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Currency Exchange Rate: Property
built 627 days ago
Although currency exchange is not often considered until after a property is purchased, it is worth considering at a much earlier stage when you start looking for property. The pound sterling is considered to be fairly strong currently, especially against a weak US Dollar. So buying a property now can potentially save you thousands of pounds.
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Say for example your property costs € 150,000 and the exchange rate at the date of signing the contract to purchase the property is € 1.50/ £1.00. That's a cost of £100,000, HOWEVER, if the exchange rate moves to € 1.43/ £1.00 the cost becomes €105,000. OUCH!
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Firstly it is important to understand that exchange rates fluctuate daily. For example in the last 6 weeks the exchange rate of the Euro vs. Pound Sterling has dropped from 1.49 to 1.46. On the face of it this may not seem much, but if you are purchasing a 200,000 euro property, the price of the property in pounds sterling will have risen by GBP2,750.
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