[LittleSteroid]

Hi guys. I'm fed up with waiting. I know houses in UK will go down, but if it's going to happen Japanese style then thank you, but no thank you. So I'm thinking about buying flat in Spain, 2 bed not to far from the sea, max 8 miles, ideally in a seaside town. Doe's anyone have any experience in Spanish Law regarding properties etc. Also, any tips for not getting ripped off, like where to buy(ebay or something). Spanish properties crashed 50% so there must be a number of flats for less than 50K, am I right? At last: what is real renting potential on a 2 bed flat in a seaside town in Spain? I am not looking to get rich by renting overseas property but it would be good to have someone to spend some time in there during the year and drop a penny or two. Please help me guys

[winkie]

LittleSteroid, on 04 September 2010 - 06:32 PM, said:

Hi guys. I'm fed up with waiting. I know houses in UK will go down, but if it's going to happen Japanese style then thank you, but no thank you. So I'm thinking about buying flat in Spain, 2 bed not to far from the sea, max 8 miles, ideally in a seaside town. Doe's anyone have any experience in Spanish Law regarding properties etc. Also, any tips for not getting ripped off, like where to buy(ebay or something). Spanish properties crashed 50% so there must be a number of flats for less than 50K, am I right? At last: what is real renting potential on a 2 bed flat in a seaside town in Spain? I am not looking to get rich by renting overseas property but it would be good to have someone to spend some time in there during the year and drop a penny or two. Please help me guys

Before you do anything, speak to a good recommended English speaking Spanish solicitor in the area you are looking at that is not connected in any way to any agent helping you to find the property.

[barrabus]

LittleSteroid, on 04 September 2010 - 06:32 PM, said:

Hi guys. I'm fed up with waiting. I know houses in UK will go down, but if it's going to happen Japanese style then thank you, but no thank you. So I'm thinking about buying flat in Spain, 2 bed not to far from the sea, max 8 miles, ideally in a seaside town. Doe's anyone have any experience in Spanish Law regarding properties etc. Also, any tips for not getting ripped off, like where to buy(ebay or something). Spanish properties crashed 50% so there must be a number of flats for less than 50K, am I right? At last: what is real renting potential on a 2 bed flat in a seaside town in Spain? I am not looking to get rich by renting overseas property but it would be good to have someone to spend some time in there during the year and drop a penny or two. Please help me guys








Just sold my flat in Mallorca at a cut price ,to get ahead of the curve rental market is very iffy very poor returns buying and selling cost are very high,do not expect to make any capital gains,and watch for community fees they just go higher and higher one of the main reasons i sold up ,I still love Spain but will use a hotel or a long term rental,loads available from 400 euro a month

This post has been edited by barrabus: 04 September 2010 - 06:45 PM

[miko]

LittleSteroid, on 04 September 2010 - 06:32 PM, said:

Hi guys. I'm fed up with waiting. I know houses in UK will go down, but if it's going to happen Japanese style then thank you, but no thank you. So I'm thinking about buying flat in Spain, 2 bed not to far from the sea, max 8 miles, ideally in a seaside town. Doe's anyone have any experience in Spanish Law regarding properties etc. Also, any tips for not getting ripped off, like where to buy(ebay or something). Spanish properties crashed 50% so there must be a number of flats for less than 50K, am I right? At last: what is real renting potential on a 2 bed flat in a seaside town in Spain? I am not looking to get rich by renting overseas property but it would be good to have someone to spend some time in there during the year and drop a penny or two. Please help me guys

Wait

They have dropped and dropped but will drop a lot more yet. Soon the two bed flat in Spain will be cheaper than buying a mobil home over here.
Forget about any rental money , as there are so many up for rent but if it does get rented it will be a bonus.

[campervanman]

Spend some time on expat forums covering the area you are interested in. It will give you a good insight into problems other people have run into.

[juba]

LittleSteroid, on 04 September 2010 - 06:32 PM, said:

Hi guys. I'm fed up with waiting. I know houses in UK will go down, but if it's going to happen Japanese style then thank you, but no thank you. So I'm thinking about buying flat in Spain, 2 bed not to far from the sea, max 8 miles, ideally in a seaside town. Doe's anyone have any experience in Spanish Law regarding properties etc. Also, any tips for not getting ripped off, like where to buy(ebay or something). Spanish properties crashed 50% so there must be a number of flats for less than 50K, am I right? At last: what is real renting potential on a 2 bed flat in a seaside town in Spain? I am not looking to get rich by renting overseas property but it would be good to have someone to spend some time in there during the year and drop a penny or two. Please help me guys

Take a look at these 2 links,you'll find them very helpful.
Although it's for the Canary Islands,I'm sure most of it is still relative.

Spanish Property Advice

Agent Gimmicks

[nohpc]

miko, on 04 September 2010 - 08:06 PM, said:

Wait

They have dropped and dropped but will drop a lot more yet. Soon the two bed flat in Spain will be cheaper than buying a mobil home over here.
Forget about any rental money , as there are so many up for rent but if it does get rented it will be a bonus.

that kind of talk happens at market bottoms.

Why would a 2 bedroom flat be so cheap? They have to at least sell for more than the cost to build them.

Actually, people might get them that cheap but it'll be millionaires/billionaires buying up whole blocks of distressed new builds which are empty for 10% of their original asking price.

[Mugwump]

If I were you I would think very carefully indeed before buying a house or apartment in Spain. Many developments, particularly on the coast of mainland Spain, have the approval of local authorities, but are still illegal because they do not meet the requirements of regional or national authorities. Permissions to build have been granted by local politicians, or their representatives, intent on short term gain in the form of a backhander, regardless of the eventual outcome for buyers.
Be aware also that you may be liable for a tax on the property based on thedifference between the last registered resale value and what you paid. This is designed to stop the prevalent practice of payment in cash under the counter. For example, If you pick up a bargain for 150,000 Euros, and it sold previously for 250,000 Euros, then it is very probable that the local authorities will assume you are paying the 100,000 Euros difference "under the counter". They will not accept that the property has fallen in value, they will just think you are trying to avoid tax. So, you will be hit with a tax bill of about 30% on the 100,000 and a fine as well. Spain is quite corrupt. Don't do business there unless you are aware of all the pitfalls.
As another example of what can go wrong, you might be interested to know that if you buy a country property with land and the government decides to build a road through it then they can acquire your land without compensation. Worse even than that is that you may become liable for the cost of building the road through your property, in other words, they may bill you for the road.
Still want to buy in Spain? In a falling market?

[LittleSteroid]

Mugwump, on 04 September 2010 - 10:18 PM, said:

If I were you I would think very carefully indeed before buying a house or apartment in Spain. Many developments, particularly on the coast of mainland Spain, have the approval of local authorities, but are still illegal because they do not meet the requirements of regional or national authorities. Permissions to build have been granted by local politicians, or their representatives, intent on short term gain in the form of a backhander, regardless of the eventual outcome for buyers.
Be aware also that you may be liable for a tax on the property based on thedifference between the last registered resale value and what you paid. This is designed to stop the prevalent practice of payment in cash under the counter. For example, If you pick up a bargain for 150,000 Euros, and it sold previously for 250,000 Euros, then it is very probable that the local authorities will assume you are paying the 100,000 Euros difference "under the counter". They will not accept that the property has fallen in value, they will just think you are trying to avoid tax. So, you will be hit with a tax bill of about 30% on the 100,000 and a fine as well. Spain is quite corrupt. Don't do business there unless you are aware of all the pitfalls.
As another example of what can go wrong, you might be interested to know that if you buy a country property with land and the government decides to build a road through it then they can acquire your land without compensation. Worse even than that is that you may become liable for the cost of building the road through your property, in other words, they may bill you for the road.
Still want to buy in Spain? In a falling market?

sick?

[timebandit]

Last year getting frustrated with the UK property market we decided to have three weeks in Spain.

We fell for the publicity and based ourselves near La Zenia, Cabo Roig and Villa Martin.

Found the area to be just nasty, however if you are looking for

Poor build quality, British and Irish Chavs, prostitutes, squatters, poor drainage, litter and dog mess its ideal.

[getdoon_weebobby]

timebandit, on 05 September 2010 - 01:08 PM, said:

Last year getting frustrated with the UK property market we decided to have three weeks in Spain.

We fell for the publicity and based ourselves near La Zenia, Cabo Roig and Villa Martin.

Found the area to be just nasty, however if you are looking for

Poor build quality, British and Irish Chavs, prostitutes, squatters, poor drainage, litter and dog mess its ideal.

my mum bought out in la zenia in 1999 , a really nice development of townhouses . then the concrete jungle built up around her. sold in about 2003 and moved inland towards aspe and la romana . take a look at the area around there , quiet , not built up and only 25 min drive from alicante airport.

[LiveAndLetBuy]

Spain is still waiting for the austerity measures to kick in. Next year they will also get rid of a mortgage repayment tax rebate, which should also help force prices down. Also the banks are still playing silly buggers: sitting on stacks of property and trying to control its supply by either not marketing it, or placing it on the market at unrealistic prices in order to make them look solvent. The Bank of Spain is threatening to crack down on this, so maybe, just maybe, there might be a flood of properties to the market next year. This, combined with the problem of being stuck with the euro, indicates that Spanish property ain't going anywhere but down for a long time. I reckon Spain will "do a Japan" and drift down for a decade or so until it becomes competitive again, but who knows.

of course if you fancy the idea of living in Spain, learning the lingo and making yourself popular with the local ladies/men then there's a lot more to the country than the ghastly med coast.

[timebandit]

getdoon_weebobby, on 08 September 2010 - 09:59 AM, said:

my mum bought out in la zenia in 1999 , a really nice development of townhouses . then the concrete jungle built up around her. sold in about 2003 and moved inland towards aspe and la romana . take a look at the area around there , quiet , not built up and only 25 min drive from alicante airport.

Thanks we will have a look.

We are planning another trip if the UK market property fails to reach our hopes. I was surprised how much I missed the green fields.We have been doing a bit of research lately, and seem to prefer Northern Spain closer to the French or Portugal borders.

[BuyInOxford]

Why not just go out there and rent.

Ive ran an overseas agency and if it werent for the 10% commission id have recommended families to RENT instead of selling up moving the family and making returning to the same kind of lifestyle almost impossible.

Rent you will get to know the area and more importantly see if it is for you, RENT for a year or 2 then you can move about if need be, holidaying and living in the same place are 2 completely different things.

Ive been away for 10 years and it isnt really for me, many if not most think the same.

To rent is the best free advice you'll get this afternoon.

[spanman]

BuyInOxford, on 14 September 2010 - 11:45 AM, said:

Why not just go out there and rent.

Ive ran an overseas agency and if it werent for the 10% commission id have recommended families to RENT instead of selling up moving the family and making returning to the same kind of lifestyle almost impossible.

Rent you will get to know the area and more importantly see if it is for you, RENT for a year or 2 then you can move about if need be, holidaying and living in the same place are 2 completely different things.

Ive been away for 10 years and it isnt really for me, many if not most think the same.

To rent is the best free advice you'll get this afternoon.

+1.
I've been renting out here for 10 years - freedom to move whenever you want - a real bonus if you get crap neighbours. Currently in a 4 bed villa with private pool and all mod cons 800 euro/month