Buy or just rent?

[RachUK]

Now that the kids have grown up and are financially independent we are toying with the idea of buying a property in the next couple of years...(once Brexit is finalised etc)
We kind of know the ins and outs as my parents used to live there years ago but wondered whether just to carry on with holiday rentals.
If we bought we don't intend to rent it out...
My question is: of those of you that have bought, does anyone regret it or have done things differently?
We are only in our late 40's so don't intend to retire any time soon but with our jobs we would be able to spend 8-12 weeks a year there.

[Spurs]

Don't regret it at all had it 16 years don't ever intend to sell it still get a little buzz the day before we arrive

[julietmorris]

Best thing we ever did. We bought 5 years ago. We both work full time in the uk but manage 5-6 trips a year. It is lovely to have your own place and know exactly what to expect each time you come out. With a busy life  I love not having to worry about whether we will enjoy our holiday. Our kids are in their late teens now and come out with us and with their friends. I always know they will be safe and happy coming here on their own.

[Joe1965]

hi ,

As above an absolutely brilliant place for everything you want - sun , sea , outdoor life , close to airport you name it an all year round better life style.

As for buy or rent .........i would seriously consider buying now as the uncertainty of brexit has made some folk return and many properties are cheap just now.
joe

[gunner]

It all depends on what you want from your Property. If you want a holiday home just to enjoy then great . But if you are looking for an investment . Then its not so good Prices have been low for about 5 Years now .And no light at the end of the tunnel yet. And with Brexet who knows they could fall even further .

[RachUK]

Thanks for the replies...we won't be looking for an investment, just a second home. We will probably wait for a couple of years as next year we have allocated most of our holiday (we are doing a tour of Canada and Mexico) although we have narrowed down areas that we are interested in so if something comes available we may be persuaded earlier than planned

[puddy-woo]

We love it. Been here for 13 years. Due to work commitments havent been out since Jan but have 3 weeks in August and still soo excited.


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[John H]

I would recommend that you try it out in Winter before you commit.
The winter nights are long and cold.
Hindsight is a lovely thing, we have had 12 great years in GA.....but we would have used the place more had it been in The Canaries

Regards all

John


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[mike and judith]

Hear what you say, John, but travel plays a major part in the argument.  Both in terms of cost & time.
By the bye _ Fabulous game against Argentina!  Roll on next week!!!!!!!!

[Tony Gillam]

I've recently sold mine after 14 years. I would echo what the others have said with the caveat that you are then tied to one place. If exploration is your thing, you will find after a period of time that you've 'been there, done that'. Over the past few years we've increasingly just 'chilled out on the balcony' on our visits. The other aspect of ownership that you must factor in is the cost of actually owning a property. Another point is the loss of interest, minimal at present I know, on the capital cost of your investment.

[John H]

Your needs change, when we were working a day on a sun lounger was sheer heaven.
We retired 11 years ago so have had plenty of time to use sun loungers, now after a couple of hours on one we are bored sick
As Tony says our place costs the best part of £2000 a year to sit there, there are ongoing costs, in the last two years a new kitchen, new sofas, new TV, new washing machine......in a few years the Mrs will want new bathrooms
Mines worth about £130,000......if I sell it, invest the £130,000 and get 5% that's £6500 income......add that to the £2000 and that means it's costing me £8500 a year.
We only use it for about 12 weeks a year, all out of peak season......you can rent far cheaper than that and have no worries about water leaks, vandalism or anything
There's also a big world out there to explore, we fell into the trap of using the Spanish home because it was there rather than holidaying elsewhere.
Horses for courses, your needs change, we bought it thinking it was forever, it isn't!!

Regards all

John

PS we have been very lucky and have had very quiet and considerate neighbours who like us don't rent their properties out
If you have noisy neighbours, barking dogs in the vicinity, holiday makers who like enjoy themselves a little too much your retreat in the sun can turn into the holiday home from hell

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[RachUK]

Thanks for all your interesting insight...definitely food for thought 

[Corporal Jones]

Totally agree with Tony and John what suited me aged 35 in 2002 with teenage children doesnt suit the same in 2017 aged 50 with another wife and  young children fixed to school holidays. We've always been next door to a rental and i would say we've seen 40 different tenants over the years some have been brilliant but others have been a nightmare, the last being a waiter who returned home at 2 in the morning and thought it okay to do normal daytime activities at full volume until 4 in the morning, i requested a bit of courtesy which was duly ignored, my solution was a hammer drill alarm clock followed by a good morning wave at 8am, the neighbour the other side wasnt as tactful eventually pinning said waiter against the wall, the owner who lived locally couldnt give a monkeys nor could OP rentals.The best neighbours are peopke who have a normal lifestyle and go to bed at 10pm or similar holiday owners who you rarely see.

[RachUK]

Yikes, that sounds awful...certainly not the sort of stress you need on holiday. It's certainly got us thinking. Do like the look of the semi detached bungalows in the Monte y mar lower section, which would reduce the chance of noisy neighbours?
I think renting may be the way to go until we are 1000% sure

[Spurs]

It's not all bad we have had many great holidays for just flights and car hire never had an issue with neighbours or noise . If you want to rent it out there is a huge market for that and 4 weeks in summer covers all years costs