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I am considering moving to Spain, Is it possible to buy 2 properties and rent one out? Could I make enough off the rented property to live off?
I don't have a huge amount of money (£170k ish) I would like to live in a country Finca, the rented property could be near by but that isn't essential.
Any advise would be greatly received.
1. Is it possible to buy two properties? - Yes.
2. Can the income from one let property support you in living in Spain? - Very Unlikely -Sorry! But, you might get lucky and rent for high money during high season and low money during low season.
3. Possible Solution:- Rent out your property in the UK or whatever your home country is. Rent in Spain. Then the shoe is on the other foot, little hassle and more income at less effort. No Brainer!
Matthew wrote on Wed Sep 16, 2020 11:02am:
1. Is it possible to buy two properties? - Yes.
2. Can the income from one let property support you in living in Spain? - Very Unlikely -Sorry! But, you might get lucky and rent for high money during high season and low money during low season.
Read more...
3. Possible Solution:- Rent out your property in the UK or whatever your home country is. Rent in Spain. Then the shoe is on the other foot, little hassle and more income at less effort. No Brainer!
Thank you for your reply.
That is a shame, I have just sold my house here in the UK but I guess I could buy here and rent as you advised, a possible option.
Thanks
1. Covid-19 has torn the rental market to shreds. But, let's not stop at Covid. The recession that started in 2008 also jolted the rental market backwards. There was some recovery to 2019 but people who bought for investment probably made little 2008 - 2019. They needed the Covid situation like I need a wet and cold winter.
2. 2020 and short term rentals effectively failed and those of us with conscience fully returned all deposits and had idle property. ,Short Term (1,2,3,4 week terms) rentals became scarce and drove many into the long term rental market. Whether this decreased rental prices or not I don't know, but I reckon there was no increase.
3. The Brexit situation has brought many Brits to Spain earlier than planned and perhaps this alone kept some long term rental prices buoyant. I reckon this is temporary. How temporary? - is the question.
4. 2021:- Anybody's guess what will happen to property prices and rentals. But, if I were renting property at the moment, I'd take any form of profit that's going.
5.2022:- I was in church on Sunday and prayed that there will be some sort of recovery in 2022.
6. If I were to offer one bit of advice to anybody thinking of buying property in Spain that would be:- Buy for investment purposes only.
This post that was quoted has been deleted.
1. If you are going to live fulltime in Spain, it would make good sense to purchase property. There has never been a better time to buy than now.
2. But, if you are going to use Spain for holidays only, it makes no sense to buy property unless you know you'll make a few bob from it by renting it out.
3. If you are thinking of spending winter/spring only in Spain, I'd advise you to rent and not buy.
I hope this clears up any ambiguity. If you have any questions please feel free to ask my opinion.
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