# Decision Time !



## sandiesky (Aug 4, 2014)

Good morning All,

I have just been given the good news that my house here in the Uk has almost doubled in value so I am toying with the idea of upping sticks and moving to the sun. I have holidayed many times in Spain and love the area around Denia and Javea.

Obviously this is a huge life changing decision and I don't want it to be one I would come to regret so I was hoping to pick a few brains before making the decision.

Namely has anyone done what I am contemplating and then regretted it for any reason also I would have to work out there maybe only part time as my savings wont last for ever and Im not sure what the cost of living is like there but then I don't know what the job market is like there for English speakers only.
I am an accountant by trade but I guess that wont work in Spain though I have also ran pubs and Im a hard worker so could turn my hand to anything really if the works there?

Any help advice suggestions please very gratefully accepted, thanks all


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## caromac (Nov 16, 2008)

Yes we did just that 7 years ago and have never regretted a minute of it. Yes we have had challenges (our fault) dealing with Spanish officialdom / utilities.
We did our research and founf our very lovely houseon the interent before we left England.Of course we lookied around when we got here but nothing came close to this village. We still wonder every day at how lucky we have been, walking our dog out through the campo everyday and into the mountains behind. 
The job market is dire and for none Spanish speakers worse but we bought our house to run as a b and b and it worked very well. Spain is livening up on rural tourism and so for us it was a good option.
Good luck and make sure you bring have half the stuff you think you 
need and twice the cash!


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## Dunpleecin (Dec 20, 2012)

There is thread after thread on here in which people will say that if you NEED to work for an income you might as well forget it.


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## sandiesky (Aug 4, 2014)

Thanks for the input guys, I will maybe have to rethink my plans. Caromac I hope ur BnB goes from strength to strength, its something I would of loved to do but sadly I cannot afford a house big enough to run as a BnB just a small place for me really was all I had in mind but I would need to work as I do not have a pension and besides I am only 54 so not of a pensionable age yet lol !! I may have to look elsewhere where the economy is stronger and work is easier to obtain. I just know I don't want to live and work in the UK anymore


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## caromac (Nov 16, 2008)

sandiesky said:


> Thanks for the input guys, I will maybe have to rethink my plans. Caromac I hope ur BnB goes from strength to strength, its something I would of loved to do but sadly I cannot afford a house big enough to run as a BnB just a small place for me really was all I had in mind but I would need to work as I do not have a pension and besides I am only 54 so not of a pensionable age yet lol !! I may have to look elsewhere where the economy is stronger and work is easier to obtain. I just know I don't want to live and work in the UK anymore


Yes it is tough when money halts your plans. Hope you do find a way to set your plans in place. We too are not pensioners yet which is why we had to find something to do, so know how tricky it can be. Know how you feel about UK!


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## calpeflyer (Mar 29, 2013)

sandie - welcome
I am your age and moving to Calpe later this year - we will rent out our house in North London which will give us an income - have you considered that and then just renting for some time ?


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## Lynn R (Feb 21, 2014)

calpeflyer said:


> sandie - welcome
> I am your age and moving to Calpe later this year - we will rent out our house in North London which will give us an income - have you considered that and then just renting for some time ?


Good idea - or would it be possible for Sandie to sell her house, and buy something smaller in a cheaper area as an investment to bring in a rental income? That way she would still have the rental plus some freed-up equity from the house to supplement it.


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## sandiesky (Aug 4, 2014)

Hi, thanks for the ideas, I have considered renting the house out but I still have a mortgage which the rent would pay but Im liking the second idea of a smaller place n rent that out, thanks definitely food for thought


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## marty7 (Aug 5, 2014)

Mortgage, the biggest dept of our lives, get that paid off, or move to somewhere smaller, and then rent that out to feed your rent in Spain, that's what we are looking at doing, I also am only 54, but with investments and no mortgage, I would find it a little easier than yourselve, keeping a property in England would work, specially with property prices going up 11% this year and another 20% for next year ahead, plus it gives you a bolt hole if something went wrong, or decided it wasn't for you!


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## mrypg9 (Apr 26, 2008)

sandiesky said:


> Hi, thanks for the ideas, I have considered renting the house out but I still have a mortgage which the rent would pay but Im liking the second idea of a smaller place n rent that out, thanks definitely food for thought


People often suggest renting out a UK house in order to fund a move to Spain but this can be dangerously seductive advice.
Firstly, unless your house is fully paid for, your mortgage company most certainly will not allow renting to a third party.
Then there is the tax payable on rental income. Many people think they can get away with this fraud and many do but like benefit fraudsters, they very often get caught, shopped by envious neighbours or by unexplained regular payments into banks which now report all kinds of things to HMRC.
Next is the question of management of the rental. Who sees to repairs, ensures rent is paid and so on? Management companies do this but of course for a fee.
Then there is the cost of repairs and maintenance. A major repair can wipe out several months' rent.
Lastly, there is the risk of the tenant from hell. Not a slight risk, sadly.

I'm not saying you should never do it, but I am pointing out that it's never to be relied on as anything other than pocket money, not an important part of your income needed to live in Spain. I've owned rental properties in the UK and abroad and sold them when the effort and outlay plus dealing with awkward tenants didn't equate let alone surpass the income. We rented out a property after we left the UK but sold it within a year after abad experience with a tenant. 

So yes, it's doable, butrequires much careful thought.


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## mrypg9 (Apr 26, 2008)

marty7 said:


> Mortgage, the biggest dept of our lives, get that paid off, or move to somewhere smaller, and then rent that out to feed your rent in Spain, that's what we are looking at doing, I also am only 54, but with investments and no mortgage, I would find it a little easier than yourselve, keeping a property in England would work, specially with property prices going up 11% this year and another 20% for next year ahead, plus it gives you a bolt hole if something went wrong, or decided it wasn't for you!


It is more likely that property prices will plummet yet again, as interest rates will rise sooner rather than later.
The current rise in house prices - which is largely confined to London and the South- East -'is fuelled almost entirely by the ridiculous Help To Buy scheme.
Like all asset bubbles, it will burst.


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