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Is this feasible?
Morning, be gentle with me as my first post after lots of invaluable reading, lol. I will try to give as much information as possible so here goes.... My partner and I are 48 and live in Scotland. It has always been out intention to retire to Spain or Portugal but most likely Spain. We both work and will have access to work pensions at 55. Worst case scenario it will be when we are 55 but 53 would be ideal. If we go at 53 we will have at least 400k to buy somewhere and to live on till we can access pensions. We have no kids and neither of us are overly sociable and lead a quiet life. We do not want to move to an expat community, speak basic Spanish but will work on that over the next few years.
We would like some kind of house, definitely not an apartment, ideally with a bit of outdoor space. Nothing in the middle of nowhere but definitely more of a village than city feel, with a supermarket/local bookstores within 20 minutes. 2 bedrooms would be fine or even one, ideally no more than twenty minutes drive to a decent beach. At the moment I'm thinking of we bought somewhere for up to 120k, after a period of renting of course, we could live on the rest. I appreciate things are a bit unclear at the moment due to Brexit but does this seem realistic cash wise? We will do a bit of travelling over next few years to look at locations. Have visited Spain a few times but just quite tourist areas for vacations. Would really appreciate all help, especially on location and what the priorities on my list should be with rough timescale as we plan our move. We are gay women, not married at the moment so need an area where people are tolerant though we do tend to keep to ourselves. Will this have any impact on buying property or in the event one of us dying? Thanks in advance. |
Re: Is this feasible?
That should be food stores not bookstores
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Re: Is this feasible?
Originally Posted by Bigbroondug1
(Post 12794893)
Morning, be gentle with me as my first post after lots of invaluable reading, lol. I will try to give as much information as possible so here goes.... My partner and I are 48 and live in Scotland. It has always been out intention to retire to Spain or Portugal but most likely Spain. We both work and will have access to work pensions at 55. Worst case scenario it will be when we are 55 but 53 would be ideal. If we go at 53 we will have at least 400k to buy somewhere and to live on till we can access pensions. We have no kids and neither of us are overly sociable and lead a quiet life. We do not want to move to an expat community, speak basic Spanish but will work on that over the next few years.
We would like some kind of house, definitely not an apartment, ideally with a bit of outdoor space. Nothing in the middle of nowhere but definitely more of a village than city feel, with a supermarket/local bookstores within 20 minutes. 2 bedrooms would be fine or even one, ideally no more than twenty minutes drive to a decent beach. At the moment I'm thinking of we bought somewhere for up to 120k, after a period of renting of course, we could live on the rest. I appreciate things are a bit unclear at the moment due to Brexit but does this seem realistic cash wise? We will do a bit of travelling over next few years to look at locations. Have visited Spain a few times but just quite tourist areas for vacations. Would really appreciate all help, especially on location and what the priorities on my list should be with rough timescale as we plan our move. We are gay women, not married at the moment so need an area where people are tolerant though we do tend to keep to ourselves. Will this have any impact on buying property or in the event one of us dying? Thanks in advance. https://www.spanishsolutions.net/leg...n-law-couples/ When it comes to location, your best bet is to research areas you like and then see what type of properties you can get for your money (idealista etc.). I'm not retired and at the moment only have a holiday home in Spain but most of your priorities should be achievable on that budget. |
Re: Is this feasible?
Do not invest all that money in property. Rent. Do not buy.
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Re: Is this feasible?
Welcome to the form.
Yes the B word could mess things up for you. This is the latest thread on the subject. https://britishexpats.com/forum/spai...it-but-930375/ Money wise who can tell. You are talking of moving in around 7 years time. Thins will change a lot in that time period. Location is going to be down to you. The north of Spain will have less expats. At the moment I would say Spain has been tolerant towards the LGBT community then the UK: However the VOZ political party is trying their damnedest to destroy all of that. |
Re: Is this feasible?
Originally Posted by Bigbroondug1
(Post 12794893)
Morning, be gentle with me as my first post after lots of invaluable reading, lol. I will try to give as much information as possible so here goes.... My partner and I are 48 and live in Scotland. It has always been out intention to retire to Spain or Portugal but most likely Spain. We both work and will have access to work pensions at 55. Worst case scenario it will be when we are 55 but 53 would be ideal. If we go at 53 we will have at least 400k to buy somewhere and to live on till we can access pensions. We have no kids and neither of us are overly sociable and lead a quiet life. We do not want to move to an expat community, speak basic Spanish but will work on that over the next few years.
We would like some kind of house, definitely not an apartment, ideally with a bit of outdoor space. Nothing in the middle of nowhere but definitely more of a village than city feel, with a supermarket/local bookstores within 20 minutes. 2 bedrooms would be fine or even one, ideally no more than twenty minutes drive to a decent beach. At the moment I'm thinking of we bought somewhere for up to 120k, after a period of renting of course, we could live on the rest. I appreciate things are a bit unclear at the moment due to Brexit but does this seem realistic cash wise? We will do a bit of travelling over next few years to look at locations. Have visited Spain a few times but just quite tourist areas for vacations. Would really appreciate all help, especially on location and what the priorities on my list should be with rough timescale as we plan our move. We are gay women, not married at the moment so need an area where people are tolerant though we do tend to keep to ourselves. Will this have any impact on buying property or in the event one of us dying? Thanks in advance. |
Re: Is this feasible?
Originally Posted by scot47
(Post 12794906)
Do not invest all that money in property. Rent. Do not buy.
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Re: Is this feasible?
Thank you all for responses. Jalon Valley sounds interesting, I will look it up. We will rent first but think ultimately we will buy as it will be a permanent move to a forever home and we would want to decorate, maybe even renovate to meet our tastes before we get too old.
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Re: Is this feasible?
Hola
A long time ago (2002) I was in a similar situation. I went round in circles trying to work out how much money I had until my pensions cut in, and how much I should budget each month. At that time I allowed 1,000€ a month with 8 years until my old age pension started. I had other pensions cut in at 62 & 63 - but decided best to ignore those until aged 65. Inflation has been very kind to me since I moved here; I decided that interest on my savings would roughly equal inflation, but added in a 25% "mistake" factor. I then had other investments that I decided to allocate to a "rainy day". In truth I was over-cautious and had more money than i thought i would, BUT better that way than be short of money In my opinion, from what you have said, YES go for it Davexf |
Re: Is this feasible?
Definitely visit different areas a few times, especially in winter, it can get very cold, especially if you are inland and up in the hills., you will need to factor in Healthcare costs as well as you may need private cover at the start
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Re: Is this feasible?
Originally Posted by Dxf
(Post 12795153)
Hola
A long time ago (2002) I was in a similar situation. I went round in circles trying to work out how much money I had until my pensions cut in, and how much I should budget each month. At that time I allowed 1,000€ a month with 8 years until my old age pension started. I had other pensions cut in at 62 & 63 - but decided best to ignore those until aged 65. Inflation has been very kind to me since I moved here; I decided that interest on my savings would roughly equal inflation, but added in a 25% "mistake" factor. I then had other investments that I decided to allocate to a "rainy day". In truth I was over-cautious and had more money than i thought i would, BUT better that way than be short of money In my opinion, from what you have said, YES go for it Davexf |
Re: Is this feasible?
Sorry, Jalon Valley. Thanks to all who have responded
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Re: Is this feasible?
Originally Posted by Bigbroondug1
(Post 12795173)
That's all very reassuring. We would rather be over cautious than be left having to do without. We hope to still enjoy the odd long haul holiday. I know 5-7 years seems a long time away but want to be fully prepared and time definitely goes quicker the older you get, lol. Jason Valley and surrounding area looks ideal. Any other similar locations in Spain anyone can recommend? Healthcare costs will be taken into consideration closer to the time. Legally, would things be more secure of we were married. Is gay marriage recognised in Spain?
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Re: Is this feasible?
Originally Posted by Bigbroondug1
(Post 12795173)
That's all very reassuring. We would rather be over cautious than be left having to do without. We hope to still enjoy the odd long haul holiday. I know 5-7 years seems a long time away but want to be fully prepared and time definitely goes quicker the older you get, lol. Jason Valley and surrounding area looks ideal. Any other similar locations in Spain anyone can recommend? Healthcare costs will be taken into consideration closer to the time. Legally, would things be more secure of we were married. Is gay marriage recognised in Spain?
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Re: Is this feasible?
With the situation in what is arguably the most uncertain state since the referendum itself it's impossible to predict or even guess what may happen in the coming year let alone what may not be doable in 5-7 years time!
By all means visit Spain and explore areas which appeal but I don't see that you can do much more than that until closer to the time you're ready to make a move. |
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