Property Abroad - A good way to retire?

dannii_dannii

Hi All, I'm new to the forums and am doing some research into my retirement options. Ideally I would like to move abroad and love Spain or Italy as potential retirement spots. Could I save money moving here? Would property in Spain be a good investment?

Any ideas would help. Thanks, Dannii

dannii_dannii

Back again, sorry. Looking at property websites and these look like good deals - but is 75,000 euros too much these days for spanish flats?
http://www.justoverseas.co.uk/showProperty.aspx?id=00130645

Pssst

From what ive seen and read, Spain would be like swimming with the sharks. You'd need to tread carefully and maybe deal via a UK builder eg Taylor Wimpey etc,,but then what do i know?

krisskross

If you take a cheapie flight to Alicante or Murcia and stay a couple of days you will find the place is awash with properties for sale. Much better not to buy a brand new off plan. At least with a resale you will know it is fully legal, has water, electric phone etc connected. You will also be able to see whether you are buying into a 'ghost town'.A huge amount of places there are never used except for a few months in the summer.

There is a 4 bed/2bath semi detached up for €134,000 in Torrevieja so that might give you some idea of prices, I have also seen a 1 bed bungalow for €65,000. Always remember to add on the 12% tax etc when you buy a Spanish property.

sandir_2

That's good advice. I looked at doing something like that and went to check out the prices and stay for a few weeks in the town I wanted to move to. I would say, go and spend some time there, and take someone with you that speaks the language, and ideally someone from there who understands the way it works with property.

dannii_dannii

Thanks everyone for the advice. I think i might take a trip over there for a couple of weeks and check the place out to see what I'm in for!

Dannii

Tighthead

When my parents retired to Spain, they bought a really cheap package holiday that included two weeks accommodation, then threw away the return ticket. It was cheaper than getting a flight and renting for two weeks!

They used the time to find a long term rental property and get to know the area. The property market in Spain as a whole is very suspect. When my parents eventually bought, it subsequently took them 2 years to sell, and that was to a Brit. Then the prices plummetted.....

They now rent a fantastic 4-bed townhouse in a small coastal resort with pool etc for about Euro 400 a month.

Buying a property in Spain - unless off-plan (!) or through a UK company/agent - can be quite daunting. Brown paper bags changing hands under the table if you know what I mean?!

I would rent first, and then if you like the place and are settled, get a good Spanish, English-speaking, solicitor to help.

snoringunicorn

We bought in Portugal last year after getting an inheritance, rather than put good money after bad into some very badly performing pensions. We can't afford to move out there yet, but so far the house has paid for itself AND our holidays just by renting it out when we aren't there. I wouldn't be so keen if we had had to take out a mortgage to do this, but for our particular situation it worked out just fine.

Not sure if I would even think of Spain right now though, we've seen some really bad reports of the slump in the holiday housing market out there. Thousands of apartments half built but empty.

J

seven-day-weekend

Tighthead wrote: »

When my parents retired to Spain, they bought a really cheap package holiday that included two weeks accommodation, then threw away the return ticket. It was cheaper than getting a flight and renting for two weeks!

They used the time to find a long term rental property and get to know the area. The property market in Spain as a whole is very suspect. When my parents eventually bought, it subsequently took them 2 years to sell, and that was to a Brit. Then the prices plummetted.....

They now rent a fantastic 4-bed townhouse in a small coastal resort with pool etc for about Euro 400 a month.

Buying a property in Spain - unless off-plan (!) or through a UK company/agent - can be quite daunting. Brown paper bags changing hands under the table if you know what I mean?!

I would rent first, and then if you like the place and are settled, get a good Spanish, English-speaking, solicitor to help.

Or, in the case of someone we know, in the Bank Manager's Office!!:eek:

I would also say do NOT buy off-plan - the corruption abounding in property development makes your eyes water.

Otherwise I agree with your advice