Buying a Property Overseas

Retirement. That word is my north star every time I wake up in the morning. That word motivates me to finish my tasks daily amidst all the pressure of work, existence of not so nice officemates, strict and micromanaging bosses, unreasonable deadlines and the drudgery of daily commute.

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Retirement that sweet sweet word which I envision as a small cottage in a small but quaint town in the UK. I imagine living off my retirement days in a minimalist neutral toned abode filled with plants, natural lighting, big open windows and a crackling fireplace.

Imagine myself sitting by my reading nook, with my feet propped up while I have some of my English Breakfast tea, scones, jam and of course clotted cream. Or in the garden, just harvesting the spring summers and placing them nicely in a vase by the kitchen table.

You may be surprised, but I have already made my retirement plans several years ago and actually in the verge of looking at the market for a home for myself.

The Philippine market is extremely different from that of the UK. Although information is highly available online (thank you Internet!) there are a lot of grey areas that I am still unaware of. One of these things would be the costing.

How much would my mortgage be? Monthly payment? Down payment? Interest Rates? Interests? These things are intimidating specially if these are not your field of expertise. Thankfully, I found Mortgage Calculator! To say that it was heaven sent is an understatement! They practically made it easy for me!

Sample computation at MortgageCalculatorUK

With a few click of a buttons, inputting the basic data we have, I can anticipate the expenses I will be having my UK home. For example, the current house I am wishing for is a 3 bedroom cottage in Cornwall worth 350,000 GBP.

Using Mortgage Calculator, I was able to compute for the full monthly payment subject to the deposit, interest rate, and term I am comfortable with. It is so easy to use as well. Every time I change my mind and decide to increase the deposit amount, Mortgage Calculator recomputes my expenses in one simple click!  How easy is that?

Now that is the easy part. The hard part is the decorations and the renovations! Since I am  currently based in the Philippines, the purchasing and renovation of the future home would be a bit tricky. If I would be considering to retire early, I should allocate a few months to fix the home according to my liking.

It is a bit challenging to reconcile my taste and budget when it comes to purchasing my dream home. But these are some of the things that is non-negotiable for me – at least a third of deposit to be made (so that I won’t stress on the monthly payment), hiring a contractor (expensive in the short run but definitely worth it in the long run especially I am not in the UK overseeing the renovations), and of course, minimalist and nature inspired designs.

Although I am still new to this, and terms tend to be overwhelming at times, it is so assuring to know that all that I am working for would be invested into something I would enjoy in the future. I still have a few years left as working employee but honestly making plans early in the game keeps me motivated and well prepared to what life may bring in front of me. Looking forward to the new and exciting chapter of my life.

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