Re: Buying a House? Why Wait?
 

Or need to sell at that price in order to clear the mortgage and not be in negative equity - and noone wants to sell a house for less than they bought it for

Re: Buying a House? Why Wait?
 

It is a half-witted attitude to disagree with the Spanish land registry statistics (TINSA) over the past few years, or to ignore advice from the Spanish government itself. It is worse than half-witted to buy a house at this time, knowing that it will be worth much less in a year's time.

This has nothing to do with buying a house to live in for many years, why not wait and save yourself 50K, and possibly more? And rent in the meantime? There's no need to panic because everyone and his dog will know when prices start rising again.

I can't think of many doom and gloom merchants on this forum, but can think of many misinformed souls who need to be told the truth before parting with their money. The only people talking up the dreadful Spanish house market at this time are people wishing to sell their property. They have my sympathy and I also have a property I wish to sell, but I wouldn't tell silly lies to persuade some innocent would-be expat to lose his money.

Santander is currently looking for a buyer for their property portfolio, at half-price, perhaps they are gloom and doom merchants too?

Re: Buying a House? Why Wait?
 

Totally agree. Rent and wait.

Re: Buying a House? Why Wait?
 

I hear stories of expats who just lock up and go home. one sent the keys to the bank.

Re: Buying a House? Why Wait?
 

Handing the keys back to the bank doesn't work. They pursue you for the rest of the debt, and charges for selling the property.

And that includes being pursued back to the UK and being aided by HMRC, just as they help them. The process may take 1 or 2 years, but they'll get you. The only good thing is that once back in the UK you could declare bankruptcy - I don't think that's an option in Spain.

Not a good option, though.

Re: Buying a House? Why Wait?
 

Was on the news today that HMRC has a new unit to investigate the owners of second homes overseas to see if they are declaring rental etc.

Re: Buying a House? Why Wait?
 

I cannot wait!

I went into my Spanish bank on 18 october to pay tax on rental income - it's an expat branch and that was 2 days before the cut off date for payment. Guess what? It was clear they had not seen one other Brit pay any tax as it was a new form 210 which replaces old 215 and they were unclear on process.

The sooner they catch up with these blighters the better. I reported here about one couple I know who were being pursued by hacienda but no details to report yet. At least they had been paying UK tax, though.

It is astonishing that people get away with defrauding not only the Spanish but also HMRC.

Re: Buying a House? Why Wait?
 

So you think things are going to remain stable over the next 2 years, no more Euro problems? I wish I shared your optimism. a lot of analysts seem to think there will be major ruptures. Put it this way, I can't see the present sitution lasting for 5 years, there would be a revolution long before then. At some point the governments will start printing money and prices will inflate. Even as we speak operators are going around picking up the decent bargains. Yes, if you wait there will probably still be some cheap stuff around in a few years, but it won't necessarily be the type of house you want to live in. Who can really predict what's going to be available in 5 years?

http://www.spanishpropertyinsight.co...holiday-homes/

Re: Buying a House? Why Wait?
 

The Russians have been coming for at least 10 years:rofl:

Re: Buying a House? Why Wait?
 

We used a lawyer when we bought. We were told the papers were in order. Now when we come to sell, they are not.

Re: Buying a House? Why Wait?
 

And according to that link they bought more than the Brits in August in Alicante. Could be just a blip of course. Just as the Spanish selling rail lines and/or systems to New Zealand, Turkey and Saudi Arabia could be just a blip. But I remember the 90s when unemployment was just as bad, the Brits were complaining about Spanish high prices and threatened to stop coming on holiday, and there were major currency upheavals. Yet it was the best ever time to buy spanish property (in the right place). I seem to remember you admitting you made quite a bit of money on property you bought then. Well done, I wish I had had the gumption to do the same at that time.:unsure:

Re: Buying a House? Why Wait?
 

The problem with Spain is quite unique, as it has a glut of houses, some will fall into decay before they are ever occupied, either by owners or tenants.

The buying of property for renting out is understandable in the UK, as there is a shortage for the growing population.

So as for the investors who are snapping up the Spanish housing stock, what are they going to do with it?

Re: Buying a House? Why Wait?
 

Use a good lawyer and you will have no problems, how many times has that phrase been wheeled out?

The thing is when people see a lawyer the presume that they are competent enought to weed out a dodgy property and have a duty of care to their client.

Sadly there are a lot who are incompetent, or ignorant of conveyancing.

Re: Buying a House? Why Wait?
 

Again, you could have said all that in the mid 90s, in much of England as well as Spain. There were whole streets in northern towns being sold for ridiculously low figures.

But not much point debating it here. We'll see within 3 or 4 years what direction we're heading in,. A continuining slump or a sudden expansionary and inflationary period. Both will present major problems. The one outcome I don't see is a steady recovery (during which house prices remain stable or gently decline). But, I can always be wrong. Most of us are wrong when we make these predictions. How many of you who are so convinced you know what house prices will be in 5 years, have predicted the Euro-pound rate correctly over the last 5 years?

Re: Buying a House? Why Wait?
 

Alot of the houses that sold for low prices in the 90 needed complete refurbs.

most of those house would be coming down anyway duie to being substandard.

That cannot compare to the situation in Spain, where too many houses have been built.

http://www.theolivepress.es/spain-ne...-housing-glut/