Buying with intent to move

Kermie

F1001 wrote: »

And also the sizable deposit needed sitting here in the UK might constrain us buying something nice abroad - I am thinking West Coast Canada - also expensive property prices!

You might want to check into Visa requirements to move to a non-EU country. Unless you have connections there, I would imagine the visa process will take some time, if you're even eligible. And even more so for an elderly relative. Have a look here before you decide to do anything: http://www.cic.gc.ca/english/immigrate/index.asp

F1001

Thanks - yes definitely - I have family and friends over there who will help us get settled but that is why I need the back up to stay here in case things don't work out as easily / quickly as I hope.

Rosetinted

F1001, I'm also looking to move back to Canada (am originally from the UK but spent five happy years there) in the next few years and am currently buying a property in England. That's not to say it'd be the right move for you, but for me, it makes financial sense.

You'd need to have your forward-planning hat on when looking for a place to buy, if you'll need to rent it out in the future when you move. You'd be looking for a sensible (rentable) place to put your money, rather than your perfect home. You also need to consider a lot of different factors. How much would mortgage repayments be v. the cost of renting (bearing in mind the uncertainty of the rental market)? Do you have stable employment in the area you want to buy? Is there a lively rental market in the area? Would potential rental yield cover mortgage repayments? What will the elderly relative do if you do move abroad and want to rent the house you share out?

You're the only one who's fully aware of all facets of your personal circumstances, so we can't give you a yes or no answer as to whether buying will work for you. What I will say is it sounds like a very uncertain idea to possibly move, rather than a fully formed plan and you need a home now in the UK (which you can always sell in the future). Why hold off on buying (and risk the market moving on without you) when you've not even started to investigate the Canada plan? Chances are you'd rent out any place you did buy here for at least the first year you were in Canada. That + the couple of years it'll likely take to decide and get yourself ready to move is ample time to buy and sell a house without losing money (depending on the house, of course).

Canada's federal immigration policy is fairly stringent, so you need to investigate whether or not you'd be eligible to move there (having family there helps). There's a points-based system for skilled workers, so if that includes your category of employment, go and work through the Canadian government's eligibility calculator. Even if you don't currently qualify, there are things you can work on to strengthen your eventual application (like learning basic French).

Also, check out the British Columbia Provincial Nominee Programme. It's a lot quicker than the federal process (which can take 4+ years) and they are a bit more flexible about entry criteria. All you need is to find a job and employer willing to sponsor you (skilled work is much easier to be sponsored for than semi-skilled or unskilled) and within about a year (from my experience, anyway), you'll be a permanent resident.