Re: Re: Buying a property in Northern Costa Blanca

#98693
Anonymous
Participant

@stevesainty wrote:

We are not intending selling our house in the UK but will let it and use the rent as additional income. We have considered renting in Spain but don’t want to end up as gypsies in our old age should the landlord wish to dispose of the property or hike up the rental. It seems that lots of properties are only rented for 11 months at a time so the rents can be increased. Even if we got a good landlord who was happy to have tenants who looked after his property and didn’t cause him any problems there are no guarantees.

I agree that there are uncertainties when renting, even if you sign a normal rental contract which is for five years, but there are far more uncertainties when buying a property in Spain, especially now.

You are buying into a falling market with no end in sight. Despite all the checks available to you, you could end up with an ‘illegal’ property (even if it’s legal now, the regional government can change the rules to make it illegal). If your income is from the UK, it’s dependant on the exchange rate and nobody knows where that is going.

There are literally thousands of expats forced to stay in Spain because they can’t sell their houses, at any price. For older expats there are often health problems which are difficult to resolve in Spain, even with private medical insurance, even when part of the excellent Spanish system, you will need an excellent knowledge of Spanish or an interpreter, and after-care is different to the UK.

If you’re renting, all you need to do is hop back on to a plane bound for the UK.