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lampkin

Parents Just Bought A House In Spain

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So, my parents have bought a home in spain. My mum seemed happy, her first comment was "Houses have gone up 17% over the last year in spain, if we didnt buy now we would never be able to buy". They put the deposit down and the house will be built by 2007. They plan to put their current home on the market at the start of next year.

This has a massive impact on myself as i need some of the money that they get from the sale of their current home. Do you think doing something like this is insane? My mum was mensa, i can't believe she would believe that houses in spain will carry on up forever. Oh well, she said the builder seemed nice...

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I have some anecdotal:

I have just returned from a short holiday in Turkey. I have been going for the last 3 years and this year, all the shop owners and other Turks who recognised me were asking "what is wrong in England" and "how come nobody is spending anymore". . .

This seemed to be a common theme and even the local property developer who builds and sells villas and apartments has been saying that they are way down on sales this year comparatively.

I know someone who has had his place on the market in Spain for nearly 12 months now without a single viewing. He bought it as an "investment" and planned to let it out but has not let it out cos he thought he would have loads of viewings this season. Also, he now says there are loads of properties coming onto the market each week.

The wheels are well and truly coming off and the usual "Brit abroad" places like Spain and the like are going to be hit when people need to release some cash to pay off as the hard times hit back in the real world.

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Isnt Spain in the middle of a housing market crash :blink:

that was my understanding anyway :ph34r:

Not sure, my mum knows where i stand with housing prices. If in 2007 they have dropped she isnt going to be feeling so smug. Weird attitude from my own parents...They both earn fairly above average wages (£30k each) and i don't think have paid off any of their current home of almost 15 years.

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I genuinely hope it all works out for them/you.

I suspect it isn't a good idea though. There are a lot of horror stories about UK nationals living in Spain if you are prepared to look.

The holiday home market seems to be bombing. The building laws are allowing developers to repatriate land bought in good faith by these UK nationals. The Brits are also being singled out by the local crime gangs as fair game.

It's the last thing I'd consider, unless I was able to buy something top of the range up in the hills and surrounded by excellent security.

NDL

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This has a massive impact on myself as i need some of the money that they get from the sale of their current home.

You 'need' some of their money? Apologies if your parents do actually owe you money but your message reads as if you expect them to hand over a chunk of their equity at some point.

Only mention this as I wouldn't expect my folks to leave much for me (!) nor would I expect them to. For all that they've done I should probably be writing *them* a cheque :)

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This has a massive impact on myself as i need some of the money that they get from the sale of their current home. Do you think doing something like this is insane? My mum was mensa, i can't believe she would believe that houses in spain will carry on up forever. Oh well, she said the builder seemed nice...

Insane? Buying before they've sold? I think so.

You want cash from the sale of your parents house? To buy a house?

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You 'need' some of their money? Apologies if your parents do actually owe you money but your message reads as if you expect them to hand over a chunk of their equity at some point.

Only mention this as I wouldn't expect my folks to leave much for me (!) nor would I expect them to. For all that they've done I should probably be writing *them* a cheque :)

Heh, they don't owe me anything. But the money i *hope* to recieve is a more complicated matter that i dont wish to talk about :)

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The problem with parents is that one day you just have to let them go. You have to let them make their own mistakes and they will come back sooner or later and love you for it.

My parents have a place in France and its always one reason after another as to why they couldn't put it on the market last year etc. Now they are considering it and are worried about the market but still don't quite see all the dangers. They are currently in Spain with my Auntie who has lived in Malaga for the last 15 years. Hopefully she will tell them lots of horror stories about what has been built to block her view of the sea in that time (it really is shocking. I don't want my parents getting any crazy buy in Spain ideas.

It would be funny if my parents weren't 64 and about to retire with no new source of income to bail them out of any lost value over the coming years. We have long talked about the lucky affluent greys, but I think my parents could lose a lot just at the wrong moment.

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You 'need' some of their money? Apologies if your parents do actually owe you money but your message reads as if you expect them to hand over a chunk of their equity at some point.

Out of interest, why shouldn't he? His parents will not need their money forever and may have no desire to spend it. I think it is perfectly sensible and natural for parents to support their children in many ways, including financially.

Only mention this as I wouldn't expect my folks to leave much for me (!) nor would I expect them to. For all that they've done I should probably be writing *them* a cheque :)

I have no problem with parents choosing not to support adult offspring. Neither would I criticise anyone for expecting to receive money from their parents, especially if he was already told that was their intention. If your parents give you money that you do not need then you can always give it to your own children (or someone else entirely).

Thanks,

MoD

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I genuinely hope it all works out for them/you.

I suspect it isn't a good idea though. There are a lot of horror stories about UK nationals living in Spain if you are prepared to look.

The holiday home market seems to be bombing. The building laws are allowing developers to repatriate land bought in good faith by these UK nationals. The Brits are also being singled out by the local crime gangs as fair game.

It's the last thing I'd consider, unless I was able to buy something top of the range up in the hills and surrounded by excellent security.

NDL

Have you not seen hostage with Bruce willis then i take it. Sometimes security is your enemy! Good film recommend it!

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So, my parents have bought a home in spain. My mum seemed happy, her first comment was "Houses have gone up 17% over the last year in spain, if we didnt buy now we would never be able to buy". They put the deposit down and the house will be built by 2007. They plan to put their current home on the market at the start of next year.

This has a massive impact on myself as i need some of the money that they get from the sale of their current home. Do you think doing something like this is insane? My mum was mensa, i can't believe she would believe that houses in spain will carry on up forever. Oh well, she said the builder seemed nice...

Oh dear oh dear oh dear..........

2007 ouch........we should be well into a correction by then.

IQ has little bearing when it comes to common sense.........

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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