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are there any "miluristas" with their own houses?

are there any "miluristas" with their own houses?

Old Sep 7th 2020, 8:33 am
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Default are there any "miluristas" with their own houses?

by that, i mean people like me and my mrs who earn 1000€ / month each - is it possible to buy a house ?

We are looking at villas / fincas / casas de campo of 100-150,000€ but it seems that on top of begging for a mortgage we also need at least 30% of the purchase price saved up and in the bank? I dont know anyone under 50 with more than 1000€ in the bank, let alone 30,000€.. and many of the people i know are scraping by to pay the bills each month.. how is it possible that people can save ?

Has anyone under the age of 50 managed to do this? and rent somewhere to live as well?

Is that why so many people live at home? they are actually saving all their money to buy their own house in the end?
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Old Sep 7th 2020, 8:41 am
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Default Re: are there any "miluristas" with their own houses?

Spain has one of the highest average ages of young people still living with parents, also one of the highest rates of home ownership. So in short, yes. Also most village houses are passed down the family, often inherited by younger members.

Last edited by Joppa; Sep 7th 2020 at 8:54 am.
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Old Sep 7th 2020, 9:20 am
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Default Re: are there any "miluristas" with their own houses?

Originally Posted by bfg69bug View Post
by that, i mean people like me and my mrs who earn 1000€ / month each - is it possible to buy a house ?

We are looking at villas / fincas / casas de campo of 100-150,000€ but it seems that on top of begging for a mortgage we also need at least 30% of the purchase price saved up and in the bank? I dont know anyone under 50 with more than 1000€ in the bank, let alone 30,000€.. and many of the people i know are scraping by to pay the bills each month.. how is it possible that people can save ?

Has anyone under the age of 50 managed to do this? and rent somewhere to live as well?

Is that why so many people live at home? they are actually saving all their money to buy their own house in the end?
Not everyone can afford a villa, some earn more than others and some are happy to live in an apartment but of course it's possible to save if you have two incomes and no kids. It's all about priorities and if that means living at home as long as possible, it seems to be worth it for some. Others might move abroad to save more, or what about changing your job, learning new skills, moving to another part of Spain? We moved abroad for work and managed to save for a year and then had the deposit for a house. Now the mortgage is a lot less than rent and we were again able to save more, which allowed us to buy in Spain. We have to live with more rain but it works for us and we don't have to pay the sunshine tax . I know many Spanish who do the same and rent out their properties in Spain to pay off mortgage early. At least there are options.
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Old Sep 7th 2020, 11:03 am
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Default Re: are there any "miluristas" with their own houses?

Perhaps you need to lower your expectations? I struggled to afford my first home = a 1 bedroom terraced cottage.
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Old Sep 7th 2020, 10:27 pm
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Default Re: are there any "miluristas" with their own houses?

Years ago when there was just wifey n me plus a kid in a 2 bed flat, we took in a lodger, when we had enough dosh we got a house and moved that lodger in plus another. Some one had to pay for it!

Finally we had two people with learning difficulties/mental health issues staying with us as family members, plus other blood relatives from time to time, don't forget the kids now x 2.

At that time it was looked down upon to be a "Rising damp type landlord" Well sod 'em!

Now in later life we host language students. I suppose the message is = if you have some space maximise it. We were not high earners, we were nurses. Property prices were lower but people need to exploit any advantage there is, not to the detriment of others though.

This doesn't address the Spanish issue but is I believe, applicable globally.

Your problem is to get that first rung on the ladder. You seem to be in for a long commute to work.

Perhaps rent a place slightly bigger, further away and get yourselves a lodger or two , in order to get a leg up. Do not run away with the lodger!!
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Old Sep 8th 2020, 6:57 am
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Default Re: are there any "miluristas" with their own houses?

Originally Posted by missile View Post
Perhaps you need to lower your expectations? I struggled to afford my first home = a 1 bedroom terraced cottage.

While i would normally agree with that, we are not looking to move into an apartment or townhouse.. we saw a 2 bed townhouse yesterday, of 100m2, for just €40,000 fully reformed. We could go and live there, without needing a mortgage.

Its not so much that I´m asking why "we" personally cant do it, i´m asking generally - does anyone know of anyone in their 30s that OWNS a campo house, not having depended on family money. It seems like in the UK this was much easier (I left 20 years ago) but im always hearing about how people have moved out and got their own place, first time buyer mortgages on tv etc.

Last edited by bfg69bug; Sep 8th 2020 at 7:02 am.
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Old Sep 8th 2020, 7:52 am
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Default Re: are there any "miluristas" with their own houses?

Originally Posted by bfg69bug View Post
While i would normally agree with that, we are not looking to move into an apartment or townhouse.. we saw a 2 bed townhouse yesterday, of 100m2, for just €40,000 fully reformed. We could go and live there, without needing a mortgage.

Its not so much that I´m asking why "we" personally cant do it, i´m asking generally - does anyone know of anyone in their 30s that OWNS a campo house, not having depended on family money. It seems like in the UK this was much easier (I left 20 years ago) but im always hearing about how people have moved out and got their own place, first time buyer mortgages on tv etc.
I can say that I know many Spanish in their 30s who bought a house back home without family money (maybe not your area but other parts of Spain). Since I live in Ireland, I only know those who made their money here but this is how they do it. Take a young couple (no kids) both earning minimum wage: That's 2 x €1600 = €3200, so if they manage to rent a small apartment in town for €800 (bills included) and don't need a car, they still have €2400 left. Then they have another €800 left for food, clothing etc. so if they can save one salary they could end up with €19,200 savings per year (deposit).
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Old Sep 10th 2020, 6:58 am
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Default Re: are there any "miluristas" with their own houses?

Have you considered buying what you can easily afford and rent it out to cover the payments? At the same time you could stay in rented accommodation whilst building security for later on. Think of it as a game of Monopoly, slowly building up until you have enough. We rent here as there's no way we could afford to buy the place and we're planning to buy a small buy to let as soon as our Italian house completes.
Have you tried Barclays International? I had a problem in Italy where no bank would touch me because I was a foreign national working for an international organisation. I owned the house outright thanks to getting lucky on the UK market in the early 2000's and wanted 50% of the value for renovations and could easily cover the payments but everyone refused, including Barclays initially. A quick email to the CEO (you can Google their addresses) and they started the process.
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Old Sep 11th 2020, 8:38 am
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Default Re: are there any "miluristas" with their own houses?

Originally Posted by bfg69bug View Post
...
Is that why so many people live at home? they are actually saving all their money to buy their own house in the end?
In Madrid that's what a lot of people do. They start earning full time maybe in their mid to late 20s, save for say 5 years while living with their parents, and in their early 30s they have enough to put down on a property. Most young people also stay living at home while studying higher education, and don't have huge course fees to pay either, so they don't leave uni with a load of debt. If they can find work while studying, they might even finish uni with a bit saved in the bank. Their parents usually give them some money as well to buy a property.

I think it's similar outside the big cities. It depends on the area though. I know of some places where the council gives away land for free, provided you promise to live there most of the year. They just want more people living in their area so they can tax them in other ways.

Many of the Spanish I know are surprisingly cash rich. They'll happily live in quite modest flats, while sitting on top of a stash of cash in a savings account, or under the bed. If you try to measure people's wealth only by what they earn, it doesn't add up.

Last edited by chopera; Sep 11th 2020 at 10:08 am.
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Old Sep 11th 2020, 8:55 am
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Default Re: are there any "miluristas" with their own houses?

Originally Posted by chopera View Post
In Madrid that's what a lot of people do. They start earning full time maybe in their mid to late 20s, save for say 5 years while living with their parents, and in their early 30s they have enough to put down on a property. Most young people also stay living at home while studying higher education, and don't have huge course fees to pay either, so they don't leave uni with a load of debt. If they can find work while studying, they might even finish uni with a bit saved in the bank. Their parents usually give them some money as well whrn buy a property.

I think it's similar outside the big cities. It depends on the area though. I know of some places where the council gives away land for free, provided you promise to live there most of the year. They just want more people living in their area so they can tax them in other ways.

Many of the Spanish I know are surprisingly cash rich. They'll happily live in quite modest flats, while sitting on top of a stash of cash in a savings account, or under the bed. If you try to measure people's wealth only by what they earn, it doesn't add up.
It's what both my brother and my eldest nephew in the UK did- they both lived at home with parents until they were in their early 30s and had saved enough for a deposit on a decent property - and there is a 20 year age difference between them which suggests that not a lot has changed in recent times.

My stepdaughter and her partner only managed to buy their first property together a couple of years ago when they were in their early 40s, after years of renting first separately and then together. He's a teacher and she has an administrative job, so not on minimum wage.

I agree with your observation about many Spanish people appearing to live in modest circumstances but being surprisingly cash rich. I've been told several times about young Spanish couples getting married and an apartment being bought for them by one or both sets of parents as a wedding gift - and even aunts and uncles paying for such things as new kitchens or bathrooms, as wedding presents. I don't think it's common in the UK for aunts and uncles to be so generous, unless they're seriously well off. We know a Spanish man who owns businesses and a number of properties which he rents out - he and his wife live in a former shop with curtains permanently pulled across the large shop windows.

Last edited by Lynn R; Sep 11th 2020 at 9:03 am.
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