Equity Release

BlondieE

Well Done you, you must be delighted.......any more 'wrecks' on sale in spain so we can all jump on board?

shown73

True enough, I'm just going on my own unfortunate experiences, I suppose.

seven-day-weekend

BlondieE wrote:

Well Done you, you must be delighted.......any more 'wrecks' on sale in spain so we can all jump on board?

Loads! I'll let you know when ours has been renovated.:rotfl: :rotfl:

(They are called 'ruins' or ruinas' (Spanish) if you look on the property websites)

seven-day-weekend

shown73 wrote:

True enough, I'm just going on my own unfortunate experiences, I suppose.

OK, no offence taken :beer:

EdInvestor

We have had an estate agent round to value the house we live in , and the wreck (we explained to him what it would be like once renovated), and he has valued BOTH of them at twice what we expected.

So....we may be able to realise enough capital to do what we want just by selling the renovated wreck. (Even if we sell at less than the EA said).

Excellent news 7DW, good for you

Hope it works out.

missile

seven-day-weekend wrote:

I've heard some horror stories about equity release schemes.

However, I'm wondering if it could help us in the future.

We are almost 57 and 58.

I do not think any equity release scheme is available to you at your ages.

missile

PS: There are no regulations to control Spanish Estate Agents - absolutely anyone can (and do) call themselves an EA and I would suggest you try to check their qualifications and get more than one quote.

Similarly be very careful of UK builders working in Spain. He was a "brickies labourer" in UK but a "master builder" in Spain

margaretclare

missile wrote:

PS: There are no regulations to control Spanish Estate Agents - absolutely anyone can (and do) call themselves an EA and I would suggest you try to check their qualifications and get more than one quote.

Yes - there is a horror story at present still going on within DH's family. People bought a plot of land on which a house was going to be built, remortgaged their house in England to pay for it, and it turned out that the land wasn't owned by the person selling it. From memory, about 60,000 Euros went missing and the people are still trying to get it back.

Margaret

seven-day-weekend

missile wrote:

PS: There are no regulations to control Spanish Estate Agents - absolutely anyone can (and do) call themselves an EA and I would suggest you try to check their qualifications and get more than one quote.

Similarly be very careful of UK builders working in Spain. He was a "brickies labourer" in UK but a "master builder" in Spain

We have had two more quotes from Estate Agents and they vary greatly.

However, they have all quoted about the same for the 'wreck' once it is renovated. We'll obviously have it valued again once it's done.

We think we are going to sell the renovated wreck to get our money.

We wouldn't dream of using an English builder here in Spain. We will use a local man.Our excellent Miguel lives opposite and has done a terrific job of renovating our house, and he will hopefully start the 'wreck' in January, We've had to wait nearlly a year as he is so busy.

missile

Pleased to hear you are using a Spanish builder, funnily enough the guy we use is called Miguel. Well maybe not surprising as it is a common name.

We are 30 min south from Alicante. Where abouts are you?