19th April 2007 10:09
For those planning to buy property in the USA or any other country with a dollar currency, now is the time. The pound is currently at its highest rate against the dollar since 1992. At $2, the pound stands at 20% above its average maintained for the last twenty years, with record trading hitherto unachieved since 1975.

The impact fluctuating exchange rates can have on the cost of buying overseas property is significant, and taking advantage of favourable rates can save property investors large sums. In addition to the many emerging property markets operating on a dollar system, major tourist and investor hot spots pegged to the US dollar include the Caribbean islands, the Pacific islands, Barbados, Belize, and Malaysia.

To get the most for your money, arrange a fixed exchange rate to avoid fluctuations during the completion period on a property. This is called a ‘forward contract’ and will in effect freeze the exchange rate. You will be required to pay a 10% deposit upfront but the rest can be paid off within an agreed time scale at the fixed rate. This is particularly beneficial to those buying off-plan property as the average transaction can take between 6 and 24 months.

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