Options for moving to Spain

Ronanmey Member

Member since 24 October 2023

RonanmeyMember24 October 2023 12:48:30

I am Irish, 53 years old, so I know I "could" work in Spain if I found a job over there.

I also know either way I should rent somewhere first, for a bit, to make sure I like the area etc...

Currently I feel my options are;

1) Sell house here in UK, take the 拢250k equity and buy in Spain, get a job, as I'll have no mortgage, but also no money.

2) Rent out this house ( so I will have no money from the sales of the house), and have the rent pay off the remainder of the mortgage for 10 years,聽 while I move to Spain, get a good paying job to be able to afford to live.

3) Wait until I'm 65 and retired, then move to Spain after selling this house, but life is short.

I know it has to be my choice, but any advice or input is welcome.

Thanks

bevani New member

Member since 07 October 2023

bevaniNew member24 October 2023 14:12:59

Maybe a smaller place and move now, there are nice apartments for less than 200K鈥ife is short and if you and your family聽 willing to downsize, i think this can be a good choice鈥ood luck!!

gwynj Bulgaria Expert

Member since 30 June 2020

gwynjBulgaria Expert28 October 2023 16:45:37

2419

@Ronanmey

The "sensible" option is probably to keep working, and only move over at, or just before, retirement. This way you maximize your equity and your pension.

If you can find an inexpensive property, you might be able to find a way to buy it sooner, and use it as a holiday place until retirement rolls around.

Alternatively, perhaps you can search for a job in Spain now. If you can find something you like, and that pays OK, then selling up and relocating might work well. I prefer this way round, rather than moving/buying and hoping for the best employment-wise.

I recommend looking at Idealista (and maybe eBay) to see what kind of properties are available in areas that you might like to live.

The challenge is that 250k is indeed a good chunk of savings. But probably not enough to buy a nice property, and live off until your pension kicks in. And your pension might well take a significant hit if your earnings are low for the next 10 or so years.

Good luck!

Ronanmey Member

Member since 24 October 2023

RonanmeyMember28 October 2023 19:16:29

@gwynj

Thanks for the advice gwynj. Yes, working more for the pension would be the sensible option but I can't wait to have a change of lifestyle (and weather)

I'll put the effort into finding a replacement job in Spain, to cover the gap. The thought of waiting another 12 years fillsme with dread lol.

Thanks

bevani New member

Member since 07 October 2023

bevaniNew member28 October 2023 19:28:26

鈥 feel you Ronamey, living in America for more than 20 years makes me feel a change of life style is imperative, my advise prob based on feelings and not logic/$. Best wishes for you 馃檹

gwynj Bulgaria Expert

Member since 30 June 2020

gwynjBulgaria Expert30 October 2023 09:18:43

2419

@Ronanmey

I know what you mean. Yesterday, we had a leisurely Sunday poodling around the Costa Blanca coast near Arenals del Sol and Santa Pola. It was 27 degrees and sunny, and we spotted lots of Brits sunbathing. It was a beautiful day, and hard to believe the clocks had just gone back, and November is just days away. :-)

madmelean New member

Member since 29 October 2023

madmeleanNew member30 October 2023 12:07:16

@Ronanmey Hello there!聽 That鈥檚 the situation of mine! 馃槄 just-the-same! but we made already THE decision, and for us is number one! 鈥� as you said 鈥漧ife is too short鈥濃€�

Wish you to find the best option for you!

Mery