Can't sell?
Spain is the first European country to be hit hard by the on-going crisis with many Spanish and ex-pats suffering greatly.
Many ex-pats are now considering leaving Spain to return to the UK but are finding it increasingly dificult to sell their properties due to the down turn in property sales. They are also finding that if they want to even consider selling the property they have to drop the price considerably, which may result in a financial loss.
The rental market in Spain is booming at present due to the abundance of unsold properties and with many owners choosing to rent rather than take a loss of the property. People are still moving to Spain to live but many are having to look at renting rather than buying as they have properties back in the UK that they cannot sell. Many of them are renting out their properties back in the UK which offers them some security should things not work out too well in Spain.
If you have a property that you cannot sell and you are desperate to return to the UK then renting might be a viable option for you. If you can rent your property out and cover your mortgage (if you have one) and any costs, or at least the bulk of the costs that come with your property, then you at least can leave Spain knowing the property is not lying empty and is covering it's own costs.
If you do not have a mortgage then renting your property can at least provide you with an income for your return to the UK.
Many people choose to use a rental agency for their property, even for long term rental. This can offer security and for a monthly fee the agency will take care of any problems that your tenants may incurr whilst renting your property and it can help take the headache out of renting!
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