Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Moving To Turkey => Topic started by: madmickey on January 24, 2012, 21:10:08 PM
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WHEN WE BUY A 3 BED APARTMENT IN CALAS NEXT YEAR COULD YOU LIVE ON 500 QUID A MONTH FOR 2 PEOPLE FOR BILLS AND FOOD WITHOUT HAVING TO TOUCH OUR LUMP SUM
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Michael
(http://www.calisvilla.co.uk/capslock4.jpg)
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Surely that depends on a myraid of factors many of which will have changed in 12 months time eg medical insurance charges.
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No :o
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I have to say you could once but £500 a month for a couple is a little over a £8 a day each - with heating in winter and when this healthcare comes in you have to say that is going to be pretty hard.
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I think you need to go away and have a very serious think. All you're going to do in Calas on £500 a month, is survive.
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The lump sum statement concerns me Do you mean that the 500 quid a month is the interest from that you will recieve from a bank here? Because the interest rates could easily go much further down soon. If you dont have a steady guaranteed income I would say dont come. I have a UK widows pension which is indexed linked in the Uk But while we have been enjoying good exchange rates recently, I am always aware that my expendible income can go down any time, Look at those expats in the eurozone and how they have been struggling
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One question is, you mention each time that it is a THREE bedroom apartment you are coming to buy - why? Would a two bedroom apartment do - if it was (say) £12k cheaper, you can bank that 12k and that can equate to another £100 a month (currently 20% of your monthly budget so a significant amount). Unless you have specific need for three bedrooms, of course.
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500 pound is the pension i will be gettting every month from the uk should have about 70000 thousand in the bank as lump getting interest
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Madmickey .. do you think it wise to state details of your financial situation on a public forum?!
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quote:
Originally posted by Linda
Madmickey .. do you think it wise to state details of your financial situation on a public forum?!
No it is really silly to do so, unless you are taking the Micky:P
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yes i think you can micky, if you put your savings in a monthly account in the turkish bank.
and draw the interest,9/11percent when you need it, but i would rent first,unless you have already bought your appartment.
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quote:
Originally posted by davybill
yes i think you can micky, if you put your savings in a monthly account in the turkish bank.
and draw the interest,9/11percent when you need it, but i would rent first,unless you have already bought your appartment.
Don't forget you have to pay tax on that 9/11 percent.
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I think £500 is quite a lot - depends on your planned lifestyle - if you are going to be eating english style and buying lots of meat and eating out several times a week your money will not go as far - if you are eating more of a Turkish diet and having a night out a week you'll have money to spare - alcohol is expensive as is meat.
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£8.33 per person per day is quite a lot for an adult to live on?!
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Minus £3.29 a day healthcare of course
£5.04 a day to feed a grown adult, heat (and cool) your home as required, council tax, etc etc
It's a 3 bedroom apartment they plan to live in not a cave :D
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Fred Flintstone couldn't have lived on that amount. :D
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Are there maintenance costs on the apartment to consider?Does it have a pool to pay upkeep on?
You obviously do not intend to run a car on that amount but would you want to travel? A dolmus trip to one of the nearby villages can easily cost about five pounds for two.
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My main concern for you is that you could be making the mistakes that some Brits have made in the past and are still making when they go to Turkey in that they do not have adequate stable income. They are at the mercy of the financial markets and trying to live off interest on a small capital sum. At one time interest rates in Turkey were at least twice what they are now.The fall of rates and impact of high inflation has left many of them on the breadline and something like the new health insurance will be the straw that breaks the camel's back.
Once you start spending your capital you automatically lower your income because you are getting less interest and it just spirals out of control.To gain this interest you will have to convert your capital sum to TL. If you went to Turkey last year and converted your sterling to TL, it would now be worth 15% less in sterling terms.
Remember that Turkey does not have a benefits system like the UK.
Think long and hard before you decide you are going to live in Turkey.
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Do you have a property in the UK that you could rent out to give you a steady income?
You probably could just about manage on £500, just basic living costs, depending on how you want to spend your days,but if you're coming here to enjoy the area and all that it offers, make friends, go out socially,help with charity work, have a hobby, take Turkish lessons, travel etc you don't want to be worrying about every penny and not making the most of it.
I don't know if you're planning to have a car, but these are very expensive and expensive to keep on the road too.
Are you bringing your own furniture etc? Again, these things aren't cheap, even kitting out your kitchen with basic equipment is expensive, so you will need a budget for these things too, and wont be able to do all of that out of the £500 a month.
Also bear in mind that when family and friends come over you will want to go and show off your lovely new country and will find that you tend to live like a tourist while theyre here.
You also need to factor in travel back to the UK, for visits, or in case of any emergencies.
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Well put Linda.
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quote:
Originally posted by kayakebab
Also bear in mind that when family and friends come over you will want to go and show off your lovely new country and will find that you tend to live like a tourist while theyre here.
You also need to factor in travel back to the UK, for visits, or in case of any emergencies.
The first year we lived in Turkey friends visited all the time, someone mentioned on the forum that when you are a tourist £1000 pound spending money is the norm; well that first year with friends and family arriving fast and furious, we did the tourist bits spending approx £8000. including an emergency trip back to the UK.
Food for thought?
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but on the flip side, if you stay in the UK how far will your £500 go each month?
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500 pounds a month?I dont think so.I am single and my monthly bills,i.e. electric,gas,phone,internet,water and dijiturk average 300tl add to that the possibility of SGK payment(200tl per person)food,travel,rent or bills attached to ownership,pet food if you have animals and day to day living expenses.You will probably want to socialise and when friends come over to visit,entertain them.Add to that fares back to the UK whether revisiting or on an emergency basis and any medical expenses whilst living here.
I dont intend to discourage you as the advantages of living here greatly outweigh the disadvantages,certainly for me,but you need to bear in mind all these factors before you decide to move over here permanently.
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5 years ago on our very first visit to turkey to look at our apartment being built we met a man on the plane who lived in turkey, near Dalaman. He had 2 apartments, lived in one and rented the other and he rekoned He and his wife kived off £200 a month all in. A lot of his income was from renting the other apartment out in the summer and he also had the backup of a lump sum in the bank.
At first I was taken in by the romance of it all but after a chatting a while I got the impression he was living on the breadline, scrounging wood etc and only travelled home to UK when there was a very cheap offer on. By the end of the flight I almost felt sorry for him but he was happy, he didn't have to work for a living and he was in a beatiful country. His age 42. 5 years later now I'm 40 I'm thinking if I could retire at 42 I would also be lucky too.
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I don't think £500 is enough! Myself and my o/h would like to move to Turkey (we have our own apartment) possibly next year or the year after.
My personal feelings are that we would need an income of approximately £1000 pm to live comfortably. We like to go out and socialise etc (not every night), I could be wrong but if we were to live a normal life there, I think that would suffice.
We would rent out our home in the UK which would provide us with the majority of our monthly income to live out in Turkey!
Please feel free to correct me if you think i'm wrong.
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Wow a topic from a year ago bursts back into life :)
I think if you eat meat and like a drink and a social life it could be getting very expensive as places to retire to go. When we moved there in 2004 a whole cooked chicken from the roadside (complete with free flat bread) was a quid (2.5 TL), 20 fags were a quid and a pint was a quid too. I wonder how much those three cost in total today?
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I think we could survive on say £1k a month may be out 2/3 nights a week at the most, we don't have any mortgage etc so it would be the utility bills which in comparison to the UK are cheap (I feel).
Hopefully it will come off, at least we will be able to say we have tried it if it didn't work out! ;)
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Cooked chicken now 10tl 20 fags 5tl pint avg 6 tl .
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You could possibly have 1100TL from the interest on your £70,000 at 7%, add your pension, £500=1350 would give you 2,540TL per month, you would probably be able to live OK'ish on this but this doesnt leave you any contingency plan for emergencies, interest rates going down, exchange rate falling.
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I'd also add to busybee's comment that Turkey is the World leader for unexpected expenses cropping up.
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The thing that would worry me would be inflation. If over the next 5 years inflation was the same as over 2008 - 2013, then things would be nearly 50 % more expensive in 2018 than they are now :(.
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Well, based on Lance's figures - my cooked chicken, ciggies and beer have gone from 7.5TL total for one of each in 2004 to 21TL today, suggesting prices treble roughly every 9 years. That would make a cooked chicken 30TL in 2022. Not very scientific I know but gives you an idea at least. I remember paying 19 TL for a bottle of vodka in around 2006, someone in the chat room said it is around 55TL now?
As also mentioned earlier, interest rates are on the way down - never up - so living on interest (which was a noble profession once!) now means that as life continues, you have far less money each month to buy things that at the same time are getting more and more expensive.
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Not forgetting that people retiring 'early' to Calis are only bridging a gap until their state pensions arrive :)
(and I believe these are now index linked despite Turkeys non EU status.
Roll on raging inflation in UK when we are drawing ours ;D ;D ;D