considered when you make your choice.
Short-term or Long-term?
Of course, the biggest factor in determining whether to buy or a rent a home when moving overseas is how long you’re going to be there.
If you are only there for a short period of time, for example on a fixed-term work contract and are looking at commercial removals to Europe, then it may be better to rent a home. You may be paying out more in rent than you would be in monthly mortgage repayments, but you will avoid all the administrative time and hassle (especially if you have to move again at relatively short notice).
If, on the other hand, you are moving to retire or start a new life overseas for the long term, buying a home outright may be a better option – you will also be building up an asset which you may be able to pass on to future generations of your family. Also, the mortgage repayments are likely to be lower than the monthly rent; also, if you buy, you also have the psychological benefit of the property really feeling like home, helping you to ‘belong’ in your new country.
Country by Country
The situation can vary country by country – you may be expected to put a much bigger deposit down if you are a UK national and are buying a property overseas. It’s around 30% for Spanish properties, and 40% if you are moving to Italy.
There’s also the issue of supply and demand – lack of supply (and surplus of demand) may drive house prices up, as in countries like Ireland and here at home in the UK.
In some countries there just isn’t a strong culture of home ownership. For example, if you are thinking of a house move to Switzerland, or international removals to Germany, then you might be surprised to hear that more than half the working population in those two countries rent their home anyway (in Germany the figure is now just over 50%, and in Switzerland it’s nearer 58%). This is often due to stronger rights and protection for tenants, making renting an attractive option for working professionals, rather than just a compromise for those who cannot afford to purchase a property.
If you are thinking of moving further afield, some US states have rent controls in force to keep prices down; while if you are considering overseas moves to South Africa, the capital gains tax there is so high (at 33%) it incentivises renting as well.
At Hamiltons, we have more than three decades’ worth of experience in helping people move overseas so we should be able to provide some helpful advice on the country you are moving to, wherever in the world you’ve got your eyes set on.
Flexibility
If you want maximum flexibility – which is particularly important if you haven’t decided on your long-term plans and want to keep your options open – then renting is the better option.
If you rent a property and your circumstances change, it should be much easier to upgrade either to a new rented property, to buy a home outright (or take out a mortgage on one) or even to return to your native country.
Your Current Home
You may be able to offset some of the cost of moving overseas by either selling or renting out the home you are moving out of. The latter option also has the advantage of ensuring that your home is well looked after while you are not in the same country.
Again, renting it out gives you more flexibility – you should be able to return to it should you wish to – but you will still be responsible as a landlord for its maintenance and upkeep, which may be more difficult to do from afar unless you appoint a management company to do it for you (which could be expensive).
Selling your home outright will absolve you of that responsibility (and expense) and you may well need the money from the sale anyway to help fund your move overseas.
The Cost of Living
It’s not just the cost of accommodation you have to think of, but the overall cost of living in the country you’re moving to as well – so you may have to tailor your buying or renting decision to other financial factors as well.
For instance, a recent BBC survey found that UK food costs were 7% below the EU average – but the UK was still more a more expensive place to live overall than Germany (but cheaper than France).
European House Removals with Hamiltons Removals
So, there are arguments for and against (on both sides) – but whether you decide to buy or rent abroad, Hamiltons Removals will be able to help you move.
We offer removals packages to all the major European countries, including France, Germany, Switzerland, Italy and Spain. And if you need any storage facilities while you are away, we can help with that too, thanks to our Safe N Stored self-storage facilities.
If you would like to know more about our European house removals packages, follow this link.
Removals to Sharjah with Hamiltons Removals
Sharjah is one of the fastest-growing cities in the world – its population has grown by more than a fifth in the last 10 years. The combination of hot sun and high salaries have proved popular with millennials across the world, with around nine out of every 10 people living in the city having emigrated there.
Here Hamiltons Removals, who offer commercial and domestic removals to Sharjah, put the spotlight on the city, exploring its history and what it’s like to live there.
The History and Heritage
The origin of the name ‘Sharjah’ for the settlement is somewhat uncertain. Some historians and anthropologists say it’s connected to the Arabic word for sunrise, ‘shuruq’, others to the word ‘sharq’, which translates as ‘east’. This second suggestion would make a lot of sense, as Sharjah is one of the easternmost settlements in the UAE.
Sharjah is both the name of the emirate (one of seven in the UAE) and its capital city, which is the third biggest city in the UAE after Dubai and Abu Dhabi. Its population from the latest census was around 1.8million. Dubai is its near-neighbour, and many people live in Sharjah but commute to Dubai as the cost of living in the former is cheaper.
There has been a settlement in the area for around 5,000 years, dating back as far as 3,000 BC. However, the population was low, and income was mainly derived from farming and hunting (including fishing). It wasn’t until the 17th Century that the British arrived in the region and began trading that the city (and the emirate) began to flourish.
These days, the four biggest sectors of the economy are property and financial services, manufacturing, the mining, quarrying, & energy sectors, and finally, the wholesale and retail trade. There are plenty of financial incentives to move (or start up) your business in the city.
Getting There and Getting Around
Sharjah International Airport is just under 15km from the city itself; it offers flights within the Gulf and Asian countries. However, you may be better off flying in via Dubai International Airport, as it has many more connections across the world. Buses are available from both airports to the centre of Sharjah.
There are seven local bus routes and three express routes servicing the city; most leave from the Al Jubail station in Sharjah which is located near to the Central Souq. However, many people opt for travelling by taxis or their own car.
You can visit some attractions on foot, but bear in mind temperatures can easily hit 40C in the summer.
The Main Attractions
The Al Majaz Waterfront has plenty of family-friendly attraction including a mini train, boats, a golf course and a splash park; it’s also home to festivals and concerts throughout the year.
There’s a spectacular Planetarium within the grounds of the University; and the Eye of the Emirates is akin to the London Eye and is in the Al Qasba district – providing spectacular views of the city and surrounding landscape.
The cricket stadium has hosted a number of international matches (mostly involving Pakistan who were until recently unable to play in their own country for security reasons).
For something more historic, try the Al Noor Mosque in Corniche Street – it’s stunningly beautiful and was inspired by Turkish Ottoman designs. It’s also one of the few mosques open to the public in the city.
Shopping Around or Eating Out
When it comes to food and drink in Sharjah, the first thing to bear in mind is the city (and the emirate’s) stance on the religion of Islam and traditional Arabian culture. There is a strict policy on alcohol sales and consumption – both are severely restricted here (perhaps more so than in any other part of the UAE) and you will need a licence if you want to drink within your own home.
Given the amount of emigration that’s gone on in recent years, there are plenty of cuisines to choose from; for something more traditionally Arabic you should try the better-known dishes such as falafel and hummus; lesser-known ones include shawarma (sliced meat rolled in pitta bread and traditionally served with pickled salad) or, for vegetarians, tabouleh is a refreshing salad made with cracked wheat, parsley, onions, tomatoes and seasoned well with olive oil and lemon juice.
If you are shopping around, there are plenty of huge malls with all the big names (the City Centre Sharjah boasts more than 120 stores); however, for a more authentic experience visit one of the many souks (markets) – these have plenty of traditional crafts (including jewellery and antiques) for sale alongside locally-produced food and drink.
Removals to Sharjah with Hamiltons Removals
At Hamiltons Removals, we can help if you are moving your home or business to Sharjah – in fact we can help with international removals to all parts of the United Arab Emirates, including Dubai, Abu Dhabi and Ajman.
With us, you have the option of a dedicated service, where you have sole use of a shipping container; a groupage service, where the container is shared with other consignments; and also airfreight, which you can use for smaller or valuable items. If you are moving there on a short-term contract, then we also offer self-storage services.
For more information about Sharjah follow this link; you can also use the page if you would like the convenience of a video survey or to use our Currencies Direct service.