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Priced Out Of A Home - Then Buy A "small Part Of One"

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Did I read that right? -

"They bought a 12th share in a three-bedroom, three-bathroom furnished villa with its own pool on a golf development in the Western Algarve at Parque da Floresta for £75,000 two years ago. "

So a 3-bedder in Portugal is £900k!

Words fail me....

But pictures don't :lol::lol::lol::P

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and check the name of the advisor

Simon Conn, of Conti Financial Services, says: 'It's a good stepping stone to buying a place abroad outright. It's becoming more common in Europe, but you should be aware that it could take longer to sell than normal should you want to cash in your share.'

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The aptly named "Dimbo's" couldn't afford to buy their Holiday home so bought a "fraction" instead!

http://www.thisismoney.co.uk/mortgages/art..._page_id=8&ct=5

Are they stupid - or what! :rolleyes:

dimbylow2240506_100x110.jpg

Those happy smiles are gonna turn to despair when the wife has to go on the street and the children packed off to Gary Glitter for a fortnight. :(

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It sounds like a holiday home/investment to me - not for FTB

"value of their share increase by £20,000 already" - nice

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dimbylow2240506_100x110.jpg

Those happy smiles are gonna turn to despair when the wife has to go on the street and the children packed off to Gary Glitter for a fortnight. :(

:lol::lol::lol:

75k for 4 weeks a year in a shared apartment.

Last July they bought a quarter share of a beach house being built nearby at Salema by the same developer, Vigia, for £114,000... His annual maintenance fees are £1,175 for the villa and £2,000 for the beach house. They raised the money to buy the properties by tapping into the equity of their home in Northwich

You couldn't make this stuff up.

Have they even bothered to work out how much it's going to cost them to go to the sameplace every year for evermore? Certainly a LOT more than it would cost to rent a place for a few weeks and have a choice of destination. Mind you if prices keep rising he'll be a multi-millionaire 1/4 share property magnate in 30 years time.

What a pair of tools.

:huh:

Edited by devslim

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It sounds like a holiday home/investment to me - not for FTB

"value of their share increase by £20,000 already" - nice

Yeah - it's not a £900k 3-bedder any more, it's seen a 27% increase in value since they bought it. So it's worth £1.14m now! Of course it is...

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Yeah - it's not a £900k 3-bedder any more, it's seen a 27% increase in value since they bought it. So it's worth £1.14m now! Of course it is...

Does it come with its own ATM in the wall? <_<

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Does it come with its own ATM in the wall? <_<

Nope - the ATM is in Northwich - apparently embedded in the wall of their house.

I find this story truly despairing. These people have two children to take care of. So they decide to buy 1/12th of a house in Portugal for £55k, which will probably cost them circa £100k once you factor in interest payments. So £100k for 1/12 of a 3_bed house in Portugal. And then they buy 1/4 of another because the previous one "increased in value by £20,000". FFS, surely this one is so obviously stupid that no-one would do such a ridiculous thing. Obviously not. I know that such people deserve whatever they get out of their stupidity risk-taking, but I find it painful to see families with young children making decisions that will inevitably affect the kids in some way.

Alternatively, maybe I'm the stupid one and am missing out on yet another great investment opportunity (I'm meeting my mates tomorrow night who will no doubt be telling me how great their investments in Bulgarian property are going and that I really must take up a big mortgage to buy there as it's a dead cert). I can't work it out.

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Guest Cletus VanDamme

Alternatively, maybe I'm the stupid one and am missing out on yet another great investment opportunity (I'm meeting my mates tomorrow night who will no doubt be telling me how great their investments in Bulgarian property are going and that I really must take up a big mortgage to buy there as it's a dead cert). I can't work it out.

IMHO this is simply a 21st century re-run of the 1980s timeshare fiasco. Can't believe people have such short memories.

I find it hilarious when I see these programs where the EA plays the deux ex machina, saving the day by announcing that the place has gone up by 20K. And the credits roll.

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IMHO this is simply a 21st century re-run of the 1980s timeshare fiasco. Can't believe people have such short memories.

I find it hilarious when I see these programs where the EA plays the deux ex machina, saving the day by announcing that the place has gone up by 20K. And the credits roll.

True, true, but this is on another scale isn't it?

Love the term "deus ex machina" - these people are going to need the help of deus to get out of this one.

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the value may have gone up by £20k but:

2 years repayment on a 75K mortgage = £10632

2 years maintainance = £2350

real overall value increase = £7000

cost of 2 two week holidays to portugal = nearly £13000

but at least the have somewhere to stay when they lose their house in northwich (for one month a year)

Edited by davep24

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the value may have gone up by £20k but:

2 years repayment on a 75K mortgage = £10632

2 years maintainance = £2350

real overall value increase = £7000

cost of 2 two week holidays to portugal = nearly £13000

but at least the have somewhere to stay when they lose their house in northwich (for one month a year)

Well if they are homeless at least they will get a nice holiday once a year. :unsure:

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



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