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Would you do it again? |
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S1gh 
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Joined: 14/August/2011 Location: West Yorks UK Status: Offline Points: 474 |
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 Topic: Would you do it again?Posted: 29/July/2021 at 22:37 |
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So we are at the stage where we are looking to buy abroad (early retirement) we are frequent visitors to Albufeira with friends living in the area, both Portugese and British. We also have friends who live or own property in Spain and it seems to be that the costs are cheaper in Spain.
The question is to anyone who owns property in Albufeira is do you think you made the right decision or do you regret it? Would you do it again? Or should we just rent now with the 90 days in 180 and keep our money in the bank? (I’m not asking where I should buy just interested in others opinions) |
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swagsale
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Joined: 27/July/2021 Status: Offline Points: 10 |
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Posted: 30/July/2021 at 08:07 |
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Personally think renting is like putting money down a drain.
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AJSUGGY
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Posted: 30/July/2021 at 08:35 |
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Pros and cons for both. Personally i would go for a long term rental then I could choose to stay in Portugal 1 year the Spain the next as yoy say you have friends in both places. Which saves all the hassle that comes with owning a property.
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Algarveaddick
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Joined: 27/December/2008 Location: Portugal Status: Offline Points: 5052 |
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Posted: 30/July/2021 at 10:09 |
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I would not buy right now. The whole covid and brexit situation needs to calm down a bit I would say. 100% rent before you buy, we did when we moved here and were we pleased that we did as we realised we were in the wrong place.
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Go away Duchatalet
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JuliejH
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Posted: 30/July/2021 at 15:08 |
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I agree with AJSuggy , it’s wise to try before you buy , I know someone who thought Alicante was for them and they change s their minds , don’t rush into anything until things are more settled .
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S1gh
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Joined: 14/August/2011 Location: West Yorks UK Status: Offline Points: 474 |
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Posted: 30/July/2021 at 18:51 |
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Thanks for your opinions, much appreciated.
Definitely not rushing in to anything and we are planning on renting in different areas first. Just wanted to see what others thought |
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port princess
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Posted: 31/July/2021 at 09:31 |
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we have had our apartment for 16 years and love it prices for rentals extremely high so we can just come and go as we please
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Portprincess
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dpx3001
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Joined: 04/June/2021 Location: Albufeira Status: Offline Points: 173 |
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Posted: 31/July/2021 at 10:39 |
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I am in Portugal on long term residence permit for under a year, so while I could buy I am not even considering that. I am renting 'ao ano' and expect to continue renting for next couple of years. Current covid craze, regardless if it is real or made up, is comparable with two world wars -- tectonic world changes are in motion. Neighborhoods and even entire countries can go up or down making any long term planning much more gamble-y than what I would like to see. If world war parallel has any weight we cold see things setiling down in next two to three years, not sooner than that. Flexibility and mobility that renting offers at current times outweighs everything else.
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Bunnyrunner
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Posted: 31/July/2021 at 10:40 |
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We didn't rent we just jumped straight in and bought 6 years ago. The only regret we have is not doing it sooner. We have friends who rented first and I think that is a sensible option if you are undecided. You could rent in both countries and see what takes your fancy. In the current covid climate you can get a much better class of property for long term rental at good prices. Many owners/investors who need income to pay mortgages and property fees have found short term rentals pretty much dry up and have been forced to move to long term rentals to pay the bills.
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fred hood
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Posted: 31/July/2021 at 11:55 |
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Absolutely agree Bunnyrunner,if we only knew then what we know now,I have been renting long term for the UK winter months and it suits me , a regular nice place at good winter price, back in November and can hardly wait love it in Albufeira.
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Richardk
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Posted: 31/July/2021 at 12:18 |
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Its horses for courses.
I agree rental gives you flexibility but the current property price rises are a lot more than you get on your savings so when you do decide to buy your 'ideal' home could be out of reach
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dpx3001
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Posted: 31/July/2021 at 12:35 |
Current sale prices look awfully bubbly. If you look at olx or idealista, there is 11866 apartments for sale and 280 apartments for rent in Algarve. Those 11K can keep the prices high but they didn't sell for months, suggesting prices are tad inflated for current investment climate. Guy next to apartment I am renting (in closed condominium with swimming pool) is trying to sell for about 3K/square meter for over a year, so yes his apartment is 160K but since it is only requested price with no buyers he could as well ask for 8K/sqm with same results. |
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SherlockShinabarger
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Posted: 08/August/2021 at 19:40 |
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Interesting.
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dpx3001
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Posted: 18/August/2021 at 19:56 |
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https://www.theportugalnews.com/news/2021-08-18/experts-warn-portugal-could-be-at-risk-of-property-bubble/61796
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Algarveaddick
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Posted: 19/August/2021 at 07:07 |
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Blimey I was expecting an in depth analysis with "experts" being quoted and previous examples being shown to illustrate the forecast. All I got was clickbait.
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Go away Duchatalet
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Richardk wrote: