Is now the time to purchase a holiday home abroad?

Discussion in 'Overseas Travel,Holidays,Hotels & Airlines' started by IsleOfMan, Jul 30, 2017.

  1. noproblem

    noproblem Frequent Poster

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    I'd love to see anywhere in Turkey that Ryanair ever flew into? Ever! Maybe you could put up the link? ;)
     
  2. Murt10

    Murt10 Frequent Poster

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    Last edited: Nov 14, 2017 at 11:55 PM
    Havn't been on this site in a long time but here's my tuppence worth on buying a Spanish property.

    When buying a 2nd hand property in Spain the Govt tax on the sale is a straight 10% of the purchase price. (I don't know what it is on new builds.)

    Having said that, with the way prices are going you should be be able to make a decent return over a couple of years, epecially as you will be getting a negative return on your money from the banks after inflation.

    Attached article spells out the current position on Spanish property prices.

    https://murciatoday.com/contradicto...properties-are-being-snapped-up_124978-a.html

    When buying also bear in mind that it's very easy to buy, but it's much harder and takes much longer to sell. Look at all the properties for sale in the estate agents , that have been for sale for a considerable time.

    When selling, estate agents charge about 6% (or so I'm told)

    If you are considering buying an appt, be careful as the maintenance costs (though shared) on the lifts can be enormous.

    Always ask the state agent how much the annual maintenance fees are first. Don't fall in love with a property until you are fully aware of the cost. The EA may try and change the subject. Don't let him.

    Unless you have a neighbor who will act as your agent, your annual holiday could quickly turn into anything but. It may quickly become a busmans holiday. Carrefour, for example, promised me faithfully that they would deliver a new washing machine on no less than 4 separate occasions, and I had to wait in for them.

    A communal pool on a small urbanization will be relatively inexpensive to maintain relative to a private pool. It is also a great way of meeting people. Kids want to play with other kids. Some houses may have private sun terraces for sunbathing.

    How easy is it to travel to your proposed purchase by public transport or is a car essential. Can you walk to the local shops and restaurants?

    Property prices in seaside towns tend to be at least 30% higher than a few Kms inland (again so I'm told). Problem is that the seaside town can be a mad place during the summer, overcrowded, noisey, no parking, full restaurants and pubs etc., while in the winter the place dies a death, and a lot of rental properties, pubs and restaurants are locked up.

    The inland property on the other hand may have a lot of expats living around. They will be there in the winter and keep the pubs restaurants and facilities open throughout the year. Many of these expats actually go back home during the summer because it is too hot.

    All the real money is going to be spent advertising new builds. 2nd hand properties on the other hand are not expensively advertised.

    2nd hand houses usually come fully furnished. OK the furniture might not be great, but you can replace it at your own convenience. The furniture you get supplied by the property developer will not necessarily be of great quality.

    Finally, are you buying the property for your own use or as an investment. They are two completely different things.

    This You Tuber (Matt Wilkie) has a good number of videos and on facebook on moving to and living in Spain. He is renting on La Mata on the Costa Blanca. They are worth looking at and are far more realistic than "A Place in the Sun". Some of his videos are directly related to buying holiday apartments etc

    https://www.youtube.com/watch?v=t8Ftold605Y
     
    Last edited: Nov 14, 2017 at 11:55 PM
    Gordon Gekko and Leper like this.