Moo boo

I am 56, so ten years away from the UK pension. I am moving to Spain imminently and intend to buy two flats in the UK to rent out, bringing in around 1000 euro a month, minus any taxes. There are two of us. We're not party animals and my house in Spain will also be mortgage free. The property will be around 150 sq metres. Would this be enough to live on, pay utilities etc? I don't want to have to come back to the UK in 5 years because I made the wrong choices now! I looked into buying holiday lets in Spain but there are too many, it is not a guaranteed income and is seasonal. Any advice gratefully received.

Rosemary

Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

jonboy

Hi, you may just need to provide more info such as what type of lifestyle you wish to live, eating out at what sort of cost and frequency. The general location within Spain. Will you run a car. Cost of medicines if you take them, health insurance = do you need it? Will you flit back and forth to Uk? So many variables. You may also wish to search previous topics on this issue on the forum.

Rosemary

You seem to be deliberating between Portugal and Spain. What draws you to each of the countries? How will you make the final decision?

Rosemary

amideislas

Electricity and water is expensive in Spain, and if you plan to live in a British expat community, plan for at least 20% higher cost of living (compared to the rest of Spain), and if near the beach, 50% more.

It depends on what can live with. For what you'll pay for a small flat in an expat community near the beach, you could buy a large house with a pool and 5000 sq. Metres of land elsewhere.

If you only need to pay electricity and water, a little IBI, and feed yourself, you can do it on 1000 per month. But you'll have to be a bit frugal.

lyric030250

£1000 is marginal at best, up until last year we had less than that, no medical insurance requirement, and property paid for. We managed to go out maybe once every three months or so and regularly were down to 10€ for the last week to payday. Extra or surprise bills were a credit card job.
Sometimes I wonder what the Balearic dweller is taking, those figures are, to me, rubbish.

amideislas

Huh? What are *you* drinking?

missile

You could exist on 1,000 euros, many do on less. "Living the dream" costs more.

If you and your wife can live on the equivalent of 1,000 euros in the UK, then you could do it in Spain.

johnnyone

Ami's info. is generally pretty reliable. I do think she is wrong in this instance. The figures she quotes may relate to Mallorca but not to the mainland.(not my bit anyway).
I am not an expat but do think trying to live rather than exist is not possible on 1000 euros per month.
A 150 ms house, insulated (not!) to Spanish standards can cost a fair bit to run over the course of a year.

Moo boo

I intend to buy inland, for sure. I'm not too bothered about the coast or being within an expat community. People are people wherever you go and the Brits are everywhere in Spain. I want to buy something with enough space to do a self contained holiday let but don't want to rely on it for an income. It would be a bonus so the 1000 euro would just be the bare bones to pay bills. I will have a nest egg to cover eventualities, or I could buy 3 flats in the UK to make absolutely sure. I know electricity is dearer in Spain and have thought about solar but it is very expensive to get a system that will run a house that size. I will do some number crunching and see if it would pay off to have it fitted. I intend to insulate where I can, roof etc. I am coming to rent first before I buy. I love Galicia but the weather is worse than here. This is where Portugal came into the equation as it seems much cheaper to live there. As I'm not going to be working, as such. it doesn't much matter where I live.

cricketman

British people definitely are not everywhere in Spain

I would say 80% of them live on the Costa del sol and the Costa Blanca. 10% of them are on the other Med Costas and then 10% elsewhere

Spain is a big place. The cheaper an area, the more desolate it is. You can live cheaply in a little flat in a city, but not in a house in the countryside unless you dont want heating, can grow your own food and rely on the terrible rural bus services

I also guess that you are not fluent in Spanish? That is essential for your mental health outside of expat areas

I say you need 1,500 euros per month even if you own your house outright. That would give a lot of choices on where to live

Fred James

Remember that as you are not yet a pensioner you will be required to take out private medical insurance which will make yet another hole in your income.

Also, as your rental income is (I assume) in Sterling, you would be seriously exposed if it weakened.

amideislas

I fully concede that 1000 won't afford you much of a life. But many people do it somehow, which begs the question of why you would willingly do that?

You definitely wouldn't be able to live in "Britain in the sun" for that.

And no, there aren't Brits everywhere. Regardless of what you might see on "a place in the sun", the "rest of the world" isn't British with a few more "foreigners". Quite the opposite, really.

Rosemary

I do not know any Brits so I agree that they are not everywhere.

Rosemary

Rosemary

Maybe buying three flats in the UK would be a better idea for you because then you could rent places in Spain. This would be a more flexible approach because you could move around and discover which area suited you the most.

Rosemary