Yup. And a discussion on another thread about buying in Belfast.
It's all starting to sound very 2006 around these parts...
I have often looked at local properties on Portuguese / Spanish real estate. Plenty 1/2 bed little apartments in the towns many with a sea view and within walking distance to beach. Perfect if you like sun, good cheap food and would like to have a place to go and leave to your kids. I'm out of work and have 20K+ in savings which will just wittle away in this hi cost damp country. Is it worth (knowing the area) to go for one of these. This is how it would work out roughly, But would an Irish bank loan you / can you get a european loan. Is this dead in the water ? like to hear your views. Or what is the best to do with 20k before it's gone? Thanks.
- Total cost 63.310 €
- Apart cost 50'000 €
- Deposit 19.000 €
- Required:39.490 €
- Interést :4.819 €
- Term 20yrs
- Rate 1,20%
- Monthly 184€
More of a, I can't afford to live here and own a sellable house, so no need to be too cynical. People should wake up to the fact that they just live to pay a mortgage and are completely owned by debt. I would'nt exactly class that as a great life.The Glory Days are back . . . somebody who is unemployed looking to purchase a holiday home abroad.
I have often looked at local properties on Portuguese / Spanish real estate. Plenty 1/2 bed little apartments in the towns many with a sea view and within walking distance to beach. Perfect if you like sun, good cheap food and would like to have a place to go and leave to your kids. I'm out of work and have 20K+ in savings which will just wittle away in this hi cost damp country. Is it worth (knowing the area) to go for one of these. This is how it would work out roughly, But would an Irish bank loan you / can you get a european loan. Is this dead in the water ? like to hear your views. Or what is the best to do with 20k before it's gone? Thanks.
- Total cost 63.310 €
- Apart cost 50'000 €
- Deposit 19.000 €
- Required:39.490 €
- Interést :4.819 €
- Term 20yrs
- Rate 1,20%
- Monthly 184€
The financial state of Ireland and Spain (and even Bulgaria etc) is changing favourably by the year. It could not have got much worse than at the start of the recession. Let's face it the main argument for purchasing a holiday home in sunnier climes is our weather and most of us would like to spend several months in coastal Med countries (mainly Spain) during Irish winters. Many craved retirement so that the autumn of our lives could be spent in warmer regions. Therefore, those of us with mortgages paid off in our forties (we Irish used to get married in our early 20's, nowadays the blushing bride is in her late 30's facing into paying a mortgage to her mid/late 60's)the next major investment appeared to be the south of Spain. Many of us jumped at the idea as we thought property values would never decrease and there was always somebody where you worked just bought abroad. If they could do it, you could.
You can make money investing in a holiday home abroad, but you need:- (i) much luck. (ii) a trustful person to look after and clean your holiday home. (iii) rentals in the off season i.e. mid September to end May (iv) amount of back-up money for wear-and-tear, community fees, utilities, Spanish taxes (you pay public lighting tax, even if you don't use refuse you still pay the fees etc) and a plethora of other taxes.
What you bought for your entertainment becomes another job and you have got to spend some time every week at it, advertising, following enquiries, even replacing the washing machine from 1200 miles becomes a chore. You have to pay Spanish bills too. Lost keys by renters brings you back to trusting 3rd parties. A gobshite unable to trawl through SKY properly rings you from abroad and suddenly you're calling in the local Spanish tv company who can charge what they like. You just hope your rentals will look after these and other costs. The first guy to rent our apartment in Spain caused €1500 worth of furniture damage in a week, sang offensive rebel songs loudly and nightly from the terrace, threw a party that lasted the whole week and broke glass all over the communal lawns and to cap it off vomited down the terrace wall onto my retired neighbours underneath. I was not too popular with my Brit neighbours for some time after.
You can rent a good two bedroom holiday home in a good location in the south of Spain for around €600 per month. Why would you buy? You can rent for less, but know your Spain!
That's the Balearic's you're talking about. Most here are talking about the Costa's, etc, on mainland Spain.is housing all that cheap in spain ? , spent a week in pollenca majorca at beginning of september and i saw nothing remotely cheap , tonnes of estate agents on every street so the adds were pretty much in my face and impossible not to notice
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