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Discussion Starter #1
Yip its a toughey

Let's be honest. If you have no experience living abroad etc and need to work there's not really a debate- you MUST rent.

However, if like ourselves we have sufficient income without work, cash sum as well etc- the question gets more interesting.

Renting is of course a safer option BUT if you are laying out around € 700/800 a month for a place you can buy for 80 k you may feel that after 4/5 years you will have laid out about 40k in rent whilst if you bought it and took a bath for about 20k on sale price in 5 years time you would still be ahead


Decisions decisions...
 

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Yip its a toughey

Let's be honest. If you have no experience living abroad etc and need to work there's not really a debate- you MUST rent.

However, if like ourselves we have sufficient income without work, cash sum as well etc- the question gets more interesting.

Renting is of course a safer option BUT if you are laying out around € 700/800 a month for a place you can buy for 80 k you may feel that after 4/5 years you will have laid out about 40k in rent whilst if you bought it and took a bath for about 20k on sale price in 5 years time you would still be ahead


Decisions decisions...
So much depends on so many things. Interestingly, two of my friends who had been renting in Spain for 5 years have both just bought. The market, according to them is looking ok and they both now feel the time is right for them to put down roots. They've tried it, liked it and want to stay.

If you have a UK property, IMO, you should keep that, rent it out and offset the rental against a spanish rental. you'd probably make a bit and you always have a "get out" if something bad happens, or even if you just dont like it.

The problem with buying in Spain is that its not cheap to buy or sell and although things might be picking up, there is still much uncertainty within the EU and of course, as one gets older, one might prefer/need to be near family and friends

Jo xxx
 

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Yip its a toughey

Let's be honest. If you have no experience living abroad etc and need to work there's not really a debate- you MUST rent.

However, if like ourselves we have sufficient income without work, cash sum as well etc- the question gets more interesting.

Renting is of course a safer option BUT if you are laying out around € 700/800 a month for a place you can buy for 80 k you may feel that after 4/5 years you will have laid out about 40k in rent whilst if you bought it and took a bath for about 20k on sale price in 5 years time you would still be ahead


Decisions decisions...
Hi Rabbitcat - You said it yourself - you can afford it; you've tested the water, to say the least. You would be stupid not to buy.
 

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Discussion Starter #4
Well we have saw two areas we really like- VERY similar to a place we have owned in abroad for the last 9 years so living there and abroad in general wont be a culture shock. Will continue to check/ recheck both areas until wifey decides which one WE prefer!! Then will weigh up rental V purchase.

Bloody great having this forum to gather info and bounce ideas
 

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After much thought and a bit of looking around, we will probably buy a 1 or 2 bed apartment here and use that for an income (bonus) on top of the works pension and if we ever did need to come back for whatever reason we would have something to come to without having to sell in Spain as a matter of urgency. We will probably also buy a townhouse or something small in an area we like, currently Torrox / Velez Malaga region.

Have you seen much around the 80K mark? Are they townhouses and what sort of area.

My retirement date is end of march and paperwork through..........

Everything now seems to be moving up a gear.

Cheers Rabbitcat

Roy
 

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We bought, seemed daft not to, having thankfully cut the umbilical cord with the U.K., completely sold everything there, here is now our home.
Well done. I don't get the obsession with keeping something in the UK when it's done as somewhere to go back to if things don't work out. Just rent while sorting something permanent out.

A UK property is a good investment (for rental and capital gain) but that's it, and if your whole life is based in Spain then being a landlord in the UK can be a bit of a pain in the rear end.

If you think you are going to be in Spain for the next plenty of years, and if you think you have found the home you will be happy to live in, buy it. And if that means selling your UK place, sell it. Life will be a bit less complicated that way.

But, if renting out your UK place will pay the agent's administration fees for management (so you get hassled less), pay maintenance and replacement costs for wear and tear, and still leave enough money to pay off a mortgage on your place in Spain, then it's worth looking at. Then, in 20 years, you'll own the UK place and it will have paid for your place in Spain. Assuming you have no mortgage on the UK place, of course.
 

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Discussion Starter #8
After much thought and a bit of looking around, we will probably buy a 1 or 2 bed apartment here and use that for an income (bonus) on top of the works pension and if we ever did need to come back for whatever reason we would have something to come to without having to sell in Spain as a matter of urgency. We will probably also buy a townhouse or something small in an area we like, currently Torrox / Velez Malaga region.

Have you seen much around the 80K mark? Are they townhouses and what sort of area.

My retirement date is end of march and paperwork through..........

Everything now seems to be moving up a gear.

Cheers Rabbitcat

Roy
Yes Roy for the sort of property we are after there are plenty to chose from on Kyero, Thinkspain etc. We are after decent townhouse in an inland or mountain village and there seem plenty available plus we will go in with a 15% lower offer as its def a buyers market
 

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Yes Roy for the sort of property we are after there are plenty to chose from on Kyero, Thinkspain etc. We are after decent townhouse in an inland or mountain village and there seem plenty available plus we will go in with a 15% lower offer as its def a buyers market
If you would be happy to lose all your investment, then why not buy? You have to take your chances and not look back. Otherwise rent for several months to make sure it's right for you.

Perhaps it will be a buyers market for a few years - perhaps not. Go for it if you would have no regrets and could go back to Britain with no regrets and somewhere to live.

I know how you feel, as we were in your place last year. Wish you all the best for your decision.
 

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Discussion Starter #10
I certainly would not be happy to lose everything nor do I believe I would.

I have owned abroad for years and am very aware its not like at home whereby you make money on your investment.

However as I have set out if in 5 or so years I was to be able to sell if that's what I wanted and I took a hit comparable to rent I would have out laid I don't consider that a loss.

Life is a gamble send whilst one shouldn't be careless or plain daft, you do have to take chances at times. Time will tell which way we decide to go
 

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If it's somewhere that you want to put down roots and live in, then the investment angle is moot. Folk spend large sums on fancy cars (many of which would cost more than my house in Spain did) without them being a good investment. Sure, it's nice if what you buy holds its' value, or increases, but rent is and always has been 'dead money' to me.
 

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If it's somewhere that you want to put down roots and live in, then the investment angle is moot. Folk spend large sums on fancy cars (many of which would cost more than my house in Spain did) without them being a good investment. Sure, it's nice if what you buy holds its' value, or increases, but rent is and always has been 'dead money' to me.
Rent is only "dead" money if prices are static or rising. We desperately wanted to buy when we moved to spain back in 2008. We couldn't sell our UK house, so ended up renting both ends. The property prices both ends plummeted (although the UK picked up much quicker). Things we looked at in Spain dropped significantly - they almost halved in some cases. The rent in the UK more than covered the rent in Spain, we didn't have the costs involved in buying/selling. So for us, at that time it was a "win win" situation. Especially as the house we probably would have bought in Spain really wasn't the most suitable in retrospect - nor could we have re-sold it easily!

Hence my advice to always rent first until you're sure and understand the market, the commitment, your future etc...

Jo xxx

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I'm not sure if it makes sense money wise one way or the other, but to me it makes sense mental health wise. Many people who come here have absolutely no idea what it's like to live here seven days a week all year long. Others have never lived away from their family let alone their country for more than 2 weeks a year annual holiday.
Apart from that I think buying a house in a foreign country can be fraught with problems. Do you really understand the cost, the location you've chosen, the type of house? For example you might like the idea of a pool and a garden, but then find it a bind as who wants to garden in this heat and we never use the pool because there's no shade around it.
It can seem like paradise, but turn into as the cliche says "a living hell"
 

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Yip its a toughey

Let's be honest. If you have no experience living abroad etc and need to work there's not really a debate- you MUST rent.

However, if like ourselves we have sufficient income without work, cash sum as well etc- the question gets more interesting.

Renting is of course a safer option BUT if you are laying out around € 700/800 a month for a place you can buy for 80 k you may feel that after 4/5 years you will have laid out about 40k in rent whilst if you bought it and took a bath for about 20k on sale price in 5 years time you would still be ahead


Decisions decisions...
Something to consider; around here (Malaga/Cadiz) in a mountain village you could rent an €80k property for €250. For €700/800 you could get - well nothing is that expensive.:)
 

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I'm not sure if it makes sense money wise one way or the other, but to me it makes sense mental health wise. Many people who come here have absolutely no idea what it's like to live here seven days a week all year long. Others have never lived away from their family let alone their country for more than 2 weeks a year annual holiday.
Apart from that I think buying a house in a foreign country can be fraught with problems. Do you really understand the cost, the location you've chosen, the type of house? For example you might like the idea of a pool and a garden, but then find it a bind as who wants to garden in this heat and we never use the pool because there's no shade around it.
It can seem like paradise, but turn into as the cliche says "a living hell"
Good on Ya! Pesky - I know many people who have swimming "ponds" in their gardens which cost an arm and a leg to run and only to collect algae and leaves.
 

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Very true and yet another experience we have learnt over the years of foreign ownership. Pools look great, can be excellent in very hot weather and we have had one for past 7 years. We would however not have one in any future purchase abroad for a variety of reasons including those you have given
 

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I dont think that everybody who wants to live in Spain wants the villa and pool in an urb or up a mountain etc. Some like us (hopefully) would like to experience a bit of Spain and integrate as best we can. Again we know to expect the unexpected, the language, health, financial situation but all you can do is plan and research, research and more research. I'm sure it will be quite stressful to start with to say the least but life is about taking a gamble sometimes and sometimes the gamble pays off but you will never know unless you try it and that might include buying instead of renting.

Don't get me wrong I'm well aware of the high numbers that have had to repatriate but there are also high numbers that have loved it and things have worked out and stayed. I am also aware that living there is nothing like holidaying in Spain. One benefit is though, you are not returning after two weeks.
 

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You just need to get your thinking cap on before committing. Yes, by all means rent short term to find the area you like and see if you settle in, but to me, personally it would do my head in not owning my own place and having the ability to do what I like with it, and having no landlord involved.

Before I bought, I:

1) Visited the town on 3 occasions on holiday at different times of the year.
2) Kept an eye on the property market via the internet from home; getting familiar with the house styles and average prices they were going for.
3) Made connections with a few different estate agents, and got utilities, IBI, water, etc. estimates to do my sums with. Finally I went with a chap who was freelance and had contacts with many different estate agents, gave him the brief of what I was looking for and let him draw up a list of suitable properties.

I decided that I wanted a small property, with no garden, that I could lock up and leave for extended periods. I didn't want a pool, or even access to a communal one, as I wanted to keep costs pared down. There are no community charges for my property. MY bills are for electric, water & bins, IBI once a year, and home insurance.

I am still living in the UK, but as soon as I have enough of a passive income coming in, I will move out to my place in Spain full time. I have no qualms about leaving family behind, having lived away from 'home' previously for 7 years.

Research is vital. And knowing what you will want from life.
 

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.... but to me, personally it would do my head in not owning my own place and having the ability to do what I like with it, and having no landlord involved.
Yup that's me as well. In my life I've owned 6 properties and each I have had to turn into my home. For me the problem with renting is would I be able to turn it into my home or would the terms of rent restrict me?

But equally I have boat owning friends - the boat is their home, the house a dorm. Each to their own :)
 
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