Long term renting ?
Nov 21st 2019, 3:37 pm
#16
Started off with nothing
Joined: Feb 2009
Posts: 4,944
Re: Long term renting ?
no, of course not. there are houses even here in Alhaurin, I was looking to buy one a couple of years ago for 21.000 that needed reform. What we have now is probably 150k at least, but you missed the point a little 1sexsmith - what I was trying to say was renting long term may well be good "from the outside" but we have a very cheap rent. Imagine paying more, 700-1000 a year - and when they say long term, they are talking 10 years or so no? so 10 years at 1000/month is 120,000 euros, and you still have to carry on renting. If you had put that 120,000 towards a house as a deposit, and have the same 1000/month disposable income to pay a mortgage, you could easily be in a house worth 500,000 within 10 years or so.
you could easily be in a house worth 500,000 within 10 years or so.
120,000 on 500,000 property would leave 380,000 mortgage.
Few of us would qualify. You would need circa 110,000 income per annum.
You would need to pay circa 3,500 per month, on a 10 year repayment mortgage.
You have not included the cost of buying and selling.
Perhaps you think your 150,000 property would be worth 500,000 in 10 years?
Even on your more modest 150,000 property
Assuming you can afford 10% deposit.
You would have a further 12% to fund buying fees.
Your mortgage repayments would be circa 1,300 / month, on a 10 year repayment mortgage.
Last edited by missile; Nov 21st 2019 at 3:53 pm.
Nov 21st 2019, 5:12 pm
#17
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: Long term renting ?
It is wonderful feeling to own the roof over your head and be mortgage free. However, your sums do not add up:
Few of us have a spare 120,000 for a deposit.
120,000 on 500,000 property would leave 380,000 mortgage.
Few of us would qualify. You would need circa 110,000 income per annum.
You would need to pay circa 3,500 per month, on a 10 year repayment mortgage.
You have not included the cost of buying and selling.
Perhaps you think your 150,000 property would be worth 500,000 in 10 years?
Even on your more modest 150,000 property
Assuming you can afford 10% deposit.
You would have a further 12% to fund buying fees.
Your mortgage repayments would be circa 1,300 / month, on a 10 year repayment mortgage.
Few of us have a spare 120,000 for a deposit.
120,000 on 500,000 property would leave 380,000 mortgage.
Few of us would qualify. You would need circa 110,000 income per annum.
You would need to pay circa 3,500 per month, on a 10 year repayment mortgage.
You have not included the cost of buying and selling.
Perhaps you think your 150,000 property would be worth 500,000 in 10 years?
Even on your more modest 150,000 property
Assuming you can afford 10% deposit.
You would have a further 12% to fund buying fees.
Your mortgage repayments would be circa 1,300 / month, on a 10 year repayment mortgage.
Nov 21st 2019, 6:46 pm
#18
BE Forum Addict
Joined: Jul 2019
Location: jalon valley costa Blanca
Posts: 4,283
Re: Long term renting ?
HI.in my opinion if you do not want to buy a property in spain and live here. you should rent and if you want to move around.To stay you need to be resident and abide by the law's, you can come and go as you please and as holiday maker according to the law ,It depends on what you want. We chose to come to spain to live to abide by the rules and the laws of spain and to buy a home , we are happy and content that we have made the right choice for us. please do your homework and i'm sure you will make the right decision for your selfs to buy or not, only you know. good luck
Nov 22nd 2019, 6:03 am
#19
Forum Regular
Joined: Oct 2019
Location: Aussie nomad with no fixed abode
Posts: 236
Re: Long term renting ?
We are now toying with the idea to rent an inland property instead of buying. Mainly because in 10 yrs time it could be hard to sell in Spain when we want to return to the UK, and we would have our house to come back to here.
Can we rent in Spain long term 6 months or more?
Can we keep our UK plate in Spain or does the same apply 90 days? or thereabouts I have read but is that if you move permanently to Spain.
We will not be looking for jobs in Spain just enjoying a few years with our dogs and a laid back Spanish way of life.
We know renting is dead money but we feel we are not too tied if we were buying instead.
Any comments and ideas would be greatly appreciated .
Many Thanks
Can we rent in Spain long term 6 months or more?
Can we keep our UK plate in Spain or does the same apply 90 days? or thereabouts I have read but is that if you move permanently to Spain.
We will not be looking for jobs in Spain just enjoying a few years with our dogs and a laid back Spanish way of life.
We know renting is dead money but we feel we are not too tied if we were buying instead.
Any comments and ideas would be greatly appreciated .
Many Thanks
Dec 8th 2019, 6:58 am
#20
BE Forum Addict
Joined: Nov 2003
Location: Cartama, Malaga
Posts: 1,168
Re: Long term renting ?
It is wonderful feeling to own the roof over your head and be mortgage free. However, your sums do not add up:
Few of us have a spare 120,000 for a deposit.
120,000 on 500,000 property would leave 380,000 mortgage.
Few of us would qualify. You would need circa 110,000 income per annum.
You would need to pay circa 3,500 per month, on a 10 year repayment mortgage.
You have not included the cost of buying and selling.
Perhaps you think your 150,000 property would be worth 500,000 in 10 years?
Even on your more modest 150,000 property
Assuming you can afford 10% deposit.
You would have a further 12% to fund buying fees.
Your mortgage repayments would be circa 1,300 / month, on a 10 year repayment mortgage.
Few of us have a spare 120,000 for a deposit.
120,000 on 500,000 property would leave 380,000 mortgage.
Few of us would qualify. You would need circa 110,000 income per annum.
You would need to pay circa 3,500 per month, on a 10 year repayment mortgage.
You have not included the cost of buying and selling.
Perhaps you think your 150,000 property would be worth 500,000 in 10 years?
Even on your more modest 150,000 property
Assuming you can afford 10% deposit.
You would have a further 12% to fund buying fees.
Your mortgage repayments would be circa 1,300 / month, on a 10 year repayment mortgage.
Sorry, I didnt explain myself very well before, but i think this makes it clearer as to what I was talking about.
