Dilemma for those wanting to retire to Spain
 

Those who are close to retiring and have plans to retire to a country with a warm climate like Spain are facing a terrible dilemma. With house prices in spain still falling do people wishing to retire to Spain bite the bullet and go there and buy a property now even though house prices there are still falling or do they wait for Spain to drop out of the Euro and adopt the Peseta which will result in an instant fifty percent devaluation in the currency which will mean that house prices in Spain will at a stroke drop by fifty percent?

If a person who is about to retire or has retired has decided to sit it out and wait for the bottom in house prices in Spain to have been reached before buying a property then this means that they will have to stay living in Britain until this happens which means that they will be spending most of the years they have left living in a country that they cannot wait to get away from.

This is the dilemma that people wishing to retire to Spain have. Stay in Britain until they die or buy a property in Spain and watch the nightmare of economic collapse and further falls in house prices occurring all around them.

Re: Dilemma for those wanting to retire to Spain
 

I'm not really sure that I understand your point. So what if the value of the property falls further? This is only an issue if they should want to sell it!

If they want to come to Spain for the weather, good food etc. then surely it doesn't matter that house prices may fall further PROVIDED they pay what they feel is good value for money now!

Re: Dilemma for those wanting to retire to Spain
 

...... if you're retirement age and wait, and wait, and wait, and wait....... You missed out on living in Spain and end up dying in Spain! Sometimes its not about the money, its about the enjoyment. I think that more to the point. the exchange rate and healthcare issues are far more important!

jo xxx

Re: Dilemma for those wanting to retire to Spain
 

OMG!!

you & snikpoh agree :eek:

Re: Dilemma for those wanting to retire to Spain
 

When I think about all the people I've known who have died either shortly before or shortly after retiring, I'm more glad than ever that I took the decision to give up working at 50 and come to Spain (and wait for another 10 years for my pension, 16 years for my State Pension). I couldn't care less if the value of the house I bought 9 years ago falls, the quality of life is far more important.

Having said that, IMO if you can't achieve the kind of quality of life you want with the resources you have, you would be infinitely better off staying in the UK. But property prices are not the most important consideration.

Re: Dilemma for those wanting to retire to Spain
 

Look, as a British resident and citizen, you are to a certain extent, somewhat immune to Spain's problems.. in the context of this topic, anyway.

If the Euro collapses, you would likely suffer about the same drawbacks in the UK as you might in Spain.. so it's probably six-to-one-half-dozen-to-the-other.

If your pension is in the UK in Sterling, it won't really matter whether you're in Spain or the UK if the hammer falls., except for the inconvenience of some short-lived chaos in Spain as a result - but that's not terribly likely.

If you get a good deal on a property (keywords: good deal) and you're happy with it, then it could actually be something quite desirable if the bottom really falls out of the Euro whilst you sit with your money and income in Sterling (which will also fall as a result anyway, but your money will be safer in Sterling, which will be an advantage to you)...

I wouldn't get too married to the Euro at this point. Keep it all in Sterling for now, and you may do quite well at the end of the day...

Re: Dilemma for those wanting to retire to Spain
 

You could always rent for a year and see what happens. You would still be in Spain and have a better idea of what is a bargain. Also you could finish up with another £25K in your pocket...or more:D

Re: Dilemma for those wanting to retire to Spain
 

There are more than 2 options other than lose money on a property, or sit and die in the UK:confused:

And cue Jackytoo to come up with the solution.
She beat me to it, I was going to say great minds think alike, but to be honest you dont need a super brain to work that one out.

Did it not occur to you Jakesuper, that renting could be a solution?

Re: Dilemma for those wanting to retire to Spain
 

Look at it this way. You will actually spend less money if property prices rise in Spain but the pound rises against the euro. Even if it only rises by a few cents/pence, when you're talking about house price sums, its not an insignificant amount! And of course, your UK pension will be subject to the exchange rate, which will affect your lifestyle and standard of living

Jo xxx

Re: Dilemma for those wanting to retire to Spain
 

Why on earth would you want to come to Spain to retire and immediately buy a place? Even ignoring that property prices are falling, you could find yourself stuck in an unsuitable place, with Gyppos for neighbours. noisy yobs roaring up and down on unsilenced motos, your illegal property being demolished by the council, or having bought a house in an earthquake zone. Or find burglars trying to break in on a regular basis.

All you need to come to Spain is your passport and credit card - you can live where you like and how you like, you can rent a house or flat, or tow a caravan around this lovely country.

Try it for a couple of years to make your mind up. Or even longer. Try the coasts, the mountains, the deserts, and those noisy cities where you need ear plugs and pepper sprays.

Keep your house and money in the UK.

Re: Dilemma for those wanting to retire to Spain
 

I would agree with the above given the uncertain situation which could go on untill who knows when. I don't think anyone can predict what is going to be the outcome in Spain or the UK. Unfortunately we tried to pre plan our retirement and future (now how daft is that) having bought just before the downturn. On the plus side we do still retain a property in UK and still plan on spending retirement in Spain, all be it time scale slightly changed next couple of years will be half and half. I put it down to life you just get on and make the best of what you have got. We are all a long time dead and only here once so depends on you what you want to do.

Re: Dilemma for those wanting to retire to Spain
 

Good point well made.

Re: Dilemma for those wanting to retire to Spain
 

On the renting side, I think it may make sense if you don't know the area concerned, or you are positive there are major falls in price to come.
However if you do know an area I can't see the point of spending 5k or 10k on renting a place, and then go through all the hassle of moving house yet again. There may be major decoration, shelves etc to be sorted out in both places - why spend all that time doing it twice when there's a whole new lifestyle to enjoy?

Re: Dilemma for those wanting to retire to Spain
 

Not even if you get the same house for £25,000 less next year.:confused: I would hate renting but that is what I would do in Spain right now.

Re: Dilemma for those wanting to retire to Spain
 

I'ts us good educashion innit:rofl: