cupidstunt Report post Posted May 24, 2006 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! Quote Share this post Link to post Share on other sites
mikthe20 Report post Posted May 24, 2006 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 Quote Share this post Link to post Share on other sites
canny man Report post Posted May 24, 2006 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.' Quote Share this post Link to post Share on other sites
ʎqɐqɹǝʞɐɥs Report post Posted May 24, 2006 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! 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. Quote Share this post Link to post Share on other sites
dnd Report post Posted May 24, 2006 It sounds like a holiday home/investment to me - not for FTB "value of their share increase by £20,000 already" - nice Quote Share this post Link to post Share on other sites
devslim Report post Posted May 24, 2006 (edited) 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. 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. Edited May 24, 2006 by devslim Quote Share this post Link to post Share on other sites
mikthe20 Report post Posted May 24, 2006 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... Quote Share this post Link to post Share on other sites
ʎqɐqɹǝʞɐɥs Report post Posted May 24, 2006 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? Quote Share this post Link to post Share on other sites
mikthe20 Report post Posted May 24, 2006 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. Quote Share this post Link to post Share on other sites
Guest Cletus VanDamme Report post Posted May 24, 2006 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. Quote Share this post Link to post Share on other sites
mikthe20 Report post Posted May 24, 2006 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. Quote Share this post Link to post Share on other sites
davep24 Report post Posted May 24, 2006 (edited) 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 May 24, 2006 by davep24 Quote Share this post Link to post Share on other sites
ʎqɐqɹǝʞɐɥs Report post Posted May 24, 2006 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. Quote Share this post Link to post Share on other sites
