Agentimmo Posted March 10, 2011 Report Share Posted March 10, 2011 Pay off mortgage on UK property. Save an additional £60k in cash. Buy nice apartment/villa in Spain. Rent out UK property for £900 a month. Live in Spanish property, less need to use heating/energy, lower property taxes, healthier lifestyle Fly back to use the NHS when required That is my retirement sorted. Ho, ho - you haven't really thought this through very much Quote Link to post Share on other sites
Bloo Loo Posted March 10, 2011 Report Share Posted March 10, 2011 A property that was worth 30k 15 years ago would only require 5% pa inflation to be worth 60k today. Which I think is acceptable. So I wouldn't be put off buying a property for 60k just because it was sold for 30k 15 years ago. I certainly wouldn't wait around hoping for it to go back down to 30k again! have wages gone up 5% PA for the last 15 years? Quote Link to post Share on other sites
Agentimmo Posted March 10, 2011 Report Share Posted March 10, 2011 A property that was worth 30k 15 years ago would only require 5% pa inflation to be worth 60k today. Which I think is acceptable. So I wouldn't be put off buying a property for 60k just because it was sold for 30k 15 years ago. I certainly wouldn't wait around hoping for it to go back down to 30k again! If the property is 2-3x local wages, how much would it be worth today? Remember this is in a village far from anywhere with poor services. My guess it would be 20-30K today. ie. 2-3x local wage. It might be strange for a city dweller from the UK to comprehend, but in large countries these small villages have seen population exodus , especially their young, and a fall in income. Increases in taxation and food costs have many worse off now than 15yrs ago..... So apart from the suckers arriving off planes from the North, not many will consider 60K "a bargain". Quote Link to post Share on other sites
Blue Nose Bear Posted March 10, 2011 Report Share Posted March 10, 2011 do you know what the situation is on gun laws/crime in Spain? Gun crime is not much of an issue, certainly no more than the UK, Spanish gun laws are tougher than ours. Main issue, around the costa's in particular is burgulary, especially holiday villa's, which are often targeted. Brit owned villa's, even when the owners reside there, seem to be a favourite too, many owners I met had been hit two or three times. Perhaps they think they are stuffed full of quality goods, but must be disappointing when they find out they belong to blinged up chav's Quote Link to post Share on other sites
LiveAndLetBuy Posted March 10, 2011 Author Report Share Posted March 10, 2011 have wages gone up 5% PA for the last 15 years? Depends on the area. If you consider an area that has suddenly become popular with foreigners then it wouldn't surprise me if the average wage/income of the average buyer has gone up by more than that. If you consider an are in central Spain where wages are low then no, but then again I wouldn't pay 60k for an apartment in one of those areas. Quote Link to post Share on other sites
LiveAndLetBuy Posted March 10, 2011 Author Report Share Posted March 10, 2011 If the property is 2-3x local wages, how much would it be worth today? Remember this is in a village far from anywhere with poor services. My guess it would be 20-30K today. ie. 2-3x local wage. It might be strange for a city dweller from the UK to comprehend, but in large countries these small villages have seen population exodus , especially their young, and a fall in income. Increases in taxation and food costs have many worse off now than 15yrs ago..... So apart from the suckers arriving off planes from the North, not many will consider 60K "a bargain". Fair enough - I thought you were referring to somewhere in an area with a foreign buyers market. I completely agree that in some parts of Spain 60k is way too much. You can even buy abandoned villages for under 200k! In other areas I believe the local council will (or at least used to) practically give away land and provide you with grants to develop it. Quote Link to post Share on other sites
Agentimmo Posted March 10, 2011 Report Share Posted March 10, 2011 Fair enough - I thought you were referring to somewhere in an area with a foreign buyers market. I completely agree that in some parts of Spain 60k is way too much. You can even buy abandoned villages for under 200k! In other areas I believe the local council will (or at least used to) practically give away land and provide you with grants to develop it. Nope. I agree that foreign buyers markets will normally be priced higher as they generally attract the niaive buyer and hot money. I still think Spain has some more way to fall though. Quote Link to post Share on other sites
tim123 Posted March 10, 2011 Report Share Posted March 10, 2011 So the 60K Euro property is for real? I know it's not by the sea, in bumfck nowhereville. (I've been to Almeria and the Cabo de Gato) But that sounds too cheap. It sounds actually reasonable for a property. I saw a link to a website advertising two apartments as bank repos in spain the other day. They were asking at least 120K in euros still. Shared pool. Down a hell of a lot, but you would still be paying alot for the land wouldn't you? There would appear to be lots of 60K properties available - by the sea, as long as you consider a 2 mile walk, "by the sea"! They are however not freehold houses, but apartments usually in complexes, with pool, golf course etc and probably have very large management charges tim Quote Link to post Share on other sites
campervanman Posted March 10, 2011 Report Share Posted March 10, 2011 I wouldn't want an apartment, but I was looking at this four-bedroom country house on RightMove today at £51,000, I wonder how much it would be in Surrey? http://www.rightmove.co.uk/overseas-property/property-31268213.html Have you ever been to Arboleas? I have and it's full of the sort of Brits you wouldn't want to live anywhere near (unless you are currently living on a council estate in Middlesborough or Doncaster). Andalucia has some lovely genuine whitewashed Spainsh villages (Torrox/Competa/Mojacar/Bedar etc) but Arboleas isn't one of them. It's a hellhole. If your'e interested in Spain try one of the villages mentioned, you'll pay much more but still much less than UK overpriced rubbish. Quote Link to post Share on other sites
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