Retiring in Marbella is the dream of many people all over Europe and further afield. Everyone dreams of relaxing in a warm, sunny climate away from the hustle and bustle of the working world. One part of retiring in Marbella and perhaps the most important is deciding on whether a particular home or area fits your budget, and perhaps a couple of lesser concerns such as learning the language and adjusting to cultural differences. Most people’s retirement lasts for approximately 20 years, so your will need to have realistic financial projections before starting to search for your dream home, so you don’t take the risk of running out of money. If you have spent many years working and saving, what better way to make the most of those efforts than investing in your dream home in Marbella?!
Create A Realistic Budget
Even if you have a pension, it is still hugely important to make an accurate prediction of what your monthly expenses will be over the period you wish to live in Marbella. This means you need to carefully consider all of the costs involved when it comes to retiring in Marbella. Approximately eighty percent of your usual expenses equate roughly to the costs you’ll need to cover during your retirement period, but this may be different from one country to another. The good news is that the cost is likely to be cheaper Spain, if you are moving over from a more expensive country like the UK. If you are unsure about whether you are able to afford to live in a prime location such as the Golden Mile or Puerto Banus, then you might want to explore your options further afield in areas like Nueva Andalucia and the New Golden Mile. The village of Benahavis is perfect for those looking to make friends and enjoy incredible restaurants at low prices.Get To Know Spanish Tax Requirements
It is important to remember that you might need to pay taxes again for one thing or another in Spain – unfortunately nobody is exempt from this. If you’ve taken the time to prepare yourself about this, then there won’t be any unwanted shocks at the time you come to take the steps to retiring in Marbella.
Planning Your Investments And Importing Your Income
Those who are at retirement age are prone to worrying about potential problems such as inflation and changing interest and exchange rates. These are wise considerations, but they can be offset with prudence and forward planning. Inflation can be offset by selective investments, and as exchange rates can affect your spending power, leaving your cash in a foreign account can make for an inconsistent ‘income’ each month. For more consistency it might be better to find a cheap way of moving all your money into a Spanish bank account.
Providing you prepare yourself properly and educate yourself as much as possible on retiring in Marbella, there will be not much else to do aside from put your feet up, relax and enjoy life! Property is one of the major considerations for almost everyone retiring in Marbella, whether you’re looking for a luxury villa in Nueva Andalucia, or an investment property in Estepona to rent out, please contact us to see how Fab Property can help you find your ideal home.