Buying holiday home overseas

maggiesoup1

Once again, another rubbish "summer" in the UK (we live in Edinburgh which has had a total of ONE consecutive week in June when it was hot & sunny) the rest of the time warm but cloudy

Now seriously thinking of getting a home in the sun. Both in our early 60s and could possibly afford max £75,000 but the problem is where??

Spain? Sicily? Greece? Canaries? Is anywhere hot/warm enough (probably need 10 months of hot or at least 20 degrees to make it worth buying but where flights are not always really expensive all the time so defeats the purpose?)

Any websites we can look at for some unbiased opinions or perhaps forums for ex-pats?

I can't take many more summers like this

redmalc

We are in the same boat as you but the issues at the moment are the increased flight prices we are observing especially to the Canaries given the turmoil around other parts of the world.
I think you will struggle to find a place in the Canaries for your budget,we are going to the Costa Blanca to view a few places in the next few weeks,I realise the weather is not that good during the winter months but still better than here.
Good Hunting

richardw

Long let in France https://forums.moneysavingexpert.com/discussion/5495201

Btw http://www.telegraph.co.uk/expat/expatlife/9645382/Welcome-to-sunny-Adra-Spains-best-kept-secret.html

http://www.telegraph.co.uk/expat/expatlife

knightstyle

Lots of questions to ask yourselves.
Do you need to work?
Will your pension keep up with inflation or be frozen?
Do you want to be part of local life which means learning the language or do you want to be like a lot of ex-pats and live in a small circle of brits, eating, drinking and getting cheap local labour to do everything for you?
What about health, will your new home country take care of you in old age or will you have to pay?
Plus your house is unlikely to increase in value so returning to UK will mean downgrading.
We have lived abroad a long time and seen all this.

PompeyPete

Rent!

Some will say that's dead money. But what if you buy the wrong place in the wrong area? Yep, you're lumbered.

Rent, and you can skiddadle quickly if it goes pear-shaped.

It's very easy to buy in these sun-drenched dream destinations, but selling if you need to can quickly turn into a protracted, stressful affair.

Whatever you do, you need to do a lot...a heck of a lot, of preparation.

Elle1971

PompeyPete is absolutely right. Renting is vital to ensure that you choose the right area. We've been in Spain for almost ten years now - and hear so many people who say they wished they'd rented instead of bought.

Loads of really salient points in all the posts above - which are vital to consider before making the leap. But if you plan things wisely, you'll be set up for life and won't have any nasty surprises.

Canaries - I'd be very surprised if you found anything larger than a postage stamp for your budget - although if you can scrabble any extra money... it's somewhere I'd definitely consider as a great long term haven in terms of weather and investment. We spent six very happy years in Lanzarote.

We're in Almeria now - which is probably the cheapest part of Spain. But it's cheap for a reason... so look at what your priorities and must-haves are... and then see if your chosen areas can deliver.

Good luck!!

E xx

MataNui

Probably not the best time to look. The weak £ hurts a little with holiday spending money but its going to hurt a lot with a 75k investment.

mgdavid

Elle1971 wrote: »

.....
We're in Almeria now - which is probably the cheapest part of Spain. But it's cheap for a reason... .....

sorry for hijack but why is it cheap? we motorhomed to Cartagena and Almeria last autumn, loved both! Did we miss the bad bits or something else?

[Deleted User]

mgdavid wrote: »

sorry for hijack but why is it cheap? we motorhomed to Cartagena and Almeria last autumn, loved both! Did we miss the bad bits or something else?

It's full of people from Essex !


But seriously to the OP 75k will buy you nothing worth having in any of the places you mentioned and then there is upkeep on top of that.
I suggest you rent for a winter to get a feel and the Canaries are really the only place worth doing that on your budget and to be guaranteed some sun.

maggiesoup1

Thanks everyone. I caught an edition of Home in The Sun yesterday which featured Almeria and it looked pretty awful, a concrete jungle or mostly new builds, so maybe not. Prefer something more authentic. I'm aware that the Canaries is probably the only guaranteed sunshine most of the year around but the flights from Scotland are never very cheap. Probably best to fly to various places over the winter and get an idea of what they're like then but any further info would be gratefully received.

PompeyPete

If you do take the plunge, then aren't you more or less committing yourself to the same destination year after year?

If you buy on a complex, then you'll have monthly communal charges that you're committed to pay irrespective of the length of time you use the property for. They can be expensive, and getting everyone to agree to them or pay up on time or at all can be a nightmare.

Make sure the house has been built properly, some built on land fills start falling to bits rapidly after a few years.

Earthquake proof? Sometimes you only find out when it's too late!

Muncipal Fees/water rates/gas electricity.

Title Deeds. Make sure you get them immediately on completion.

Summers can be very hot and humid. You'll need A/C, which can be expensive.

Winters can be very cold. So you might need central heating.

Insuruing a property that can be empty for long periods can be expensive.

Don't buy from a 'one-stop' shop, ie a developer who also offers to get you legal advice.

You're really better off finding as much as you can out from one of the many expat forums on the internet. Here's one...

http://www.cyprusliving.org/phpbb/nfphpbb/viewforum.php?f=31&sid=e3d81571898fb20d3615f6a5e52e08a8