Go Back  British Expats > Living & Moving Abroad > Europe > Spain
Reload this Page >

buying off plan........oh dear

buying off plan........oh dear

Old Aug 8th 2008, 1:16 am
  #16  
BE Enthusiast
 
Joined: Mar 2007
Location: España
Posts: 728
twyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond reputetwyntub has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
My Bank? Yes of course, they have done nothing to make me mistrust them
Apart from [most banks go here] losing billions and billions and billions in attempts to package loans made to people who could never repay them off their balance sheets using special instruments to disguise what they really are so they could sell more loans to more people who could never repay them, but it's all fine as long as house prices only ever keep rising?!

Collateralized Debt Obligation, anyone?
twyntub is offline  
Old Aug 9th 2008, 8:14 am
  #17  
Getting younger every day
 
sagalaut's Avatar
 
Joined: Mar 2008
Posts: 211
sagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by TheLostPhotographer
Those CGI models are very convincing these days. Now is most definitely NOT the time to buy off-plan. It's dodgy in the best of circumstances. DON'T BUY OFF-PLAN now. Could well be Ten years before you get to move in if you're lucky.

Just don't! No matter how good the promise. Don't do it.
Off Plan in a big development is like growing your own tomatoes. Problem is... if yours are ripe so are everybody else's. Now try selling on your "investment" contract!
They drag you all across Europe,accommodate, wine and dine you to make a profit for YOU?!.
C´mon grow a brain.
sagalaut is offline  
Old Aug 10th 2008, 3:00 am
  #18  
BE Enthusiast
 
Joined: Mar 2008
Posts: 368
ForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to all
Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
No, I paid in stages, but only when certain stages of the build had been reached. At every stage I had the option to pull out, and there were penalty clauses for late finish by the builder.

Deposit to secure the plot (which was deducted from the next payment)
Next payment when footings were in
Next payment at roof stage
Final payment at Notary

As far as I can see the subject handed over £80k before even a brick was laid
Yes 80K is too much for a deposit. How long was your house completed after you put down the 7K? Off-plan really suits me as I got a house to sell. After reading so much in this forum, it's scary to go for off-plan but I want a new house. This is the hardest decision for me.

The housing market in Vancouver has slowed down starting this year. It was like selling hot cakes last year. It's hard to say as my 1st house was sold within 2 wks when the housing market was depressed at that time. I'm just hoping this 2nd house will be sold within 2 to 9 mths.
ForHotspot is offline  
Old Aug 10th 2008, 3:16 am
  #19  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by ForHotspot
Yes 80K is too much for a deposit. How long was your house completed after you put down the 7K? Off-plan really suits me as I got a house to sell. After reading so much in this forum, it's scary to go for off-plan but I want a new house. This is the hardest decision for me.

The housing market in Vancouver has slowed down starting this year. It was like selling hot cakes last year. It's hard to say as my 1st house was sold within 2 wks when the housing market was depressed at that time. I'm just hoping this 2nd house will be sold within 2 to 9 mths.
It was planned for 12 months, and it was ready almost to the day.

It annoys me to some extent because people come on here and make out off plan is the curse of all men.

There are rules to follow, just the same as there are rules for re sales, its just that they are different rules.

I wouldn't buy a one off new house build near the coast on its own, especially in Valencia prov.
Small urb maybe, mine is 6 kms inland on an old established area
Research the builder and ask in the area of people they have already built for.
Use a solicitor (preferably recommended) that is in another town - tell them that everything has to be right before they start (i.e. planning)
If you can, go to the town hall and check the plot, or get the solicitor to.
Get a contract drawn up with get out clauses and penalty clauses for late finishing.

I'm sure people will try to pick holes in it, but it doesn't have to be a disaster.

Sagalaut: You may be right, they make a profit out of you. If they didn't its them that would need to grow a brain .... they'd be out of business and people would then be moaning about builders leaving people in the lurch!!!
Mitzyboy is offline  
Old Aug 10th 2008, 3:26 am
  #20  
Getting younger every day
 
sagalaut's Avatar
 
Joined: Mar 2008
Posts: 211
sagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
It was planned for 12 months, and it was ready almost to the day.

It annoys me to some extent because people come on here and make out off plan is the curse of all men.

There are rules to follow, just the same as there are rules for re sales, its just that they are different rules.

I wouldn't buy a one off new house build near the coast on its own, especially in Valencia prov.
Small urb maybe, mine is 6 kms inland on an old established area
Research the builder and ask in the area of people they have already built for.
Use a solicitor (preferably recommended) that is in another town - tell them that everything has to be right before they start (i.e. planning)
If you can, go to the town hall and check the plot, or get the solicitor to.
Get a contract drawn up with get out clauses and penalty clauses for late finishing.

I'm sure people will try to pick holes in it, but it doesn't have to be a disaster.

Sagalaut: You may be right, they make a profit out of you. If they didn't its them that would need to grow a brain .... they'd be out of business and people would then be moaning about builders leaving people in the lurch!!!
You mean they don´t?
Try this blog and see for yourself
http://www.eyeonspain.com/forums/Threads.aspx?dev=FB36
Whose side are you on?

Last edited by sagalaut; Aug 10th 2008 at 3:55 am. Reason: Post to a blog if you like but that link was to a commercial site & forum
sagalaut is offline  
Old Aug 10th 2008, 3:28 am
  #21  
BE Enthusiast
 
Joined: Mar 2008
Posts: 368
ForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to all
Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
It was planned for 12 months, and it was ready almost to the day.

It annoys me to some extent because people come on here and make out off plan is the curse of all men.

There are rules to follow, just the same as there are rules for re sales, its just that they are different rules.

I wouldn't buy a one off new house build near the coast on its own, especially in Valencia prov.
Small urb maybe, mine is 6 kms inland on an old established area
Research the builder and ask in the area of people they have already built for.
Use a solicitor (preferably recommended) that is in another town - tell them that everything has to be right before they start (i.e. planning)
If you can, go to the town hall and check the plot, or get the solicitor to.
Get a contract drawn up with get out clauses and penalty clauses for late finishing.

I'm sure people will try to pick holes in it, but it doesn't have to be a disaster.

Sagalaut: You may be right, they make a profit out of you. If they didn't its them that would need to grow a brain .... they'd be out of business and people would then be moaning about builders leaving people in the lurch!!!

Thanks very much Mitzy as I most likely will go for an off plan. Your advice is really helpful.
ForHotspot is offline  
Old Aug 10th 2008, 3:30 am
  #22  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by sagalaut
You mean they don´t?
Try this blog and see for yourself
http://www.eyeonspain.com/forums/Threads.aspx?dev=FB36
Whose side are you on?
What do you mean who's side am I on
I'm not on any side

Yes, builders do leave people in the lurch. So do they in the UK. So do they anywhere!!!

I am making the point that there are precautions to take

I forgot to add to my list that a bankers guarantee is always nice
Mitzyboy is offline  
Old Aug 10th 2008, 3:39 am
  #23  
Forum Regular
 
Joined: Oct 2007
Location: Rugby
Posts: 290
Justlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud of
Default Re: buying off plan........oh dear

Originally Posted by ForHotspot
Thanks very much Mitzy as I most likely will go for an off plan. Your advice is really helpful.
Presumably you do not need to sell to be able to mae all the stage payments.

The problem at the moment and probably for some considerable time to come is if you need capital from your home in the UK to pay the balance you may not find the UK sale fast enough.

Of course if you have all your purchase money, no problem.

I take into account all Mitzyboy says about contractual protection but I think he bought when the market was (far) better.

Even good builders must struggle financially now and if they go bust it is all very well having contractual rights but that may take a while to sort out and who do you get to complete the build?
Justlookin is offline  
Old Aug 10th 2008, 3:42 am
  #24  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by Justlookin
Even good builders must struggle financially now and if they go bust it is all very well having contractual rights but that may take a while to sort out and who do you get to complete the build?
So ......... how would you go about protecting yourself when buying a newbuild in the UK, bearing in mind there is apparently a housing crisis happening there.
Mitzyboy is offline  
Old Aug 10th 2008, 3:44 am
  #25  
Forum Regular
 
Joined: Oct 2007
Location: Rugby
Posts: 290
Justlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud of
Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
What do you mean who's side am I on
I'm not on any side

Yes, builders do leave people in the lurch. So do they in the UK. So do they anywhere!!!

I am making the point that there are precautions to take

I forgot to add to my list that a bankers guarantee is always nice
Why doesn't someone else, other than Mitzyboy, support off plan buying.

I'm sure he is not the only one on this site who has had a good experience.
Justlookin is offline  
Old Aug 10th 2008, 3:46 am
  #26  
BE Enthusiast
 
Joined: Mar 2008
Posts: 368
ForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to allForHotspot is a name known to all
Default Re: buying off plan........oh dear

Originally Posted by Justlookin
Presumably you do not need to sell to be able to mae all the stage payments.

Yes I can make the various stages of the payment which I presume is about 30 % isn't it?
ForHotspot is offline  
Old Aug 10th 2008, 3:51 am
  #27  
Getting younger every day
 
sagalaut's Avatar
 
Joined: Mar 2008
Posts: 211
sagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond reputesagalaut has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by sagalaut
You mean they don´t?
Try this blog and see for yourself
(SNIP)
Whose side are you on?
No it wasn´t!
You just don´t like the truth, do you.
Shame you got the power to censor us.
sagalaut is offline  
Old Aug 10th 2008, 3:51 am
  #28  
Forum Regular
 
Joined: Oct 2007
Location: Rugby
Posts: 290
Justlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud ofJustlookin has much to be proud of
Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
So ......... how would you go about protecting yourself when buying a newbuild in the UK, bearing in mind there is apparently a housing crisis happening there.
Sorry, I wouldn't think of buying off plan anywhere now.

Nothing anti-Spanish here, just think off plan is a bad idea now, wherever.

I don't see it changing for some time I'm afraid. Wish it would, I want to sell sooner rather than later.

In Rugby you don't even get ridiculous offers to complain about, so very few people are looking to buy, believe me!!!
Justlookin is offline  
Old Aug 10th 2008, 3:57 am
  #29  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by Justlookin
Why doesn't someone else, other than Mitzyboy, support off plan buying.

I'm sure he is not the only one on this site who has had a good experience.
Most people don't buy off plan because they get put off by people on forums who have not bought off plan either*


There have been people in the past that have posted ...... but it usually ends up with a pointless discussion, because people are influenced by the bad press that the bad examples cause because they get the publicity, and quite rightly. How many times have I seen newspapers and TV companies advertising for people who have had bad experiences in Spain with property, or business, or whatever ... cos it makes good TV.









*Thats a joke btw, although I know its true of some that have posted here in the past
Mitzyboy is offline  
Old Aug 10th 2008, 3:58 am
  #30  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: buying off plan........oh dear

Originally Posted by sagalaut
No it wasn´t!
You just don´t like the truth, do you.
Shame you got the power to censor us.
Yes it was! The link took me to a developers forum. Post the link to a blog and you can put it here. I only enforce the rules, not make them!
Mitzyboy is offline  

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.