I bought a holiday apartment in the Costa Blanca back in 1998. I was 27 years old at the time! Myself and GF at the time went on one of those agency funded visits and I ended up buying a half-finished place for €65k. We broke up soon after, but I kept it for 4 years. Didn't use it much, but my family did, and a cousin of mine eventually moved there. I sold it in 2002 and made a gain.
I'm back now in my 50s and thinking of going again. My 3 kids will be out the door in 4-5 years, and I have cash available that isn't doing anything else.
I get the argument that its an option to just continually rent, but my thought process is as follows.
I HATE the Irish weather. It really affects my mode, and I'm pretty much a grump for 7 months of the year. I work from home, so I find myself stuck in the house all the time, when in fact I love being outdoors. I cycle, I sail, I play golf etc etc, all of which is really only an option here for a few months per year.
I am also really concerned about healthcare in Ireland. I was in an A&E recently and it really opened my eyes. I don't see it getting any better, and I want to establish residence somewhere else so that I have access to another healthcare system.
I have no firm attachment to Ireland either. I don't live in an area where I grew up, I don't have a wide circle of friends that I see regularly and I'm not really into our unique pastimes like GAA, weddings, hard drinking and Christy Moore gigs. On the flip side, I love continental Europe: cafe culture, travel, football, history, language, skiing etc.
All of the above applies to my wife as well as myself.
So my thinking is that I will gradually transition to permanent residency in another EU country, and keep my home in Ireland as more of a holiday home. The plan is to buy something small now, acclimatise over a few years, and then upgrade when appropriate. If prices slump, its no big deal, as I'll benefit when I need to upgrade. I'm not looking to make a capital gain, and I will always have a home in Ireland.
So why not just rent as the need arises?
It may sound strange, but for me, its a state of mind. I want to feel committed to the transition, and to make it work. I don't want to be here in 10 years wondering how I'm still staring out the window at grey skies and a sodden garden 8 months of the year. I understand that it may not work out, and that there is a good chance I will loss money, but it won't bankrupt me, and at least I won't have that nagging doubt that it was something I could have done but didn't try. I don't think I will commit if I just jump around renting year after year.
I am thinking of buying on the Costa Brava, between Barcelona and the French border, close to Girona airport. Heading there next week to visit a few places.