Retirement home in Europe?

vlocci · 02-25-2008, 04:53 AM

To the pelican braintrust, who I'm confident can steer me in the right direction:

I've relocated to the UK for work after growing up and working in the Northeast (Boston and New York). Quality of life has increased tenfold. I'll likely be here 3-4 years in my current position. The future is unknown after that.

I've traveled Europe pretty extensively, lived in many of the big cities, but never with the prospective of home ownership in mind. I've followed the money, and moved on when it did. I've burned out accordingly, recently took stock and have focused on quality of life and the future.

I'm in my mid 30's, financially in pretty good shape, and not looking to work until I die. Semi-retirement on my terms is my ultimate goal. Full time big city living is something I would prefer to avoid.

I've long considered a long term buy and hold retirement home in Europe. Buy, slowly renovate over the years and hold is likely more appropriate. Dual Italian citizenship should open up some more buying opportunities.

Physically being here in the UK, with cheap airfare to scout locations throughout Europe, has made this much more realistic in the short term.

I'm after a hunk of property in a semi-rural location. Put it within 2 hours of a major city/airport and I'm happy. The focus is on weather nice weather, stable politics, and quality of life. Being near the sea is a plus. Reduced future cost of living in a comfortable setting is the goal.

The though it to enjoy it now, renovate whatever is there slowly, and possibly plop down an eco-friendly building in the future. Consider it my own "Kennedy compound" for family and friends, absent a fortune from bootlegging, any political connections, and no bulbous drunk nose.

Figure 500K USD to spend without financing concerns. The hope is to capture some income renting it out, rather than keep it vacant year round.

Anyone pull off something similar? I'm looking for suggestions on locations that may fit the bill. Even better if you actually own yourself.

Spain, France and Italy are obvious choices. Where is the question? What other locations am I missing for lack of experience?

I'll sort the long term healthcare, taxes, etc issues on my own time. Right now the focus is on geography.

Many thanks,

Vin

John_AZ · 02-25-2008, 05:47 AM

Quote:

Originally Posted by vlocci

To the pelican braintrust, who I'm confident can steer me in the right direction:
I'm after a hunk of property in a semi-rural location. Put it within 2 hours of a major city/airport and I'm happy. The focus is on weather nice weather, stable politics, and quality of life. Being near the sea is a plus. Reduced future cost of living in a comfortable setting is the goal.
Many thanks,

Vin

Arizona, New Mexico.
The more I travel, the more I appreciate the US.
When you lived in the NE, did you see the western US at all?
Dual Italian citizenship explains your European desire.
Good luck,

John_AZ

legion · 02-25-2008, 05:56 AM

Fletcher Memorial. (<--Let's see who makes the final cut and can get that obscure reference...)

Dueller · 02-25-2008, 06:04 AM

Quote:

Originally Posted by legion

Fletcher Memorial. (<--Let's see who makes the final cut and can get that obscure reference...)

PF?

legion · 02-25-2008, 06:09 AM

Maybe that was too easy. That was the album where Roger Waters went over the edge and never returned.

What country does Michael Schumacher live in now? I seem to recall him moving from Germany for tax reasons...

hytem · 02-25-2008, 06:22 AM

The weak dollar isn't favorable for investing in Europe right now. One of the best places to invest by the sea is Miami Beach. Some people are giving away their units there. There is a big condo inventory because of the real estate slowdown. That means depressed prices. Smart European investors are looking in Miami Beach right now.

vlocci · 02-25-2008, 07:47 AM

Weak dollar is a very valid point, but I'm paid in Pounds which makes European RE appealing.

I know, I should leverage my strong Pound in the US and make out great.

I've seen most of the US, love the Southwest, but keep gravitating back to Europe. Post retirement living costs seems generally lower especially when you factor in the post company provided healthcare costs should I stay in the US.

motion · 02-25-2008, 08:05 AM

Subscribed. We want to do the same thing, on a part time basis. I hope some of the well-traveled people on the board here chime in about the ins and outs of owning in Europe. Luis?

Rot 911 · 02-25-2008, 08:14 AM

I gave some serious thought to retirement in Ireland and Scotland. Researched some real estate. Unfortunately for me, real estate prices there are comparable to what you would find in CA.