I am considering moving to Spain to live.?

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Turi

First move to Spain, decide where and if you want to live there. If the answer is yes you can buy down the road.

At the same time prices are falling. For example today they announced that second hand apartments have fallen 13% (more or less). Everything points to a market that will continue falling in the near to medium term so in a few months or a year your 200K plus will buy you more.

Samantha May

Hi, i lived in Spain, lived there for seven years xD
And i think you are better off by renting.

Hope i helped :-)

Denis L

If you need to ask the question, then the answer must be to rent for now, then decide what to do.
My guess is that property prices are fairly static now, but not all property on the market is at a sensible price - so you need to be able to have good look round.

Also, it has never been easy to sell property and move in Spain, so don't think you could buy somewhere and move on in a year or two if it is not right.

As for what happens if you die - take advice from an abogado - you will need to have a spanish will - your property will not need to go to the state.

juice boy

Depends on the area really. But best general advice is to rent only at the moment unless you can snap up a bargain. Only consider buying if you are prepared to stay here and are prepared to wait a minmum of a couple of years for the property market to pickup.

Jordy

I would rent

you'll have good back up cash then

im sheque

i think renting would be a better option!!

puppyluv

are you going to be relying on a pension before long? if so, remember that changes in the exchange rate can mean that sometimes (such as now) lots of money can 'go missing' when you exchange it.

spanish property laws are really different to ones over here; if / when you die, the government seizes your property (or so i've heard). it may be worth renting so that you still maintain an english base, and so that in the event of anything happening there'd still be a property around if you were planning to leave something for family.

flogit

Rent. We have been here six years now running our removals business and have always rented. Think of all the extras that go along with buying like community charges, buildings insurance etc., they all mount up. With renting you can move around too if you don't get it right first time but be careful because whatever you do it will be hard work and sometimes you will wish you had stayed at home but at the end of the day it all seems worthwhile.

Jane S

I think your answer is in the title question:

You are "Considering moving" to Spain...I don't think, "considering" a move equals buying property.

You should rent, until you know for sure that you are going to be making this long term. Just the best investment.

Keeping in mind that you should keep an eye and ear to the market, because rents rise, as already mentioned, and mortgages don't...as much.

Xabier

it depends... if you're going too live there for 5 years, and you pay 500в‚¬ a month that would be 30.000в‚¬

Then you'd only have around another 200.000в‚¬ until you own the place. But if you have no children then you don't need that "owning" do you ? Because if you died tomorrow it wouldn't affect anyone

Renting could be good because if the house prices fell, you bough for 200.000в‚¬ but now it's only worth 150.000в‚¬ then you've lost a lot.

But it depends where you're going to be living. If a touristic area such as Marbella or AlmerГa then I'd say rent. Because their house prices will only recover when the English & Germans ect. Economy recovers fully - basically there are too many homes there, but their too expensive for what they are. So their value isn't worth a lot.

In other areas, my own area. Our economy isn't from the Tourist area so most house prices haven't fall or grown a lot. In fact my town has doubled this year they've built around 1 thousand new family homes, and there's still planning for more. And the area will be merged with the 3 existing towns taking one name, and two other local ones being connected by homes. So it really does depend on the area. I live in Navarra outside Pamplona вЂ“ we have the highest employment rate in Spain.

I'd still advise buying though - depending on the area.
Because if you rent a house, often they don't let you make any changes. But if they did when you move you wouldn't get any money for it

Maybe rent and move around for 1 year, then buy a finca in an area you like for around 75.000в‚¬ and spend the rest on making it nice, and having a little something to live on.

Your circumstancesвЂ™ might change in 5 years time, you might have a child and be married but have "blown" half your money. Then what will your child do ?

In theory the landlord should keep the up-keep of the house, but don't expect it always to be that way.

So I'd advise renting until you've found an area you like. we do have very high un-employment (the highest in the E.U) But in 10 years it might not be that way and after renting you might have a better job and afford to get a home ?

But it all depends on personal preference
p.d. Galicia is a "cheap" region to buy a Finca... I see them in my local newspaper in the home's section a lot

& With 200.000e you could buy a finca, demolish it and build a smaller cheap-ish home, it doesn't need to be large for you ?

Kate J

Do you have a way to sustain yourself financially?

Cause jobs are pretty few and far between right now.

Which is why rents are really low. RIGHT NOW.

Remember, when you BUY a property, the amount you pay in mortgage payments (on a flat rate mortgage) doesn't go up. Your extra bits might a little at a time, but your payments won't go up.

Rents tend to go up almost every year. And you don't really know about the quality of those places until you actually are in them. (true, actually, of both renting and buying - that's why you have to go look in person).

You certainly can't count on those rentals still being 500в‚¬/mo in twenty years. I doubt you can count on them being that low in two years.

Make sure you know WHERE these places you are looking at ARE. Some neighborhoods are better than others. You know that. That's true wherever you go.

Still, considering that you really don't know how long you will be there, I'd suggest renting to start at the very least. Make sure you understand the market well and the rules for mortgages, etc., before you actually buy anything, but if it turns out that you will be making the move permanent, then start thinking about buying.

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