Reply To: sorry, mortgages again



@chilly wrote:

It would be a possibility but we are looking to be in Spain long term and at our age we don’t want to retire in 20 years time and have to rent, we are also thinking of pensions and the like.
also there are very few bars with accomodation

Chilly 8)


Listen to yourself!! You are thinking about 100% mortgages and you are looking to retire in 20 years – ish time and you are thinking about opening a bar in Spain.
As my kids would say…..DUH!!
Seriously, you have to be one lucky person to get a bar which makes money. One which makes money enough for you to retire etc. is very, very rare.
I have a client who has relocated to Lanzarote and she was looking to buy a bar. She got stung for 10 grand by a big agent and we, along with local lawyer, are trying to get that back for her.
She has the money in her pocket RIGHT NOW to buy a bar but we are not selling her one.
I’ll say that again…..she has the money in her pocket right now to buy a bar and we are not selling her one! Work it out!
She has come to live here for an easier life.
We are trying to turn her to the idea of buying a couple of small apartments – with or without guaranteed income, up to her. At least that way, you know what is coming in and going out every month.
Situation regarding 1 and 2 bed apartments for long-term let here is very different from the Costas, I appreciate it. There is still a very good market for long-lets here.
Anyway, if you haven’t got the money in your pocket, don’t go and borrow it.
Do your homework.
Anyone can pull a pint….why not try to fill a gap in the market?
What job are you doing now….what job could you do…what skills do you have etc.
If still in doubt….ask your kids what it means when someone says “DUH!” to them.
Be careful!