Regrets
Feb 7th 2016, 9:49 am
#16
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: Regrets
I bought in the UK, paid it off early, made a nice profit and retired two years early. I used the profits to finance a nice lifestyle here in Spain. I would never buy in Spain but I'm quite happy renting now, paying just rent and electricity and not having anything else to think about.
That is full retirement to me
That is full retirement to me
I agree with Mitzyboy.
Our house was bought as a home to live in which we were free to alter in any way that we wished to make it work for us, if we had rented we would not have had the freedom. We took out the mortgage with a Spanish bank 12 years ago but could not insure the payments due to our age at the time so I have had to continue to pay this since Graham died. However, my mortgage ends this month so not only will I have the property that we invested in but also not have to pay to live in it.
Rosemary
Our house was bought as a home to live in which we were free to alter in any way that we wished to make it work for us, if we had rented we would not have had the freedom. We took out the mortgage with a Spanish bank 12 years ago but could not insure the payments due to our age at the time so I have had to continue to pay this since Graham died. However, my mortgage ends this month so not only will I have the property that we invested in but also not have to pay to live in it.
Rosemary
Bottom line is you have to research where you are going to live. In the UK it's a no brainer, although young buyers struggle to get on the ladder these days. In other countries it may not be the best option. In Spain, the risk of buying imho is less now than it was 5 or 6 years ago.
But going back to the original question, I have no regrets about moving to Spain, the time I lived there, or purchasing. Had I rented, I would have spent €60k in rental, so even if I had lost €20k on the house sale I would still have been "up". It's a great area I lived in, the only thing I miss about moving back is the weather right now!
Feb 7th 2016, 11:27 am
#17
MODERATOR
Joined: Mar 2007
Location: Costa Valencia
Posts: 14,804
Re: Regrets
No regrets about moving to Spain for a different experience, none about the choice of area and none about the town chosen.
Rosemary
Rosemary
Feb 8th 2016, 7:40 am
#18
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Regrets
I would never rent. I moved house around every 7 to 8 years, and I retired at the age of 52 with no mortgage. It enabled me to move to Spain where I bought in 2004. When we left we didn't lose money and sold very quickly. It was because we bought the right sort of villa in the right sort of area.
It's not an obsession that we have as a country. It makes financial sense.
A property listed at 400k Euros for sale will rent out for 1k per month
If you bought it, you would have to pay 40k sales tax i.e. more than 3 years rent
And then of course there is no guarantee you could find a buyer if you wanted to sell. And then you would have to pay another 10% sales tax for your new property
Feb 8th 2016, 9:44 am
#19
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: Regrets
Really? If you rent in the Uk at a reasonable cost, say £800 a month, in an average life time you will have a roof over your head but you will pay around £400,000 to someone for the privilige of doing so and you need to ensure you have the ability to pay that right up to the day of your death. If you buy a house with a mortgage then correctly financed you will pay it off by or even before retirement. The only difference between those two is maintenence. That obviously depends on your choice of house, and if maintaned well when you reach retirement you can down size if you want and have a handy lump sum to enjoy that retirement. I would never rent. I moved house around every 7 to 8 years, and I retired at the age of 52 with no mortgage. It enabled me to move to Spain where I bought in 2004. When we left we didn't lose money and sold very quickly. It was because we bought the right sort of villa in the right sort of area. It's not an obsession that we have as a country. It makes financial sense.
The problem in Britain is that people always want to climb a property ladder, but they might end up in a property they don't like and are stuck if the market changes. Each case is different in Spain and again it's always about area, finances and lifestyle.
There are plenty of Brits who bought apartments (with their life savings) that are now falling apart and I'm sure they regret it. Most Spanish want to live in the cities where they can work and Spain has enough cheap hotels along the coast.
Feb 8th 2016, 11:08 am
#20
Just Joined
Joined: Jan 2015
Posts: 19
Re: Regrets
If you want to move every 7 or 8 years in Spain then it makes no financial sense at all - thanks to the 10% sales tax
A property listed at 400k Euros for sale will rent out for 1k per month
If you bought it, you would have to pay 40k sales tax i.e. more than 3 years rent
And then of course there is no guarantee you could find a buyer if you wanted to sell. And then you would have to pay another 10% sales tax for your new property
A property listed at 400k Euros for sale will rent out for 1k per month
If you bought it, you would have to pay 40k sales tax i.e. more than 3 years rent
And then of course there is no guarantee you could find a buyer if you wanted to sell. And then you would have to pay another 10% sales tax for your new property
I understand, If I buy, I would pay 10% stamp duty and solicitor costs (budgeted 13% total). Do I pay another 10% tax when I sell?
Feb 8th 2016, 11:39 am
#22
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Regrets
So buying in Spain is only OK if you want to stay for at least 10-15 years, or if property prices increase. Otherwise it makes no financial sense
Unfortunately the quality of rental properties is often terrible, certainly here up North. It is better down South because of how many millions of empty properties there are
Feb 8th 2016, 12:21 pm
#24
BE Enthusiast
Joined: Mar 2012
Posts: 487
Re: Regrets
"Hi Is there anyone who regrets moving to Spain" - rather a naive question really. Those who love it in Spain will tell you how wonderful it is. Those that hate it or have hated it either won't admit it or will be back in the country they came from.
Feb 8th 2016, 12:35 pm
#25
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: Regrets
You're right and it really depends on the individual. One person might have bought an overpriced apartment in Marina d'Or during the boom and has nothing left and the other person bought a mansion in Begur in 2012.
Feb 8th 2016, 2:02 pm
#26
BE Enthusiast
Joined: Mar 2015
Posts: 322
Re: Regrets
Regrets? I've had a few, but then again too few to mention.
.... Unlike the PIIGS! 
Feb 8th 2016, 6:25 pm
#28
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: Regrets
If you want to move every 7 or 8 years in Spain then it makes no financial sense at all - thanks to the 10% sales tax
A property listed at 400k Euros for sale will rent out for 1k per month
If you bought it, you would have to pay 40k sales tax i.e. more than 3 years rent
And then of course there is no guarantee you could find a buyer if you wanted to sell. And then you would have to pay another 10% sales tax for your new property
A property listed at 400k Euros for sale will rent out for 1k per month
If you bought it, you would have to pay 40k sales tax i.e. more than 3 years rent
And then of course there is no guarantee you could find a buyer if you wanted to sell. And then you would have to pay another 10% sales tax for your new property
I dont remember me saying that people in Spain should move house every 7 years .... i was responding to the Scots comment about anglo saxon obsession and relating to my experience in the UK.
However in effect I DID move in Spain after 7 years and it caused me no problem but I woudnt recommend it for retirees generally
Feb 8th 2016, 10:25 pm
#29
BE Forum Addict
Joined: Jun 2005
Posts: 1,274
Re: Regrets
In my lifetime I have bought 2 houses. One in the uk where we lived for 26yrs & our home in Spain that we bought 12yrs ago. Both were purchased as somewhere to live, NOT investments.
I've never understood the obsession that some people have re the worth of their property. I couldn't care less what our house is worth, it's our home and we are here to stay.
So to answer the question. No I have no regrets.
I've never understood the obsession that some people have re the worth of their property. I couldn't care less what our house is worth, it's our home and we are here to stay.
So to answer the question. No I have no regrets.
Feb 8th 2016, 10:56 pm
#30
MODERATOR
Joined: Mar 2007
Location: Costa Valencia
Posts: 14,804
Re: Regrets
In my lifetime I have bought 2 houses. One in the uk where we lived for 26yrs & our home in Spain that we bought 12yrs ago. Both were purchased as somewhere to live, NOT investments.
I've never understood the obsession that some people have re the worth of their property. I couldn't care less what our house is worth, it's our home and we are here to stay.
So to answer the question. No I have no regrets.
I've never understood the obsession that some people have re the worth of their property. I couldn't care less what our house is worth, it's our home and we are here to stay.
So to answer the question. No I have no regrets.
Rosemary