Does anybody have property in Spain ?

[hopkins]

Ive been looking at 2/3 bedroom places in Alicante and they are coming to about £50,000 with Communal pools etc. Sounds a good deal. Were not looking at renting it out for income so that is not an issue.

Just think it would be good to have for the wife and kids (would be going halves with family on it).

Does anybody have any experience with these type of things ? Pros and Cons.

 

[acrossthepond]

is it built yet?
are they next to the motorway?
is the complex complete?

if your answer is yes, no, yes then that's the first hurdle, erm , hurdled.

 

[BensGrandad]

My brother in laws sister has just sold her house in Spain and had to drop the price drastically to sell it because there are so many for sale and it is apparently very much a buyers market out there at the moment.

 

[nevergoagain]

Absolutely a buyers market at the moment, most places sold fully furnished, some with cars included in the price. Only things I can really think of are to get a good survey done, a lot of places near us have some alarming cracks appearing. Also keep close eye on what the community charges are as these can vary greatly. Alicante is a lovely place, we've a place about half hour south in Rojales. Lot of crime about too which is unfortunate but understandable as there's not a lot of work for either locals or ex-pats.

 

[brunswick]

prepare to never be able to sell it, or make money on it.

if it is to enjoy and use....go for it.

has to be secure with bars....if left for months, expect it to be broken into.


if its torrevyeja (sp)......don't bother.....really rough.....think rotherham in the sun.

 

[Daffy Duck]

Also, you need to make sure you get a really good, English speaking lawyer to deal with it for you, don't use the one recommended by the sellers.

Remember that any debts outstanding on the property when it's sold become yours, so you need to make sure there's absolutely NOTHING outstanding, including utility bills, local taxes, etc.

 

[scooter1]

I've had a place in Spain for years and its great - I love it. However its a luxury and with it comes expense. General upkeep can be costly and you need to have somebody local you can trust to keep an eye out for it whilst you're not there. As an employee I only get a limited amount of days holiday per year so in reality I don't get to spend very much time there - bear this in mind. Also worth considering is the feeling that you need to spend time there because you own it. I also want to see other parts of the world, and may potentially not visit my place for a year - this is something to factor in, unless you're happy to go to the same place year in, year out. And lastly, unless you have somebody looking after it for you in some capacity, bear in mind that the first and last few days of any holiday will be spent cleaning/washing/tidying. If you only go for a week, the chances are you'll spend most of that time pottering around painting, cleaning and not just sitting in the sun - Sexy Beast style......
I hope i've not made it sound bleak, its not meant to but it can be a hassle and LEARN THE LANGUAGE

 

[Pat McCrotch]

Also prepare for the local authorities to at some point come and issue a bulldozing notice on you. A lot of these villas/apartments built in the last 10-20 years have been done so "illegally" and no matter how thorough a search is performed before purchase you could potentially be sitting on a rather expensive time bomb.

 

[BigGully]

Why put yourself through the hassle of having to manage a foreign investment, an investment that is failing at the moment and with likely future problems.

Why not invest in property over here, where you and your solicitor know the market intimately and even with fragility of the current market you might make a decent profit from the rental market and who knows maybe a return on the equity in future years.

Then with those profits, at your whim, just rent some other poor souls villa for peanuts, changing your location, duration and quality of your holiday whenever you like !!!

 

[HovaGirl]

If ever you did want to rent it out, you need an Escritura (sp?) which cost about £1,000 20 years ago. Owning somewhere abroad is a dream, but NEVER do it to make money. Think of it as 50k for a lifetime of holidays in the same place. Eventually, you will become bored with going to the same place all the time, and property-ownership always has its problems with maintenance, local workers, burglars, friends that want to use it but don't look after it, and your compulsion to go there, just because you feel you ought to get your money's worth. Also, remember it is freezing in that part of Spain in the winter, particularly in February, especially with the tiled floors. And, as others have said, many of these places can be automatically claimed by the Spanish authorities, with no compensation, just because they want to bulldoze it to build a supermarket or a motorway. Think very, very carefully before you lay out the money for this.

 

[Boroseagull]

Having had property in Spain since 2003 & lived here permanently since 2008, may I comment? Although not in the area you intend to purchase [inland Andalucia] many of the points made are relevant. Bear in mind most of the unsold, and will remain so for the distant future, are coastal properties, some finished without owners & many half built. There is so much of this type around with some people estimating there are over one million properties south of Madrid remaining unsold. Not being a coast person [from Brighton and all!] we live in an old Spanish village some 45 mins from Marbella. Here you are surrounded by locals who soon 'adopt' you. Crime is rare, house doors left open & cars are often left unlocked. Virtually all these villages have a swimming pool open in the summer & enviable sports facilities as well. There are no community charges only village rates [IBI]. Just to make you realise how cheap it is to own a casa & live here, rates on our rental house are 48 euros a year, and the one we live in is 96. Plus houses in the villages are now selling again, perhaps as people see they are such value. We pick our own oranges & lemons, our neighbours are generous with their produce & you truly feel as if you belong. We do have friends who live on the coast in gated & private estates who always envy us this factor.
So before you buy do check out other alternatives, it took Mrs BS & I eight years of holidays to be as sure as we could about the area we wanted to be in. And if you want a coast visit for the day buy somewhere within an hours drive, you then have the best of both. Sorry to be long winded about the reply, have to fill the day some how!

 

[Raonull]

Hi,
My sister in laws has just sold her house in Spain, and had to drop the price drastically to sell it, because there are so many for sale and, it is apparently very much a buyers market out there at the moment.

 

[k2bluesky]

Would totally agree with Boroseagull, why buy a cheaply (and often badly) built 'NEW' property on a dodgy (overpriced) complex when there are some lovely 'old' villages where the properties are 'safe' to buy and with a few thousand spent bringing them up to the standard you want, would be a much better buy - most new builders in Spain are/were cowboys looking for a quick buck for mug buyers, ignore those gleaming white 'con-villas' by the coast or buy at your peril.

 

[Commander]

Pros: It's hot, you'll have a pool
Cons: Alicante is a shit hole.



Wait 'til Cadiz Seagll gets hold of this thread...

 

[Blues Rock DJ]

Having had property in Spain since 2003 & lived here permanently since 2008, may I comment? Although not in the area you intend to purchase [inland Andalucia] many of the points made are relevant. Bear in mind most of the unsold, and will remain so for the distant future, are coastal properties, some finished without owners & many half built. There is so much of this type around with some people estimating there are over one million properties south of Madrid remaining unsold. Not being a coast person [from Brighton and all!] we live in an old Spanish village some 45 mins from Marbella. Here you are surrounded by locals who soon 'adopt' you. Crime is rare, house doors left open & cars are often left unlocked. Virtually all these villages have a swimming pool open in the summer & enviable sports facilities as well. There are no community charges only village rates [IBI]. Just to make you realise how cheap it is to own a casa & live here, rates on our rental house are 48 euros a year, and the one we live in is 96. Plus houses in the villages are now selling again, perhaps as people see they are such value. We pick our own oranges & lemons, our neighbours are generous with their produce & you truly feel as if you belong. We do have friends who live on the coast in gated & private estates who always envy us this factor.
So before you buy do check out other alternatives, it took Mrs BS & I eight years of holidays to be as sure as we could about the area we wanted to be in. And if you want a coast visit for the day buy somewhere within an hours drive, you then have the best of both. Sorry to be long winded about the reply, have to fill the day some how!

All of the above applied to us in France for 10 years, but the bottom line is wtf do you do all day !!!