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Buying a property - Newbie!

Buying a property - Newbie!

Old Apr 4th 2019, 5:07 pm
  #1  
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Default Buying a property - Newbie!

Hello

We are seriously considering buying an apartment in Mijas Costa. However, there are so many permutations and options eg location, mortgage or not, realistic rental incomes, management charges etc etc the list goes on!?

Are there people with previous experience who could give us an idiot guide to pros & cons of buying and the possible traps we could fall into?

Many thanks

Fliss (UK)
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Old Apr 6th 2019, 10:45 am
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Default Re: Buying a property - Newbie!

Suggest you start here

https://www.gov.uk/guidance/how-to-b...perty-in-spain

https://www.pellicerheredia.com/en/investments


Last edited by spainrico; Apr 6th 2019 at 10:47 am.
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Old Apr 6th 2019, 4:51 pm
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Default Re: Buying a property - Newbie!

If you hope to rent out your apartment as a holiday unit remember you are up against the likes of Airbnb. If your not there you will need a letting company, someone to clean the place and greet new holiday makers, Insurance coverage, maintenance etc.
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Old Apr 8th 2019, 10:06 am
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Default Re: Buying a property - Newbie!

I'm sure if you use the search option you'll find very detailed discussions but I'll tell you my experience in a nutshell. My experience is in Barcelona but it could be relevant. First thing you should do visit the place and spend enough time to check all the areas. Read about it and find out what areas are on demand. Also use reputable sites like idealista and others to check the prices of both buy and rentals. You can also pay for valuation reports that can be used to give a general idea. After you do all that and you are sure you want to see apartment and invest, contract a lawyer who is used to perform due diligence for foreign investors. This is a must as there are many things the lawyer should investigates then provide you with a report and a go or no go. As to mortgage, rates are law now, so you might take advantage of that. If you think about the return on investment it's really not attractive investment after you deduct all expenses and taxes but people have different motives to do that.

Last edited by citizen_of_Barcelona; Apr 8th 2019 at 10:13 am.
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