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| The Only Independent Educational Website for People Retiring to Spain | ||||||
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| The Only Independent Educational Website for People Retiring to Spain | ||||||
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Retiring to Spain will normally involve one of the following property options (unless rental is the preferred route) ...... click any of the following links for more info.
For some people, retiring to Spain will entail one final house purchase with no further plans to move to others, their Spanish retirement may initially call for a fully independent home with room for children and grandchildren before eventually moving to accommodation offering greater care and medical attention. The implications of each and all of the property options available in Spain should be discussed fully between spouses and also with a Retirement Professional who knows the local possibilities, before even considering potential areas to live in and / or potential property inspections.
Many early retirees to Spain
have no desire to be part of
communities or resort developments, preferring to retain their total
independence by purchasing a Spanish property that is freehold and not
within the confines of resort rules and regulations. Whether this is a
coastal property or some way inland the choice here is bewildering and
the potential pitfalls more likely. We would recommend taking advice
from an independent property professional acting only in the interests
of the buyer, as this will ensure a successful outcome.
Advantages
Living in a normal house in a normal town, village or rural
setting is emancipating and ensures a fully active and independent
lifestyle away from the confines of a resort or development. Property is
normally cheaper, often in a better location (it was probably built
way before the resort was even thought of), is cheaper to run, better
value for money, you know what you are getting and there is a much
greater choice. Whether it's a private apartment overlooking the marina
or a beatiful farm near a town, the choice is endless.
Possible feeling of isolation, less security against theft and
inevitably as time passes, the need for an on-hand medical service may
force a sale and lifestyle change Many gated resorts or complexes have sprung up all over Spain, particularly on or near the coasts. Whether it's the prestigious resorts of La Manga Club and Sotogrande or the newer Polaris World Resorts in Murcia, there are plenty to choose from for all tastes. Advantages Gated communities offer SAFE, convenient, organised living amongst many other ex-pats with similar concerns. They often have extensive facilities available, a medical centre, chemist and good sports and leisure facilities. Disadvantages Such resorts are often expensive to buy into and also expensive to maintain with hidden maintenance and management charges of up to 4000 euros per year. The healthcare on offer is rarely 24 hours and often private, which can be expensive. These resorts can often be busy during the summer and at other peak periods and then go very quiet again. The best developments are described by Mark Stucklin in his independent guide to be found at: www.spanishpropertyinsight.com/new-developments-spain.htm For a fuller list of Gated Communities by Region contact a Retirement Professional by clicking HERE Costs In 2007, 2 bedroom apartments with Polaris World for example start at around 130.000 euros, but average resort aprtment pricing in a more mature resort would likely start at around 180.000 euros. For 3 bedroom smallish villas prices start at about 300.000 euros. Dedicated Complex / Resort for the Over 55's The 'lifestyle' resort or dedicated complex for the over 55's is becoming increasingly popular for Spanish Retirement and there plenty of new developments popping up all over Spain. Each one has its pro and cons making generalisation difficult, but they certainly do offer a sound retirement proposition to those seeking less independence, but at the same time , an active retirement amongst like-minded people. Click HERE to be sent a list of available resorts and developments. Advantages Like minded people, dedicated housing, normally with excellent sport and leisure facilities, normally with a medical centre and 24 hour call-out, centrally located, usually near amenities, wide choice of apartments and semi detached houses. Disadvantages More expensive property, monthly contribution fee which can sometimes go up quite quickly, waiting lists, few to choose from, medical services not necessarily guaranteed for the lifetime of the resort.
Spanish retirement homes are similar to their British counterparts,
the Residential Care or Nursing Homes where retirees requiring more
immediate care (or no longer wanting to maintain their independence) may
find their home. There are many different types of home, small, large,
private, council and with different levels of service, types of
accommodation and a good range of ages. Some homes are no more than
geriatric care homes with high levels of residents suffering from
dementia, whereas others have a younger, more active, less dependent
emphasis, where more troubled residents are often isolated from the
others. Care is invariably excellent and access to medical facilities
very good. Accommodation can vary from single rooms on full board, to
two bedroom apartments with their own kitchenette. Prices start at
around 1600 euros per month up to 2400 euros a month for individuals, or
from 3000 euros per month for a couple sharing. These prices include
medical attention, cleaning, laundry, full board and use of any pool and
sports facilities. A full
list of Spains retirement homes or 'Residencias' may be found at
www.imsersomofores.es
Alternatively
you may click
HERE and a Retirement
Professional will send you a FREE of charge list of Residences in your
preferred area, in English, describing the services offered at each.
Some homes do have English speaking staff - click
HERE to find out which ones they
are. One of the largest
private suppliers of care is
www.sanyres.es
Advantages Good
care, medical attention at hand, close to towns and amenities. The
budget is fairly fixed with rises usually limited to inflation.
Different levels of care are usually offered as frailty sets in.
Disadvantages
Can be expensive, regimented life, mixing with other people can
be disturbing if segregation is not practised. Most residents only speak
Spanish. A small number of private property developers are now offering lease for life options on property. Normally recommended by Financial Service Advisors via some kind of equity release scheme on your current residence, this option normally grants the user the right to live in a property until either death or they choose to leave for whatever reason. This option is popular amongst people needing cash for other purposes. Advantages Flexible, no VAT to pay (7%), no Land Registry or Notary fees, property not exposed to market price movements, no selling worries or wait, minimum paperwork on leasing, no title worries. Disadvantages High monthly fees, can be expensive to arrange, beware of hidden costs, often not Safe Home Income Plans members with their strict code of conduct, reduction in equity of main residence, possible loss of inheritance to benefactors of the will, sometimes lack of flexibility if moving is desired. |
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