jamtarts Posted July 30, 2008 Share Posted July 30, 2008 I am thinking about buying a apartment in mainland spain or majorca. Which i cld invest by renting it out + going over to stay when i want. Has any1 done this? + is there any good websites thats good for checking stuff like this out? cheers Link to comment Share on other sites More sharing options...
jackjambo22 Posted July 30, 2008 Share Posted July 30, 2008 I am thinking about buying a apartment in mainland spain or majorca. Which i cld invest by renting it out + going over to stay when i want. Has any1 done this? + is there any good websites thats good for checking stuff like this out? cheers I invested in a new home It was a tent, domestic issues merited such drastic action Link to comment Share on other sites More sharing options...
Coco Posted July 30, 2008 Share Posted July 30, 2008 I am thinking about buying a apartment in mainland spain or majorca. Which i cld invest by renting it out + going over to stay when i want. Has any1 done this? + is there any good websites thats good for checking stuff like this out? cheers The prices of resort type newbuilds are absolutely collapsing at the moment. You could get a bargain depending on how far down the prices are falling (if you are interested in a new build). Lots of speculation that builders will go bust before some can be completed however. No idea about 2nd hand values, but guess they must be falling too. Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 30, 2008 Share Posted July 30, 2008 I am thinking about buying a apartment in mainland spain or majorca. Which i cld invest by renting it out + going over to stay when i want. Has any1 done this? + is there any good websites thats good for checking stuff like this out? cheers http://www.lual.com/ My Dad deals with this mob, says they're pretty good. Think they only deal with properties in and around the Nerja area, which is a great wee place on the Costa del Sol. Link to comment Share on other sites More sharing options...
The Brow Posted July 30, 2008 Share Posted July 30, 2008 Dont buy as an investment. You wont make any money on it, my folks have an apartment near a few golf courses next to the sea, nice big pool etc. But they bought it because they could afford it and wanted it. They arent looking to sell it anytime soon. If you cant really afford it (by that i mean you wont miss the extra dosh) then dont! Spain pretty much resembles a building site at the moment. There are hunners of new resorts. Supply is far outstripping demand! Link to comment Share on other sites More sharing options...
neobis Posted July 30, 2008 Share Posted July 30, 2008 Dont buy as an investment. You wont make any money on it, my folks have an apartment near a few golf courses next to the sea, nice big pool etc. But they bought it because they could afford it and wanted it. They arent looking to sell it anytime soon. If you cant really afford it (by that i mean you wont miss the extra dosh) then dont! Spain pretty much resembles a building site at the moment. There are hunners of new resorts. Supply is far outstripping demand! As above. Link to comment Share on other sites More sharing options...
Morry Posted July 30, 2008 Share Posted July 30, 2008 http://www.fctorrevieja.eu/index.php?option=com_content&task=view&id=62&Itemid=57 A big thing about going abroad is 'what you goanna do about the football?' Here's an idea! Torrevieja near Benidorm is where my Grandparents moved to a few years ago. They love it. Theres loads of ex pats over there. So much so the adopted the local football team and take possible the oldest away support in the world. The supporters bus takes word record numbers of pi$$ stops for the weakened bladders! The team were in the wee leagues of Spain but because of their large crowds of 3,500 to 4,000 they soon had the money to work themselves up the leagues. The club embraced their new following and began printing the match programe in english and spanish. FourFourTwo ran a story on them and there was my grandad with his Hearts top on in the thick of it! Link to comment Share on other sites More sharing options...
coppercrutch Posted July 30, 2008 Share Posted July 30, 2008 Be careful. As others have said it is a mess. Of course that does mean you can get a bargain. However your bargain may be in the middle of a half finished building site. If you can really afford it, as a holiday home, then choose a nice area. Probably won't get such a 'bargain' but at least you can be fairly confident in the long term. Use your common sense. Link to comment Share on other sites More sharing options...
Ulysses Posted July 30, 2008 Share Posted July 30, 2008 Use your common sense. In particular, be sure that what you are buying has been legally built. Some Spanish developments were built on the assumption that planning permission could be secured retrospectively - or were built with planning licences that were obtained illegally. The authorities got seriously annoyed. In some instances they are insisting that properties be demolished or substantially rebuilt. In other cases they are demanding compensation from owners, or (with approval from the courts) only allowing owners use of the properties for their lifetime - the properties can't be sold and revert to ownership by the local authority when the owner dies. If you can, get a lawyer who is based in Scotland, who you can verify as reliable, and who understands the property and legal set-up in Spain. And as others have said, you won't make money on this. Rental yields will not cover the costs, and property values are likely to fall. All you can reasonably hope for is that you'll get some rental income to offset your costs. Link to comment Share on other sites More sharing options...
david mcgee Posted July 30, 2008 Share Posted July 30, 2008 I am thinking about buying a apartment in mainland spain or majorca. Which i cld invest by renting it out + going over to stay when i want. Has any1 done this? + is there any good websites thats good for checking stuff like this out? cheers Your at the wind up arent you? Spain is the least attractive place in the entire WORLD to buy property at the moment. Link to comment Share on other sites More sharing options...
hughesie27 Posted July 30, 2008 Share Posted July 30, 2008 Recommend Benalmadena. Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 30, 2008 Share Posted July 30, 2008 Your at the wind up arent you? Spain is the least attractive place in the entire WORLD to buy property at the moment. Eh?! So, you'd prefer to get a property in say Iraq, or Afghanistan? Or maybe a nice wee semi in Zimbabwe? Honestly couldn't believe what I was reading there! Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 30, 2008 Share Posted July 30, 2008 In particular, be sure that what you are buying has been legally built. Some Spanish developments were built on the assumption that planning permission could be secured retrospectively - or were built with planning licences that were obtained illegally. The authorities got seriously annoyed. In some instances they are insisting that properties be demolished or substantially rebuilt. In other cases they are demanding compensation from owners, or (with approval from the courts) only allowing owners use of the properties for their lifetime - the properties can't be sold and revert to ownership by the local authority when the owner dies. If you can, get a lawyer who is based in Scotland, who you can verify as reliable, and who understands the property and legal set-up in Spain. And as others have said, you won't make money on this. Rental yields will not cover the costs, and property values are likely to fall. All you can reasonably hope for is that you'll get some rental income to offset your costs. Good advice, have heard some really awful stories about honest folk being shafted by this sort of thing. Link to comment Share on other sites More sharing options...
david mcgee Posted July 30, 2008 Share Posted July 30, 2008 Eh?! So, you'd prefer to get a property in say Iraq, or Afghanistan? Or maybe a nice wee semi in Zimbabwe? Honestly couldn't believe what I was reading there! In terms of cost and investment potential? Yes! Link to comment Share on other sites More sharing options...
coppercrutch Posted July 30, 2008 Share Posted July 30, 2008 I am thinking about buying a apartment in mainland spain or majorca. Which i cld invest by renting it out + going over to stay when i want. Has any1 done this? + is there any good websites thats good for checking stuff like this out? cheers Eh?! So, you'd prefer to get a property in say Iraq, or Afghanistan? Or maybe a nice wee semi in Zimbabwe? Honestly couldn't believe what I was reading there! The OP is looking at this as an investment. Crazy as it may seem Zimbabwe, Iraq or Afghanistan would probably be a better bet if you are thinking purely in potential 'profit'. If a little risky.................... Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 30, 2008 Share Posted July 30, 2008 The OP is looking at this as an investment. Crazy as it may seem Zimbabwe, Iraq or Afghanistan would probably be a better bet if you are thinking purely in potential 'profit'. If a little risky.................... But I thought houses were somewhere to live, not a money-making machine? Seriously though, I can't Imagine Zimbabwe, Iraq or Afghanistan as having quite the same appeal as enjoying a perfectly chilled Saint Michael Export on a terraced rooftop with a beautifully unspoiled view of the Med! Link to comment Share on other sites More sharing options...
david mcgee Posted July 30, 2008 Share Posted July 30, 2008 But I thought houses were somewhere to live, not a money-making machine? Seriously though, I can't Imagine Zimbabwe, Iraq or Afghanistan as having quite the same appeal as enjoying a perfectly chilled Saint Michael Export on a terraced rooftop with a beautifully unspoiled view of the Med! You can easily do that by renting a different property every year very cheaply and let someone else take all the risks. Spain is not a Country to be investing in now and for the forseeable future. Its time will come again, but that looks a long way off. You try to give good advice and get pilloried. Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 30, 2008 Share Posted July 30, 2008 You can easily do that by renting a different property every year very cheaply and let someone else take all the risks.Spain is not a Country to be investing in now and for the forseeable future. Its time will come again, but that looks a long way off. You try to give good advice and get pilloried. Very true David, can't argue with that. My Dad just happened to get lucky with his purchase, good on him. Don't think you're getting pilloried. I'll admit that I'm probably a little biased when it comes to Andalusia, I just adore the place so much. Perfect climate, happy faces, relaxed lifestyle and hot se?oritas... Mucho bueno, amigo!! Link to comment Share on other sites More sharing options...
david mcgee Posted July 30, 2008 Share Posted July 30, 2008 Very true David, can't argue with that. My Dad just happened to get lucky with his purchase, good on him. Don't think you're getting pilloried. I'll admit that I'm probably a little biased when it comes to Andalusia, I just adore the place so much. Perfect climate, happy faces, relaxed lifestyle and hot se?oritas... Mucho bueno, amigo!! The firework displays in Iraq and Afghanistan are incomparable to that in the costas. Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 30, 2008 Share Posted July 30, 2008 The firework displays in Iraq and Afghanistan are incomparable to that in the costas. Ok, I'll give you that one! Link to comment Share on other sites More sharing options...
coppercrutch Posted July 31, 2008 Share Posted July 31, 2008 But I thought houses were somewhere to live, not a money-making machine? Seriously though, I can't Imagine Zimbabwe, Iraq or Afghanistan as having quite the same appeal as enjoying a perfectly chilled Saint Michael Export on a terraced rooftop with a beautifully unspoiled view of the Med! Indeed. As I said the OP is looking for an investment though... I am pretty sure in the next 10+ years one of those three countries will become a pretty serious tourist destination. They all have massive potential. Zimbabwe being the most likely IMO. How you would go about buying somewhere in any of those countries just now is another matter.......... As for Spain in about 2-3 years would be a cracking time to get yourself a bargain if you were planning on actually moving to Spain. As for an investment.. Link to comment Share on other sites More sharing options...
Jambo Hud316 Posted July 31, 2008 Share Posted July 31, 2008 In particular, be sure that what you are buying has been legally built. Some Spanish developments were built on the assumption that planning permission could be secured retrospectively - or were built with planning licences that were obtained illegally. The authorities got seriously annoyed. In some instances they are insisting that properties be demolished or substantially rebuilt. In other cases they are demanding compensation from owners, or (with approval from the courts) only allowing owners use of the properties for their lifetime - the properties can't be sold and revert to ownership by the local authority when the owner dies. 100% correct Stay away from MRI. I lived in spain last year and worked for this company and seen first hand for myself that they are nothing but cowboys. The amount of customers who had been given false promises before they purchased or paid their deposits (not just in spain) and once this had been done were treated with utter contempt. Met a lot of people who worked for other estate companys and they pretty much worked under the same work ethic...get the money early doors and sign them up and then they don't want to hear from you. Got to be very very careful and do a lot of background work before I'd even consider looking to purchase abroad. Link to comment Share on other sites More sharing options...
this_is_my_story Posted July 31, 2008 Share Posted July 31, 2008 Indeed. As I said the OP is looking for an investment though... I am pretty sure in the next 10+ years one of those three countries will become a pretty serious tourist destination. They all have massive potential. Zimbabwe being the most likely IMO. How you would go about buying somewhere in any of those countries just now is another matter.......... As for Spain in about 2-3 years would be a cracking time to get yourself a bargain if you were planning on actually moving to Spain. As for an investment.. Link to comment Share on other sites More sharing options...
Seats Posted July 31, 2008 Share Posted July 31, 2008 Ok, I'm pretty well placed to talk about this as this is what I do most days. First of all, their are some great bargains available at the moment, as long as you buy the correct property in the correct area. I know of loads of properties which are a steal at the moment. Secondly, you will not make any money renting the property. There is an abundance of rental property at the moment and no one to rent it. Therefore, only buy if you are looking for a holiday home. Do not buy off plan and do not buy an apartment in a "new complex". I have contacts throughout the costas and Islands who will be more than happy to help you if you decide you are still interested. PM me if you want more info. P.S I don't sell property, so this is not a sales pitch! Link to comment Share on other sites More sharing options...
coppercrutch Posted July 31, 2008 Share Posted July 31, 2008 These things go around. Vietnam is one of Asia's biggest tourist destinations these days. Imagine telling someone that a few years back Zimbabwe was a big tourist hotspot only 10 years ago. Just because somewhere is in a state today does not mean it cant be a stunning place in the future. Iraq and Afghanistan are supposed to be incredible countries in terms of history, scenery and landscapes. Of course at the moment there are a few things getting in the way of that.... Link to comment Share on other sites More sharing options...
Ulysses Posted July 31, 2008 Share Posted July 31, 2008 Vietnam is one of Asia's biggest tourist destinations these days. Imagine telling someone that a few years back One of my colleagues at work has been to Vietnam twice in the last five years, and reckons it's one of the best places on the planet. Link to comment Share on other sites More sharing options...
coppercrutch Posted July 31, 2008 Share Posted July 31, 2008 One of my colleagues at work has been to Vietnam twice in the last five years, and reckons it's one of the best places on the planet. It is pretty amzaing and mental. I managed to go to both Hanoi and Ho Chi Min waterparks. Also was close to dying many a time on the roads, got wasted on moonshine Beer Hoi, explored the country on a hired ?5 a day moped and had a cracking night at a nightclub in Hanoi where the staff were dressed up as oompah loompahs and we hired rooms for karaoke... If you like something different I would recommend it. In fact like your mate I reckon I may be back there sooner rather than later. I love these crazy mental places.... Link to comment Share on other sites More sharing options...
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