mikec44

Hi all

Myself and my wife have recently come back from Murcia and fell in love with a two bed top floor apartment fully furnished excellent condition for 60,000 euros.
The location was cusada.

what we need is advice if this will be a good investment or will the property fall further in the coming months? We do not have pots of money but would like to have a holiday home for us to use and in 10 years when we retire use for 3-4 months of the year.

The property will be a private sell as we met the couple on our trip.

Also is it likely the flights will increase further?

Thanks

Mike and Sharon

pwwm

60k is not a lot, dare I say if it is only for holidays for the long term future,it would seem good value to me, why not get a solicitor make sure all is well, if private sale haggle as well but go for it, enjoy it.
Who knows if flights will get dearer, maybe yes, maybe no, also resale value (may go down more, I wouldnt have thought too much) at 60k sounds good to me for your needs.
If you buy it have some great holidays and have fun

lynnxa

do you mean Ciudad Quesada?? that's in Alicante

yes prices might yet fall in the coming months, but if you're looking at it as a holiday home & long term investment then if I were you I wouldn't let it worry me

just be sure to find your own lawyer, don't use one recommended by the seller

Rosemary

As Concierge for the Spanish section of BE I would like to say hello and welcome.

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Please let me know if you need any further help.

Rosemary

missile

We know Ciudad Quesada very well. IMHO it is a very pleasant place to be.

Prices have fallen and continue to fall. Property in spain is not a good "investment", but if you factor in the cost of holiday accomadation and the joy of owning your own appartment it may be the best purchase you will make. 60,000 euros is not a lot of money for a holiday home, some spend more on a new car! Remember you will have taxes to pay on top and check out there may be loans secured on the property. You might want to look at other properties in the area for a comparison.
You might be interested in:

2 bed appartment with communal pool @ €51, 950
2 bed appartment with communal pool @ €59,000

2 bed appartment with communal pool @ €45,000

How often you will be able to use the property now? Where will you be flying from? Who knows what Michael O'Leary will do next? > http://news.bbc.co.uk/1/hi/uk/8630438.stm

bob_bob

The last I read a price drop of about 20% over the next year, so you could well end up loosing £10k or more, plus you may well have a job selling it full stop. If however your paying cash and are confident you will be using it for the next ten years or so then buy it.

That said, you can rent for silly cheap money long term if you look around. Why not rent for a year, @€4 -5K and see if you really do feel happy in the area and lifestyle. I've recently bought another buy to let in the UK, I'm happy, the price is right, I know my return etc, I'd not do the same in Spain to be honest.

Lynn R

If you like the area (I don't know it myself) I would definitely check out what other properties are for sale, after all someone you just happened to meet who has one to sell is not likely to be a disinterested party, are they? Maybe it's a good deal, maybe not, but you need to be sure it compares favourably with what else is out there.

Also, if you are buying on an urbanisation, don't forget to check out what the annual community fees will be and factor that into your budget, along with the IBI (Council Tax) and utility bills.

Many people think that they may be able to rent a property out when they are not using it themselves in order to cover those costs, but in a lot of areas there is so much over-supply that doing that is not really an option.

mikec44

Hi all
Many thanks for your your help and advice it is much appreciated

Mike

johnnyone

One of the best test of price is the cost per M2 compared with similar properties.

Having said that if you fall in love with somewhere and can afford to buy it, go for it. I would not look at it as an investment but as a lifestyle choice.

agoreira

Nobody knows for sure of course, it would be a guesstimate at best, but I can't see airfares dropping in the future. Many airlines are struggling, some are cutting routes or decreasing the number of flights, those remaining don't seem to be in a position to drop their prices. As others have said, have a good luck around the area, see how the prices compare with other on the market, there are plenty to choose from I'd have thought. Why are they selling? Property prices are said to have some way to go before they bottom, but again, it would be a guess. I know I certainly wouldn't be paying the offered price, if they are keen to sell, you should be able to negotiate the price down.

jonboy

It is made a little difficult to answer as the area you name is not easy to locate and as a result it is difficult compare with the surrounding area and to imagine which airport you would be flying to / from. Perhaps if you would better pinpoint those then the answers may be less general.
One thing that has become apparent to us over the past 6 or so years is that we don't so much own a flat in Spain, as it owns us!
Good luck with your venture.

jonboy

Leper

I dont know where your dream property is. From where I sit falling in love with a property in the Costas is akin to a twelve year old finding instant love with a bronzed beach bum-the second she met him. Many people living in Spain have a saying:- "When they (buying prospects) arrive, they leave their brains on the plane."

Wait. Visit in the off season. Visit again. Ensure yours is not a ghost town over the autumn/winter/spring. Probably, you will want to rent out the property; is it feasable? How much can you realistically expect to receive? What about maintenance? Dont forget security? Who will clean the place after rentals? Do you trust agents? Prices will fall further - remember many bought for a song and can still sell at at profit? If you buy, can you sell? (probably your main concern).

I agree with the poster who suggested you hire a solicitor (not an abogado) to represent you alone.

I think for the forseeable future you will be more prudent to rent.

johnnyone

You are dead right about that.

However if Mikec still wants a place after that they should go for it, just don't see it as a profit centre because it probably will not be.
Personally I see my properties (UK/Spain) as homes, the value is secondary too me.
I also do not rent mine out, simply because I see it as my other home to go to whenever I wish.

jonboy

As overall advice, I would say stick with the above. Enjoy it as a perk not as a money making machine. Keep what you have in the UK and so long as the flights are reasonable you should be ok.
Best regds
jonboy