Should I move to madeira with my family?

[paige8039]

I'm 35 and single, I rent a room and work in london, my salary is £35,000 a year, my rent is £700 in Clapham, london. I would like to buy a two bedroom flat on madeira for €260,000 and rent out a 1 bed flat in the family that my father lives in, I would live with him in the 2 bed and rent out the 1 bed. The salary in madeira is €13,200 and the rent income for the 1 bed would be €8,400 a year.

Madeira is delightful, but do you speak the language and know the culture?

Yes, I'm portuguese, but my question are from the finance side.

Do you want to live with your dad and would he pay you any ‘rent’? Would you be supporting him in any way?

But it’s not just about finance is it? Have you ever lived in Madeira, lived with your dad? Will you definitely get a job there? It’s a hell of a lot different to Clapham as I’m sure you know. Are you sure you want to live in a holiday destination with limited cultural opportunities/food etc?

Are you buying the 2 bed flat outright? Or will you have a mortgage? What’s the value of the 1 bed and who owns it? How does the cost of living compare between Madeira and London? How much tax would you pay in each place? There’s too many variable that we don’t know.