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renting a bar in spain worth the gamble?????

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  • 04-02-2010 8:42pm
    #1
    nelson rocks
    Closed Accounts Posts: 1 ✭


    hi everyone

    me and me mate are thinking about moving our family to puerto rico and renting a bar for the year.We know its going to be expensieve and have a rough idea what the cost will be.Its roughly 35 grand for the lease per year plus goverment fees they are a couple of hundred euro a month then the cost of a place to live.can anyone tell me from experience about any extra costs that might be overlooked and is it worth the gamble were not looking to make a profit just 2 break even but we dont want to loose a fortune either.


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    #2
    mkahnisbent
    Closed Accounts Posts: 163 ✭✭mkahnisbent


    Do you think Spain and Puerto Rico are the same place or close to each other?


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    #3
    Tom Dunne
    Registered Users Posts: 23,212 ✭✭✭✭Tom Dunne


    mkahnisbent wrote: »
    Do you think Spain and Puerto Rico are the same place or close to each other?

    There is a Puerto Rico in the Canary Islands, which, as I am sure you know, are part of Spain.

    Linky: http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=puerto+rico,+spain&sll=18.145852,-66.533203&sspn=44.867589,79.013672&ie=UTF8&hq=&hnear=Puerto+Rico+de+Gran+Canaria,+Mog%C3%A1n,+Palmas,+Canary+Islands,+Spain&ll=27.788213,-15.718517&spn=0.083526,0.154324&z=13


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    #4
    Digitaljunkie
    Registered Users Posts: 349 ✭✭Digitaljunkie


    nelson rocks wrote: »
    hi everyone

    me and me mate are thinking about moving our family to puerto rico and renting a bar for the year.We know its going to be expensieve and have a rough idea what the cost will be.Its roughly 35 grand for the lease per year plus goverment fees they are a couple of hundred euro a month then the cost of a place to live.can anyone tell me from experience about any extra costs that might be overlooked and is it worth the gamble were not looking to make a profit just 2 break even but we dont want to loose a fortune either.

    Have a read of this very good info links etc...........

    http://britishexpats.com/forum/showthread.php?t=640785


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    #5
    peanuthead
    Registered Users Posts: 3,111 ✭✭✭peanuthead


    Also check out http://www.askaboutmoney.com


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    #6
    menapia
    Closed Accounts Posts: 4 ✭menapia


    I dont know if you are aware but Bars are closing in a weekly basis in the Canary Islands. A friend of mine is just back from Tenerife where he struggled for the last year and lost a considerable amount of money. I personally know the situation in the Canary Islands and I would advise caution, if you have the time try and visit for a month and talk to local people also try some of the forums for the Canary Islands they are very helpful. If you can afford to lose a minimum of €50K+ then go ahead but my advice is ask loads of questions, and the very best of luck.


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    #7
    menorcababy
    Registered Users Posts: 23 ✭menorcababy


    Hey guys,

    wondering the same thing myself! I've decided against for the time being and for the next six months I will be running a bar in Menorca for a friend. I think this will give me a better view on tourist trends and more experience and at no financial loss to myself. I hope whatever you do it goes well but do be careful as you stand to lose a lot especially in the canaries!

    T


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    #8
    menapia
    Closed Accounts Posts: 4 ✭menapia


    There is no comparison between Menorca and the Canary Islands as I am sure you are aware the Canary Islands are a duty free zone so most things are a lot cheaper than the rest of Spain, but they have also attracted a lot of very shady charachters. I have my own personal experiences so be very careful. You also need to be aware of ancilary costs associated with living in the Canary Islands such as community fees, school cost if using one of the English schools, where to live in a resort or in a community cost of car etc, I could go on so give it plenty of thought and the very best of luck.


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