Spanish property myths exposed

Wednesday, 16 April 2008 12:00 AM

Three widely-believed myths over the ease of moving to Spain have been exposed as false by a new guide.

And according to Yolanda Solo, author of a number of guides to moving to Spain, the myths are behind the mass exodus of doomed expats who head for Spain each year.

Yolanda argues an "ill-planned escape to the sun is a one-way ticket to financial ruin" and has sought to dispel misunderstanding over moving to the continent.

The first widely believe misconception is from buyers who believe they don't need to speak Spanish to find a job.

As Yolanda explains: "Even if you move to areas with a high density of expats and English-speaking businesses you are going to be very limited in your choice of jobs.

"A large number of people will end up working in bars, cleaning rental properties, or working for a real estate company on commission only."

The second is a misplaced belief from buyers who assume they can set up a business for the 'huge' expat market.

Again this is not the case.

"While there are indeed a lot of expats in Spain, and high concentrations of them in some areas, they are just a tiny fraction of the whole population," explained Yolanda.

"And if you are catering to the tourist trade your business will only be seasonal.

"Plus don't forget you will still need to do all the paperwork, get supplies and deliveries etc. all of which will mean dealing with Spanish people - in Spanish."

Finally, a worrying number of potential investors leave the UK thinking they can live off the money from the sale of the house.

"Unless you have established investments - a pension or other regular income - a lump sum, however large it may seem, will only last for a limited amount of time," suggests Yolanda.

"It also gives you a false sense of security giving you a great excuse to delay setting up a real source of income in Spain (job, business, etc) until its too late and your money has all been spent."

In short, planning is essential before deciding to move.

"Before even considering a permanent relocation to Spain," Yolanda concludes, "it is essential you either have a firm offer of employment or enough 'spare' cash to live for at least six months.

"Doing anything else is like committing financial suicide."

Yolanda Solo is the author of Spain: The Expat Survival Guide.

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