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OK you property experts ........

OK you property experts ........

Old Jan 28th 2007, 4:38 pm
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Default OK you property experts ........

As I know many of you have varying strong opinions on this, say I have £150k to spend on a property (in a joint purchase with a friend)

Would you buy in Spain as a holiday property let, or would you buy in the UK as a corporate or long term let.
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Old Jan 28th 2007, 4:52 pm
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Default Re: OK you property experts ........

if its Spain you decide to buy in I would wait a while - a few agents Ive been speaking to recently are predicting a crash in the market

Im toying with the idea of buying another place but Im gonna wait a few months and see what happens, also the rentals market here dont seem to be as good as it was a few years ago - have a look on holiday-rentals.co.uk and you can see the amount of places local that go for months without a let
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Old Jan 28th 2007, 5:51 pm
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Default Re: OK you property experts ........

Originally Posted by spain View Post
if its Spain you decide to buy in I would wait a while - a few agents Ive been speaking to recently are predicting a crash in the market

Im toying with the idea of buying another place but Im gonna wait a few months and see what happens, also the rentals market here dont seem to be as good as it was a few years ago - have a look on holiday-rentals.co.uk and you can see the amount of places local that go for months without a let

I know ... our villa was originally a holiday let on holiday-rentals. You need a specific formula to guarantee bookings. Pool, view & presentation.

Problem with the crash theory is that they have been predicting that for 12 months or so now.
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Old Jan 28th 2007, 5:56 pm
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Default Re: OK you property experts ........

mmmmm yes thats the trouble - who exactly starts these predictions !!!!

I have seen lots of places in Oliva for sale recently - do you know why ? is it just that the expats bought the places dirt cheap years ago and are now trying to cash in ? or are they all going back to England ?
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Old Jan 28th 2007, 6:09 pm
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Default Re: OK you property experts ........

Originally Posted by spain View Post
mmmmm yes thats the trouble - who exactly starts these predictions !!!!

I have seen lots of places in Oliva for sale recently - do you know why ? is it just that the expats bought the places dirt cheap years ago and are now trying to cash in ? or are they all going back to England ?
I think its just the sign of a growing market. TBH I'm never aware of a large expat community here. I know theres a huge expat meet at Viva Espana every Thursday, but have never been.

Theres been a lot of new build around the back of the "new" town recently. Its hidden away so you can't find it unless you look, but maybe thats something to do with it .... oh and Tossal Gros of course but thats slowed down now.

Whats the market like on Gandia playa? Its a short season isn't it?
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Old Jan 28th 2007, 6:18 pm
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Default Re: OK you property experts ........

Originally Posted by Mitzyboy View Post
As I know many of you have varying strong opinions on this, say I have £150k to spend on a property (in a joint purchase with a friend)

Would you buy in Spain as a holiday property let, or would you buy in the UK as a corporate or long term let.
I would not buy anywhere just yet. I would wait a few months to see how BOE interest rates pan out. Spain IMO is a buyers market the choice is yours, and the yield in uk rental income in most areas is less than what you can get in a good savings a/c without the aggravation.

But I am no expert just my own opinion.
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Old Jan 28th 2007, 6:23 pm
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Default Re: OK you property experts ........

Originally Posted by Mitzyboy View Post
As I know many of you have varying strong opinions on this, say I have £150k to spend on a property (in a joint purchase with a friend)

Would you buy in Spain as a holiday property let, or would you buy in the UK as a corporate or long term let.

I'd forget either and go for somewhere like Bulgaria as an investment becoming very popular holiday resort know someone who went and is going again next year said it is like Spain used to be and reasonably priced.

Helen
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Old Jan 28th 2007, 6:31 pm
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Default Re: OK you property experts ........

is that the Gandia Social Club ? didnt know that was still going if it is - not really my cup of tea as Ive heard that its not that "social"

Gandia is very quiet out of season yes

mmm Bulgaria seems to becoming more popular - but saw a programme on TV once and a guy was trying to buy a place that had shared ownership and was having all sorts of problems but suppose there are always ways around those things
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Old Jan 28th 2007, 6:55 pm
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Default Re: OK you property experts ........

[QUOTE=spain;4335233]is that the Gandia Social Club ? didnt know that was still going if it is - not really my cup of tea as Ive heard that its not that "social"

Gandia is very quiet out of season yes

mmm Bulgaria seems to becoming more popular - but saw a programme on TV once and a guy was trying to buy a place that had shared ownership and was having all sorts of problems but suppose there are always ways around those things[/QUOTE

I suppose buying in a country where we don't speak the language is always difficult you just need to get a good lawyer, but how do you know they are good until you use them. There was someone on her a few months ago with a nightmare story of a friend who bought a resale property in Spain and there was a debt against the property (they ran up at the last minute)that the owner didn't declare and the buyers were liable, I think it was a very large amount and they supposedly had a good solicitor.
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Old Jan 28th 2007, 6:58 pm
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Default Re: OK you property experts ........

yes Ive heard stories like that before

I think the more you think about buying abroad ( in whatever country) the more pitfalls there are - and like you say even with a "good lawyer" you can still get ripped off and lose your money

its scary isnt it
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Old Jan 28th 2007, 6:59 pm
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Default Re: OK you property experts ........

[QUOTE=helenp;4335282]
Originally Posted by spain View Post
is that the Gandia Social Club ? didnt know that was still going if it is - not really my cup of tea as Ive heard that its not that "social"

Gandia is very quiet out of season yes

mmm Bulgaria seems to becoming more popular - but saw a programme on TV once and a guy was trying to buy a place that had shared ownership and was having all sorts of problems but suppose there are always ways around those things[/QUOTE

I suppose buying in a country where we don't speak the language is always difficult you just need to get a good lawyer, but how do you know they are good until you use them. There was someone on her a few months ago with a nightmare story of a friend who bought a resale property in Spain and there was a debt against the property (they ran up at the last minute)that the owner didn't declare and the buyers were liable, I think it was a very large amount and they supposedly had a good solicitor.

150,000 euros!
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Old Jan 28th 2007, 7:03 pm
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Default Re: OK you property experts ........

Originally Posted by Mitzyboy View Post
As I know many of you have varying strong opinions on this, say I have £150k to spend on a property (in a joint purchase with a friend)

Would you buy in Spain as a holiday property let, or would you buy in the UK as a corporate or long term let.
I would buy a new build in the outskirts of Valencia, where only the Spanish are buying to live and work.

Then rent long term or sell on when it's complete.
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Old Jan 28th 2007, 7:06 pm
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Default Re: OK you property experts ........

Yes its best not to think about the horror stories and just do it as sensibly as you can, I suppose it happens in Britain to i.e. people don't have full surveys and discover house is falling down or full of damp.
Thats why I read this site lots of good advice.

Helen
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Old Jan 28th 2007, 11:02 pm
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Default Re: OK you property experts ........

Originally Posted by Mitzyboy View Post
As I know many of you have varying strong opinions on this, say I have £150k to spend on a property (in a joint purchase with a friend)

Would you buy in Spain as a holiday property let, or would you buy in the UK as a corporate or long term let.
UK, because it would be easier to manage in a language I understand.

On the other hand I wouldn't buy any property anywhere at present as an investment as the market is about to slip in my opinion. This could well magnify in Spain because of the corruption scandals as international buyers find safer places to invest.
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Old Jan 28th 2007, 11:50 pm
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Default Re: OK you property experts ........

Originally Posted by Mitzyboy View Post
As I know many of you have varying strong opinions on this, say I have £150k to spend on a property (in a joint purchase with a friend)

Would you buy in Spain as a holiday property let, or would you buy in the UK as a corporate or long term let.
OK lets get back to basics. How can any body give advice/opinion without knowing what the original posters objectives are. If they want to invest for the lifestyle (ie holiday let but not really bothered about rental income, more interested in personal use) then just buy what/where floats your boat.

If you want to invest in property, then are you looking for yield or capital growth. Most UK property investors look to "wipe their face" to cover BTL mortgage etc with rental, and then remortgage later to take advantage of capital growth. The trick in the UK is to buy at below market value.

Personally speaking I would not touch any foreign property investment now or ever. Capital growth might seem attractive, but rental coverage seems to be patchy to say the least.

Kevin
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