What’s not to like ?
I have a relative interested in doing this. He plans to spend 6 months a year there from Oct to March when he retires. Apt to cost around 300k. Hoping to buy in the Algarve. Kids will be in college, mortgage gone, reasonable pension which might go a bit further with less heating bills in the Winter. What’s not to like ?
Yes, renting is a very good option. I like the idea of owning a home away from home is very appealing. Also agree, financially it may not be the best investment but as a matter of fact millions of European own holiday home in Portugal and Spain.I've looked at this too. Looked at moving to Portugal for the (now cancelled) retirement tax breaks.
We had picked an area, we looked at properties and something kept stopping us. It wasn't just that we were looking 4 years ahead, but not really knowing an area, language, taxes & maintenance were hurdles in the way.
Then reading Lepers annual exploits and then finding my uncle does something similar, then finding several people in my golf club also do similar and a friend is just finishing a two month sojourn in Spain - and they all have one thing in common. They RENT.
And the main reason is it is exceptional value to do so from October to March.
Great take, especially with regard to the healthcare situation. I'm very much of a similar mind but Florida is my target destination!I bought a holiday apartment in the Costa Blanca back in 1998. I was 27 years old at the time! Myself and GF at the time went on one of those agency funded visits and I ended up buying a half-finished place for €65k. We broke up soon after, but I kept it for 4 years. Didn't use it much, but my family did, and a cousin of mine eventually moved there. I sold it in 2002 and made a gain.
I'm back now in my 50s and thinking of going again. My 3 kids will be out the door in 4-5 years, and I have cash available that isn't doing anything else.
I get the argument that its an option to just continually rent, but my thought process is as follows.
I HATE the Irish weather. It really affects my mode, and I'm pretty much a grump for 7 months of the year. I work from home, so I find myself stuck in the house all the time, when in fact I love being outdoors. I cycle, I sail, I play golf etc etc, all of which is really only an option here for a few months per year.
I am also really concerned about healthcare in Ireland. I was in an A&E recently and it really opened my eyes. I don't see it getting any better, and I want to establish residence somewhere else so that I have access to another healthcare system.
I have no firm attachment to Ireland either. I don't live in an area where I grew up, I don't have a wide circle of friends that I see regularly and I'm not really into our unique pastimes like GAA, weddings, hard drinking and Christy Moore gigs. On the flip side, I love continental Europe: cafe culture, travel, football, history, language, skiing etc.
All of the above applies to my wife as well as myself.
So my thinking is that I will gradually transition to permanent residency in another EU country, and keep my home in Ireland as more of a holiday home. The plan is to buy something small now, acclimatise over a few years, and then upgrade when appropriate. If prices slump, its no big deal, as I'll benefit when I need to upgrade. I'm not looking to make a capital gain, and I will always have a home in Ireland.
So why not just rent as the need arises?
It may sound strange, but for me, its a state of mind. I want to feel committed to the transition, and to make it work. I don't want to be here in 10 years wondering how I'm still staring out the window at grey skies and a sodden garden 8 months of the year. I understand that it may not work out, and that there is a good chance I will loss money, but it won't bankrupt me, and at least I won't have that nagging doubt that it was something I could have done but didn't try. I don't think I will commit if I just jump around renting year after year.
I am thinking of buying on the Costa Brava, between Barcelona and the French border, close to Girona airport. Heading there next week to visit a few places.
Florida is my target destination!
True but sunshine & margaritas on tap should solve a lot!Healthcare should be interesting there, as in expensive.
The sunshine is for free but will you have enough for the bottomless margaritas after you pay for health insuranceTrue but sunshine & margaritas on tap should solve a lot!
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