Buying a holiday home in Spain. Your views?
Discussion
Hi
Was after some advice from either members who have or others who may have a valid viewpoint.
I have been to the place in the sun show a few times and have been interested in what they had to say. I got talking to a guy who does presentations on the main stage but also specialises in selling bank repossessions. Most of these are discounted. Obviously set against the boom yrs. Either 90% or 100 mortgages are available. The wife really fancies getting a place where we could go for the summer school hols and I must admit they do seem tempting as some can be bought for around monthly payments of about 300 400 € per month. It can cost easily 3 k or more for two weeks in Spain in summer. Would I be foolish to even contemplate buying on 100% or maybe using 10 / 20 k of savings against a holiday home. This would not b a short term thing but something likely to be kept 15 yrs or so. Areas we are interested in are around Murcia. Possible new airport ( built but not caa yet) bullit train. Paramount theme park build etc
Was after some advice from either members who have or others who may have a valid viewpoint.
I have been to the place in the sun show a few times and have been interested in what they had to say. I got talking to a guy who does presentations on the main stage but also specialises in selling bank repossessions. Most of these are discounted. Obviously set against the boom yrs. Either 90% or 100 mortgages are available. The wife really fancies getting a place where we could go for the summer school hols and I must admit they do seem tempting as some can be bought for around monthly payments of about 300 400 € per month. It can cost easily 3 k or more for two weeks in Spain in summer. Would I be foolish to even contemplate buying on 100% or maybe using 10 / 20 k of savings against a holiday home. This would not b a short term thing but something likely to be kept 15 yrs or so. Areas we are interested in are around Murcia. Possible new airport ( built but not caa yet) bullit train. Paramount theme park build etc
hbzboy said:
I have been holidaying in Murcia for 7 years now and we are relocating there in 5 weeks permanently. Fire away with any questions you have ref areas etc.
Cheers
CheersCheers
Do u mind if I send you a pvt message re this, just wanted you to see the web site and yr possible views on the area they have places for sale. Also is it still a fairly busy holiday area? Looked at a few reviews on trip advisor and some people were saying its gone very quiet. Could b the reason for empty homes etc. I obviously don't fancy buying an apartment in a near empty block...
mybrainhurts said:
Big question is the Spanish economy and how it will affect long term property values and I reckon nobody knows the answer to that.
When my ex took half my bank account with her, she bought a property over there just before the crash and lost a bundle...
Which was nice...
Lol. That indeed is nice. When my ex took half my bank account with her, she bought a property over there just before the crash and lost a bundle...
Which was nice...
mybrainhurts said:
Big question is the Spanish economy and how it will affect long term property values and I reckon nobody knows the answer to that.
When my ex took half my bank account with her, she bought a property over there just before the crash and lost a bundle...
Which was nice...
Lol. True. my view is not really after making money on a house but have a few quid kicking around and the way it's marketed at present seems could be an affordable way to spend the summer months etc. When my ex took half my bank account with her, she bought a property over there just before the crash and lost a bundle...
Which was nice...
hbzboy said:
I have been holidaying in Murcia for 7 years now and we are relocating there in 5 weeks permanently. Fire away with any questions you have ref areas etc.
Cheers
My folks live in La Manga.....their property is worth less than they paid for it but then again they sold their UK property, which is now worth less than they sold it for Cheers
We thought the same last year. £50 bargain for 2 bed apartment in Spain
However, never going to rent it out (hassle, competition from so many empty properties) it's not going to increase in value for possibly a decade or two and finally you are stuck with it. Very difficult to sell properties out there (hence bargains) and you can only holiday there (what if you don't like it after a year or two)
We thought we would use it once or twice (max) a yea (because we have kids/restricted to school hols). Expensive empty property when you think about it.
We used the deposit on our home mortgage instead and idea is spend little bit more to choose where we wish to holiday each year rather than have to go to some cheap apartment probably in a cheap area.
Sorry my post rather pessimistic I could have written this a bit better but it's late for me!
However, never going to rent it out (hassle, competition from so many empty properties) it's not going to increase in value for possibly a decade or two and finally you are stuck with it. Very difficult to sell properties out there (hence bargains) and you can only holiday there (what if you don't like it after a year or two)
We thought we would use it once or twice (max) a yea (because we have kids/restricted to school hols). Expensive empty property when you think about it.
We used the deposit on our home mortgage instead and idea is spend little bit more to choose where we wish to holiday each year rather than have to go to some cheap apartment probably in a cheap area.
Sorry my post rather pessimistic I could have written this a bit better but it's late for me!
Sounds like a good plan to me!
The cost of family holidays is crippling at the moment , like you say you can easily spend 3-5 k on a couple do weeks in Spain in the summer.
I reckon you will be able to live quite cheaply over there in the summer months as it would be different than going on holiday where you tend to eat out twice a day.
I think the trick is to buy something that could be easily rented out, so if things do go tits up you are left with a property that has better rental/resale potential!
The cost of family holidays is crippling at the moment , like you say you can easily spend 3-5 k on a couple do weeks in Spain in the summer.
I reckon you will be able to live quite cheaply over there in the summer months as it would be different than going on holiday where you tend to eat out twice a day.
I think the trick is to buy something that could be easily rented out, so if things do go tits up you are left with a property that has better rental/resale potential!
hbzboy said:
I have been holidaying in Murcia for 7 years now and we are relocating there in 5 weeks permanently. Fire away with any questions you have ref areas etc.
Cheers
stayed at Roda Golf last year, as we were looking to buyCheers
liked the fact the area wasnt built up
but back to the OP
depending on what you buy their are some huge hidden costs
that many dont disclose, or smudge the figures etc
if buying on a gated community, or golf course
their are service charges that get ramped up yearly, appears to be like a resort taxation
id recommend asking people in the immidiate surrounding areas of any potential purchase as to their costs, as it varies. most are up front
when we did the number crunching we couldnt make it stack up for us
and beware the gauranteed rental lol
if your good with maths youll figure it out quickly
depending on how often you want to use your property , renting it back off them is not ideal!
mikebradford said:
stayed at Roda Golf last year, as we were looking to buy
liked the fact the area wasnt built up
but back to the OP
depending on what you buy their are some huge hidden costs
that many dont disclose, or smudge the figures etc
if buying on a gated community, or golf course
their are service charges that get ramped up yearly, appears to be like a resort taxation
id recommend asking people in the immidiate surrounding areas of any potential purchase as to their costs, as it varies. most are up front
when we did the number crunching we couldnt make it stack up for us
and beware the gauranteed rental lol
if your good with maths youll figure it out quickly
depending on how often you want to use your property , renting it back off them is not ideal!
Roda is where we are. If you are still interested let me know as it depends on whom you have spoken to with respect to numbers. Agreed on rental,figures though. Some are ridiculous. liked the fact the area wasnt built up
but back to the OP
depending on what you buy their are some huge hidden costs
that many dont disclose, or smudge the figures etc
if buying on a gated community, or golf course
their are service charges that get ramped up yearly, appears to be like a resort taxation
id recommend asking people in the immidiate surrounding areas of any potential purchase as to their costs, as it varies. most are up front
when we did the number crunching we couldnt make it stack up for us
and beware the gauranteed rental lol
if your good with maths youll figure it out quickly
depending on how often you want to use your property , renting it back off them is not ideal!
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