Reply To: Expats thinking of returning home

#96273

katy
Spectator

I would never rent for long term without seeing the place first. Internet photos and descriptions are unreliable.

Just a little story re. rent or buy.

When we moved to Spain full-time (about 16 years ago) we met and stayed friends with a couple who came out on the same ferry as us. They had around £60,000 cash and were looking for an apartment. They rented a nice 2/2 and at that time they were on sale for £40,000. They prevaricated for various reasons. Suddenly the slump was over, not enough properties on the market (hence the rise of off-plan) and prices soared….they were priced out of the market. So, they continued to rent at around £650 per month, having to move often as owners changed. With only a retirement pension and a small private one they were drawing on their cash sum. In May last year they returned to the UK almost penniless.

Now I doubt there will be any boom years as before but the fact that they had to keep moving every year would deter me. The only time renting would work is by keeping and renting out a UK home and using this income to rent in Spain. A cousin moved to Dubai 3 years ago, rented out their UK home at £1,600 pm. no voids. They pay £1200 in Dubai so it has worked out well as they never intended to stay in Dubai forever.