Selling my Spanish holiday home does this Idea sound good?
Discussion
Hi
I was not sure if this is the correct forum to post , if not please move ?
Would like your thoughts on my thought ?
Cutting to the chase I am considering offering a few family's or couples , single blokes , etc etc a equal percentage share of the property ,to buy together . This can be quite common in Spain i am told .
The property is up for 150,000 euros it .....
So my thoughts are to say offer it for sale to say 5 couples or individuals that know each other each paying 30,000 euros each , a sort of time share between them all , they can each spend up to 90 days at a time if wanted or if they wanted it just on there own can get over 10 weeks holiday a yr every yr .
It a super safe area wifes can sunbath and have girly holidays , couples can escape , blokes can plan motorbike trips , track days skiing from this base etc etc etc .
It doesnt have to be 5 couples etc could be 2 , 3 , 4 or even 10 !! split any way they want
I just feel this would be a great thing to do or consider if I had a few friends who share the same passion as me but does not cost fortunes either .
any replies would be helpful thank you , good or bad ,
I wont put a link because I dont think that is allowed , if it is please let me know ?
Mod note: no need for all the details, makes it read like an advert...
I was not sure if this is the correct forum to post , if not please move ?
Would like your thoughts on my thought ?
Cutting to the chase I am considering offering a few family's or couples , single blokes , etc etc a equal percentage share of the property ,to buy together . This can be quite common in Spain i am told .
The property is up for 150,000 euros it .....
So my thoughts are to say offer it for sale to say 5 couples or individuals that know each other each paying 30,000 euros each , a sort of time share between them all , they can each spend up to 90 days at a time if wanted or if they wanted it just on there own can get over 10 weeks holiday a yr every yr .
It a super safe area wifes can sunbath and have girly holidays , couples can escape , blokes can plan motorbike trips , track days skiing from this base etc etc etc .
It doesnt have to be 5 couples etc could be 2 , 3 , 4 or even 10 !! split any way they want
I just feel this would be a great thing to do or consider if I had a few friends who share the same passion as me but does not cost fortunes either .
any replies would be helpful thank you , good or bad ,
I wont put a link because I dont think that is allowed , if it is please let me know ?
Mod note: no need for all the details, makes it read like an advert...
Edited by Bill on Friday 5th June 16:56
Sounds very odd. Just stick it up for sale.
Why do you care whether it's bought by one person, a couple or a consortium?
If you think you'll get more money by selling 5 x 20% I think that's very optimistic.
Bear in mind the mess if you sell the first 20% and then find you're stuck with the remaining 80%. So you need to get five different buyers all lined up and ready to roll at the same time. Any wobble from any of them and the whole thing will collapse.
Someone's going to have to pay a local lawyer to write a complicated ownership and timeshare arrangement and that someone is almost certainly you. You then have to get everyone to agree exactly the same document. Who's going to act as referee when two owners both want the same fortnight in the sun?
Why do you care whether it's bought by one person, a couple or a consortium?
If you think you'll get more money by selling 5 x 20% I think that's very optimistic.
Bear in mind the mess if you sell the first 20% and then find you're stuck with the remaining 80%. So you need to get five different buyers all lined up and ready to roll at the same time. Any wobble from any of them and the whole thing will collapse.
Someone's going to have to pay a local lawyer to write a complicated ownership and timeshare arrangement and that someone is almost certainly you. You then have to get everyone to agree exactly the same document. Who's going to act as referee when two owners both want the same fortnight in the sun?
Sorry for the confusion on my post .
It is for sale currently and I am happy to sell it to anyone , no i dont want more money for it .
I just want to sell it and thought this might be a good option for a few friends to club together to buy a great base ?
I was not offering it as a time share just trying to offer it a different way , to say a few people who all know each other and have thought about buying something abroad , but for many reasons not done it .
I thought this may be a good idea and not to bad financially for all parties .
From what I know from spanish lawyers . for example 5 people ( friends ) would pay 30,000 each and then then 5 just work out when they want to use it .
It is for sale currently and I am happy to sell it to anyone , no i dont want more money for it .
I just want to sell it and thought this might be a good option for a few friends to club together to buy a great base ?
I was not offering it as a time share just trying to offer it a different way , to say a few people who all know each other and have thought about buying something abroad , but for many reasons not done it .
I thought this may be a good idea and not to bad financially for all parties .
From what I know from spanish lawyers . for example 5 people ( friends ) would pay 30,000 each and then then 5 just work out when they want to use it .
Jazoli said:
The market seems pretty buoyant in Spain at the minute with property prices rising quite rapidly according to a couple of agents I was talking to this week (in Spain).
Looking for multiple buyers of shares seems fraught with problems to me compared to a straight sale.
Agents will always tell you the market is buoyant. My mate is just about (fingers crossed) to sell his Spanish villa for just under the same price as he paid for it 12 years ago, it has been on the market for 3 years. Looking for multiple buyers of shares seems fraught with problems to me compared to a straight sale.
Edited by megaphone on Friday 5th June 05:25
Mr Creosote said:
Just sell it.
What you re proposing sounds like a nightmare, for you and the people buying.
Imagine owning a house with four other people. In Spain. You d have to be certifiable.
Maintenance, agreeing dates, what to do if someone wants to sell etc etc. It s a recipe for disaster.
Does sound difficult to manage. Who will oversee / adjudicate the bookings. If I was one of the 5 owners I could say that I will have my 90 days June to August every year.What you re proposing sounds like a nightmare, for you and the people buying.
Imagine owning a house with four other people. In Spain. You d have to be certifiable.
Maintenance, agreeing dates, what to do if someone wants to sell etc etc. It s a recipe for disaster.
Petrolhead67 said:
Hi
I was not sure if this is the correct forum to post , if not please move ?
Would like your thoughts on my thought ?
Cutting to the chase I am considering offering a few family's or couples , single blokes , etc etc a equal percentage share of the property ,to buy together . This can be quite common in Spain i am told .
The property is up for 150,000 euros it is a three bedroom semi detached house , in a small village called Pantano de las bermejales .
Around 70 min from Malaga airport and 25 min from granada airport .
It offers great walking and running , sailing . Cycling tour de velta runs nearby and cycling team regularly train around here .
Motorbike tours rave about the roads . It is 80 minutes from the track / race circuit of Guadix . 45 min from the skiing in nevada . 50 min from the coast .
The location is superb and it can offer so much for lots of different people .
We have owned it for 10 yrs )and had some wonderful times there . But now with family stuff we are looking at different type's of holidays .
So my thoughts are to say offer it for sale to say 5 couples or individuals that know each other each paying 30,000 euros each , a sort of time share between them all , they can each spend up to 90 days at a time if wanted or if they wanted it just on there own can get over 10 weeks holiday a yr every yr .
It a super safe area wifes can sunbath and have girly holidays , couples can escape , blokes can plan motorbike trips , track days skiing from this base etc etc etc .
It doesnt have to be 5 couples etc could be 2 , 3 , 4 or even 10 !! split any way they want
I just feel this would be a great thing to do or consider if I had a few friends who share the same passion as me but does not cost fortunes either .
any replies would be helpful thank you , good or bad ,
I wont put a link because I dont think that is allowed , if it is please let me know ?
This seems like a sure way to add unnecessary issues and stress to an already stressful thing - buying/selling property. Why would you want to do that? Surely, if the property is in a sellable condition, marketed and priced right a normal one person/family transaction is much more appealing? Personally, if it was my property I wouldn't even engage with a buying group, let alone actively try to find one.I was not sure if this is the correct forum to post , if not please move ?
Would like your thoughts on my thought ?
Cutting to the chase I am considering offering a few family's or couples , single blokes , etc etc a equal percentage share of the property ,to buy together . This can be quite common in Spain i am told .
The property is up for 150,000 euros it is a three bedroom semi detached house , in a small village called Pantano de las bermejales .
Around 70 min from Malaga airport and 25 min from granada airport .
It offers great walking and running , sailing . Cycling tour de velta runs nearby and cycling team regularly train around here .
Motorbike tours rave about the roads . It is 80 minutes from the track / race circuit of Guadix . 45 min from the skiing in nevada . 50 min from the coast .
The location is superb and it can offer so much for lots of different people .
We have owned it for 10 yrs )and had some wonderful times there . But now with family stuff we are looking at different type's of holidays .
So my thoughts are to say offer it for sale to say 5 couples or individuals that know each other each paying 30,000 euros each , a sort of time share between them all , they can each spend up to 90 days at a time if wanted or if they wanted it just on there own can get over 10 weeks holiday a yr every yr .
It a super safe area wifes can sunbath and have girly holidays , couples can escape , blokes can plan motorbike trips , track days skiing from this base etc etc etc .
It doesnt have to be 5 couples etc could be 2 , 3 , 4 or even 10 !! split any way they want
I just feel this would be a great thing to do or consider if I had a few friends who share the same passion as me but does not cost fortunes either .
any replies would be helpful thank you , good or bad ,
I wont put a link because I dont think that is allowed , if it is please let me know ?
Is there more to this story than you have told us? Is there legal issues with the property?
Edited by EastMidsEng on Friday 5th June 08:44
Sounds like a terrible idea. I’d never go into a deal like that even with my family never mind my mates. How will they choose who gets the premium dates. Sounds great 90 days available, but everyone will want dates in the May to September zone primarily. Just sell it normally. If a group comes along, it’s on them.
There was an article in the Sunday Times a week or so ago about someone selling their place in France for £1m+ to a management company who then sold shares to individuals including the original owners. The management company provide the rules, organise the visits, and maintain the property going forward.
This won’t work for your place because the selling price is too low for the management company to be interested. Just sell it.
This won’t work for your place because the selling price is too low for the management company to be interested. Just sell it.
Reading the OP, I immediately just thought that it’s up for sale already but is getting no interest so the OP is looking for other ways to exit from the property.
Either way, you are over complicating the situation. Maybe look at what similar properties are actually selling for in the area and take an objective view at the situation.
Either way, you are over complicating the situation. Maybe look at what similar properties are actually selling for in the area and take an objective view at the situation.
Petrolhead67 said:
Sorry for the confusion on my post .
It is for sale currently and I am happy to sell it to anyone , no i dont want more money for it .
I just want to sell it and thought this might be a good option for a few friends to club together to buy a great base ?
I was not offering it as a time share just trying to offer it a different way , to say a few people who all know each other and have thought about buying something abroad , but for many reasons not done it .
I thought this may be a good idea and not to bad financially for all parties .
From what I know from spanish lawyers . for example 5 people ( friends ) would pay 30,000 each and then then 5 just work out when they want to use it .
I'm still not clear on what exactly you're intending to do.It is for sale currently and I am happy to sell it to anyone , no i dont want more money for it .
I just want to sell it and thought this might be a good option for a few friends to club together to buy a great base ?
I was not offering it as a time share just trying to offer it a different way , to say a few people who all know each other and have thought about buying something abroad , but for many reasons not done it .
I thought this may be a good idea and not to bad financially for all parties .
From what I know from spanish lawyers . for example 5 people ( friends ) would pay 30,000 each and then then 5 just work out when they want to use it .
You have an idea that it could be good as a group purchase. Fine - that may be the case.
But as a seller, are you intending to
a) Find several buyers, form the group, co-ordinate the shares of the property, collect money, etc
b) Do the above and then also manage the allocation of time in this property
c) Do none of the above and just sell it to an individual who will then either use it themselves or form this consortium
d) Use PH as a selling tool and hope that some members will form a group in the spirit of your consortium idea?
e) None of the above?
Frankly, anything apart from (c) is mental.
I can understand where you are coming from, to an extent.
I could imagine myself and my sister buying the house between us and sharing it 50/50 over the year, but that would be my job to sort out, not yours as the vendor. It would be up to me to get a solicitor to draft the arrangement for the house is split, who is responsible for what, what happens if one of us wants to sell etc.
I could imagine myself and my sister buying the house between us and sharing it 50/50 over the year, but that would be my job to sort out, not yours as the vendor. It would be up to me to get a solicitor to draft the arrangement for the house is split, who is responsible for what, what happens if one of us wants to sell etc.
Thanks everyone for all your replies, it really helpful and I am taking it all in .
There is nothing dodgy about this all paperwork good and 100%
I think I was just trying to think of ideas to generate more interest in our property . It is inland and a small village 20min away from a bigger village , but it not super touristy more Spanish and ex pats full time living .
My idea’s were I suppose if I was younger would have f liked to do with it or could see it working for the things I outlined in my first post .
But you are correct it just seems problematic, if I feel a potential buyer is in to these type of sports etc then that’s up to them to make it work .
I just thought if I had say 30k and a few really good mates this could work great , but that just me hey .
I think I will shelve this idea and just push a bit more with agents and also possibly find one on the coast that can work with the one we got as they have more footfall .
Cheers everyone it nice to be able to ask stuff to complete strangers and get honest feedback , without rudeness 🙏
There is nothing dodgy about this all paperwork good and 100%
I think I was just trying to think of ideas to generate more interest in our property . It is inland and a small village 20min away from a bigger village , but it not super touristy more Spanish and ex pats full time living .
My idea’s were I suppose if I was younger would have f liked to do with it or could see it working for the things I outlined in my first post .
But you are correct it just seems problematic, if I feel a potential buyer is in to these type of sports etc then that’s up to them to make it work .
I just thought if I had say 30k and a few really good mates this could work great , but that just me hey .
I think I will shelve this idea and just push a bit more with agents and also possibly find one on the coast that can work with the one we got as they have more footfall .
Cheers everyone it nice to be able to ask stuff to complete strangers and get honest feedback , without rudeness 🙏
Selling to 5 entities who don’t know each other is going to be hard without it sounding like a classic time share
Selling to 5 entities who know each other and want to do this, well they’d be doing it anyway. They just need to find any property they all like and buy it, letting the legal bods sort out the paperwork.
Selling to 5 entities who know each other and want to do this, well they’d be doing it anyway. They just need to find any property they all like and buy it, letting the legal bods sort out the paperwork.
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