FYTC

Hi All,

Would like your views on something we are considering, whether to sell up lock stock and barrel and buy in Spain or keep our UK home and either rent or buy in Spain.

Of course if we don't sell in UK then we will only be able to buy something small or rent.

Thanks everyone.

G & L

Mitzyboy

Rent in Spain until you are sure you have made the right move to the right area and then sell if you need to afterwards. Meantime you have the revenue from your UK home to subsidise your rental here (assuming you have no mortgage)

Rentals over here can be quite reasonable

Rixxy

I second what Mitzyboys comments in total. Good luck!!

happybunny

Hi i am going to rent first in spain, to see how things go and see whether the area is right for me. what is the saying dont put all your eggs in one basket

FYTC

That's exactly what we are thinking, we do have a Mortgage on our house in UK but easily covered by rental.

How secure are the long term lets in Spain, we wouldn't want to be moving every 6 months.

Any pointers to websites for long term lets.

Thanks again

happybunny

not sure on that one as still in the uk but i would think long term rents about 12months by that time you will know if its for you. well thats what im hoping

Mitzyboy

You can get longer than that .... seems to tend to be 11 month contracts, but renewable

http://www.thinkspain.com/long-term-rental/

Lionda

We sold up and bought - and we had two rental properties which we also sold. My advice to you is, don't do as we did - rent first and then you can be sure you like the area you have decided to move to, we are lucky we like the area we have moved to. Houses can take a long while to sell in the uk (ask Chris and Sally to name but two) but you are making a HUGE decision and change to your life so RENT FIRST

Lionda

Only because you have more rights with a 12 month contract, which is why rentals are usually 11 months be canny and negotiate

Rixxy

Good idea - where are you coming to? HappyBunny

Most long term rentals on the costas are 11 months and most owners would renew if they are keeping the property. Not 6 month leaseholds here.

Yes while a 12 month contract would entitle you in theory to a 5 year rolling lease, in practise things can get nasty if the owner wants you out!

There are also 5 year vivienda contracts - normally issued by spanish owners which stipulate the rent increases by inflation each year DONT get caught out by owners stating you have to pay the community fees or the ibi/basura as thats illegal!!! And check the actual inflation rate as some will try to bump it up by more!

Also agents used to charge a finders fee, and whilst seemingly illegal elsewhere, it was a ripe business. Nowadays with so much supply, 1 month deposit and 1 month rent is the norm (some ask for 2 months if its a more expensive property) with the owner paying the agency fee.

You get 15 days to check all is ok and working and thereafter you are on your own - own repais etc UNLESS its down to wear and tear.

The 11 monthsers can be good as the landlord ends up repairing things!!

Dont get caught into loving it so much you wont ever buy - I did!!!!! Although finally bought last year as prices came into line with what I was prepared to pay for a nice place.

Cant think of many other pointers but there will be some Im sure!!!

Solarwhizz

I opted to keep my place in Uk for Rent in UK, and Buy in Spain, I now wish I had bought more in UK, (In retrospect (4years)The UK rental was the best thing I could have done)
I am in process of selling my property here with view to buying more in UK for rental,
Consider, issues here and Uk,
Spain LRAU, ( it was solely in Valencia region, nope its happening around here to my neighbours)
Property easy to sell in Spain (nope, they are generally overpriced and the market in my view is now vastly oversubscribed due to new build proliferation)
Property in Spain good value (nope , mega overpriced due to greedy estate agents and seller)
other issues to consider,
Do you fully understand the buying process in Spain, Nope?? ah well, as the greeks say buyer beware,
The whole of the expat community is littered with people who have lost a fortune and effectively their lives by buying in Spain, So beware,

Economic outlook,
Spain is oversubscribed with vacant houses, ( drive around the urbans and look at the se vende signs). The UK interest rates are rising, which = fall off in house sales, consider that Spanish housing market is pretty much funded by the UK/Eire residents selling up and coming here, in that case if the UK market coughs ,Spain is gonna catcha cold.

In my view ( and its only an opinion, which I must say is much uninformed), the Spanish market is currently very fragile, even if this is not yet visible, There is still massive building on properties, which may remain much unsold, which will equal a huge tumble in prices at some time in future,,there is huge competition developing in countries such as Turkey, Rumania, etc etc, for houses at much lower prices, Air fares are steadily climbing in general, SO why take the risk!!,, when an income from a UK rental, Say £650 per month, would allow you to rent a pretty smart place here, and you have limited your risk, and still in the UK housing market which has over many years now, steadily risen in value ahead of other more risky investments!!

happybunny

thanks for that. im moving to fuengirola area because my daughter if she comes is going to hair dressing college that way im really looking forward even if its not forever , i thought it would be easier for her if we moved near there

valenciatim

Looks like we did it totally the wrong way then!
Sold our UK property first, stuck a pin in the map, booked a b+b and a possible rental over the net, then packed the car and left!
Had already decided that if we didn't like the area, we would get back in the car and drive until we found somewhere that we did like, even if that meant another country!
That was four years ago, and we haven't looked back. We have a fluent seven year old in the local school, and our three year old starts next month (Yippeeee!).
Best thing we ever did.
Regards
Tim

Mitzyboy

Well tbh we didn't rent, we just spent a lot of visits over here looking, and eventually bought (we already sold up in the UK). We were lucky in that we found the right area and we like it here.

Rixxy

Think thats bad - Hubby and I were going to oz initially. All the paperwork in, had all the points just needed 1 reference. Then my parents said - its far away why not try Spain!

They had place outside Fuengirola, so we thought why not?

We did sell up everything, house with contents in total and drove out with a car load, 2 small kids and a dog 12.5 years ago - hubby (no1) didnt settle so he went back, I stayed with kids and now happily re-married, kids grown and starting Uni!

No regrets at all!!