Dilemma for those wanting to retire to Spain

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This topic contains 7 replies, has 6 voices, and was last updated by Profile photo of Chopera Chopera 4 years, 5 months ago.

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  • #56896
    Profile photo of Anonymous
    Anonymous
    Participant

    Those who are close to retiring and have plans to retire to a country with a warm climate like Spain are facing a terrible dilemma. With house prices in spain still falling do people wishing to retire to Spain bite the bullet and go there and buy a property now even though house prices there are still falling or do they wait for Spain to drop out of the Euro and adopt the Peseta which will result in an instant fifty percent devaluation in the currency which will mean that house prices in Spain will at a stroke drop by fifty percent?

    If a person who is about to retire or has retired has decided to sit it out and wait for the bottom in house prices in Spain to have been reached before buying a property then this means that they will have to stay living in Britain until this happens which means that they will be spending most of the years they have left living in a country that they cannot wait to get away from.

    This is the dilemma that people wishing to retire to Spain have. Stay in Britain until they die or buy a property in Spain and watch the nightmare of economic collapse and further falls in house prices occurring all around them.

  • #110105
    Profile photo of Anonymous
    Anonymous
    Participant

    Or they should do what it says in so many posts on this forum if you bothered to read them and RENT

  • #110106
    Profile photo of GJ
    GJ
    Participant

    It would also be an idea to rent out your UK property at the same time which will pay your rent in Spain and give you an additional income.

  • #110113
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    if you only criteria for buying in spain is “its warm there”, then there are many more options than Spain. Maybe Morocco, turkey, etc… might be options.

    or maybe rent instead and follow the ‘heat’.

  • #110115
    Profile photo of Anonymous
    Anonymous
    Participant

    @dartboy wrote:

    Or they should do what it says in so many posts on this forum if you bothered to read them and RENT

    Having read a lot here in recent days as part of my research i have moved from buying, to renting and then buying to now thinking it might be wiser to rent our house here and rent in Spain. As much as for economic reasons it gives my Mrs a much better feeling that she could always return if she gets homesick or maybe more importantly health declines and simply wants to be around family.

    That’s all good but the big downside is that I wouldn’t want to be moving every 6 or 12 months because the house is sold from under us (unlikely as that might sound right now) or the owner decides to install other tenants etc. Even if we were renting we’d want somewhere we could treat as “home”

  • #110118
    Profile photo of GJ
    GJ
    Participant

    @Culzean wrote:

    @dartboy wrote:
    Or they should do what it says in so many posts on this forum if you bothered to read them and RENT

    That’s all good but the big downside is that I wouldn’t want to be moving every 6 or 12 months because the house is sold from under us (unlikely as that might sound right now) or the owner decides to install other tenants etc. Even if we were renting we’d want somewhere we could treat as “home”

    I really don’t think it should be a worry in the near or mid term future. Owners are desperate for long term renters and will renew a 11 month lease.
    If they are looking to sell you will be in a position to know if its a bargain and buy it yourself. If its not a real bargain it just WONT SELL.

  • #110121
    Profile photo of Anonymous
    Anonymous
    Participant

    @Culzean wrote:

    @dartboy wrote:
    Or they should do what it says in so many posts on this forum if you bothered to read them and RENT

    Having read a lot here in recent days as part of my research i have moved from buying, to renting and then buying to now thinking it might be wiser to rent our house here and rent in Spain. As much as for economic reasons it gives my Mrs a much better feeling that she could always return if she gets homesick or maybe more importantly health declines and simply wants to be around family.

    That’s all good but the big downside is that I wouldn’t want to be moving every 6 or 12 months because the house is sold from under us (unlikely as that might sound right now) or the owner decides to install other tenants etc. Even if we were renting we’d want somewhere we could treat as “home”

    i believe renting your property here is the way to go as it means you have the ability to return,so many people who sold up and moved lock stock and barrel and are now out of work with no income and need to return home are stuck.I now of a lady who when i started looking to buy in 07 was trying to sell as her partner had died and she wanted to return to her family the house is still for sale today.

  • #110133
    Profile photo of Chopera
    Chopera
    Participant

    @Culzean wrote:

    @dartboy wrote:
    Or they should do what it says in so many posts on this forum if you bothered to read them and RENT

    Having read a lot here in recent days as part of my research i have moved from buying, to renting and then buying to now thinking it might be wiser to rent our house here and rent in Spain. As much as for economic reasons it gives my Mrs a much better feeling that she could always return if she gets homesick or maybe more importantly health declines and simply wants to be around family.

    That’s all good but the big downside is that I wouldn’t want to be moving every 6 or 12 months because the house is sold from under us (unlikely as that might sound right now) or the owner decides to install other tenants etc. Even if we were renting we’d want somewhere we could treat as “home”

    In fact tenants in Spain have much greater legal rights than the UK. I’ve read that if you have been a tenant in a property for a year then the landlord can’t kick you out for another 4 years unless they want to move in themselves (although I’ve heard variations on this). Also the landlord cannot increase the rent by more than the rate of inflation. However I’ve also read that most long term lets on the costas tend to be for 11 months in order to avoid giving the tenant rights to stay there for those extra 4 years. Although I suspect you’ll find some people willing to rent for much longer than 11 months, including the odd developer/bank with a load of new builds they can’t sell.

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