buging property in spain

Natelle_2

Cancum: It is difficult for me to recommend specific areas and specific types of properties for you without knowing more about your investment budget, time scale of investment, specific property requirements, future plans and so forth. This is not the place to go into that sort of information.

Having said this it might help if you look at https://www.ownersdirect.co.uk to see the types of properties available for rental, prices and availability to give you a better idea of the market and the potential letting revenue. Hope this helps!

It is my believe that the financial figures may not stack up favourably if the investment in the property is purely for rental return and does not include an element of personal use as part of your annual holiday budget.

One further point - discuss your plans and concerns fully with the agent arranging your inspection trip.

Good luck and when you're out on your trip don't forget to visit the Nautilus Cafetierra at Punto Prima.

gatita

Natelle, I have no intention of getting into a discussion with you a aboaut the merits or not of buying a property in Torrevieja. Cancum asked for opinions, I gave mine as you gave yours. It is entirely upto Canum to make his/her mind up now.

As to your comment : "gatita: As it's not our intention to get involved with drugs, illegal immagrents, counterfeit goods or anything else that is the wrong side of the law, it's doubtfull if our path will directly cross that of the mafia"

Are you saying that innocent people never get caught up with the underworld! PLEASE....... I know of many people over there that have been the innocent victims of crime.
I quite understand that because you might not have had any problems so far, you feel that there isn't a problem! I hope for your sake it continues that way.

karenj

Hi Cancun

This topic has provided interesting reading with all sorts of different views. I would like to ask the question that if it is all new to you and you are asking about other areas to buy property, how come you decided on Torrivieja? You seem a little apprehensive about the area, so have you really done your research in buying property in Spain?

I know some people who bought property and lived in Torrevija for 4 years then moved much closer inland because it was too British for them (some might like it, others don't). I can't comment on crime etc. in the area as I don't know the stats.

Somone said that rental property supply probably exceeds demand. Maybe you should look at property further inland. You will probably not get a guaranteed rental income every week for 52 weeks of the year and will have to be prepared for it being empty for a few weeks/months. Have you considered renting on a long term basis, i.e 6 months like they do here? I am sure that there are many people looking for long term rental, but owners think they can make more money by renting weekly, which in the long run is not economical as they do not think of the weeks that the property is lying empty. You may not yield as much rental income, but at least it will be guaranteed for 6 months minimum.

If you are looking at buying property, take a look at all different areas; coastal, inland, whatever before you make a final decision. Maybe visit areas and select those you feel comfortable with. Don't buy somewhere just because someone has told you that 'it's great here - no problem renting your property', take your time.

Anyway, good luck with your endeavours. Hope it all works out and keep us all up to date with your news!

Natelle_2

gatita;

Lets' agree to disagree on the level of personal safety in the Torrevieja area!

Thanks for your wishes for a safe future.

Bye for now.

Natelle_2

cancum:

If you consider long term rentals I would pass on two items of advice given to us in the past by our Spanish solicitor, when we were considering long term rental for our property.
1. Don't offer any tenancy for a year or more, always keep it below 12 months.
2. Don't rent to Spanish tenants! Presumably because they know fully their rights on how to extend tenancies to their advantage, beyond the 12 months.

Good luck and think long and hard.

cancun_2

thanks to everyone who has left a comment on buying a property in spain. I have taken on board what everyone has said and will need to take time to sit and think about it. We were under the illusion that we would be able to rent out the apartment for most of the year and then take a holiday in it ourselves. We picked that area as it was recommended to us by an agent because of its links to golf and beaches. We know we can raise the money but to pay it all year round would be difficult enough. I don't know spain all that well and i'm just looking at web sites and your comments about it as i go along. Thanks everyone again for there input and if you have any other advice i will freely accept it. I also would like to comment on the mafia element this indeed sounds really scary, but i live in Northern Ireland so it doesn't really worry me too much!!

Happy_Face_2

Dont go on inspecton trips, sun sea and booze are not the way to decide on a major investment.
Go your own way by asking people in Spain. go to Torreveija and stop a few people and get an idea of what they say (thats if they live there) avoid the Quesada area as this is where all Brits are guided to. There are some super towns away from Tore. such as La Zenia Campoamor Mil Palmeres Torre de la Horadada and most towns south of these.
More advice if anybody require it, had a house 8 years and more now.
An agent will want to sell you a new property as there is 15% commision in it, a resale is a hell of a lot less to him.
A resale that has been around for a few years will be established in that if there are other propertes aroun there is unlikley to be others built right on your doorstep.
Owning in Spain is wonderful but talk to loads of people and try to get a common denominator. Also apart from fresh veg. and booze, Spain is as expensive as the UK and electrical items much more.

cancun_2

Again many thanks to all that took the time to respond to this thread.
A work colleague of my husband may have sent us in a different direction.

They reccommend buying property in Turkey.

It looks like changes to Turkish law mean that it is a lot easier for non-residence to purchase property there.

She bought hers for ~£25000 last year, and it is now valued at ~£55000.

Looking at some sites she suggested shows propertys available in the 20-30000 bracket!

Pushing it here....but anyone have any thougts?

gatita

Happy Face, I couldn't agree more with what you say! especially about the agents pushing new build lol, you obviously know the score and what and where to avoid;) and as you say living expenses have soared in Spain as my daughter is constantly telling me. I lived and worked in Spain for 25 years and have to say miss it a lot.Would go back tomorrow if I could but NOT to the Torrevieja area

karenj

Gatita

You obviously have spare money to buy property abroad if you are now looking at Turkey, which is good. Only thing is that flights are more expensive and it's at least 4 hours flying time. An ex colleague of mine bought property in Turkey and it cost her £25,000, so yes, prices are cheap in some areas. Mind you, her husband is Turkish (they live in the UK), so he could probably negotiate and know about the property buying legalities. Take care though if buying outside the EU - there may not be as many English speaking lawyers etc. so you might get conned! Good luck again.