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PROPERTY RENOVATION IN SPAIN

PROPERTY RENOVATION IN SPAIN

Old May 26th 2007, 1:01 pm
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Default PROPERTY RENOVATION IN SPAIN

We have been thinking of property renovation in Spain to either sell on or rent out, we are not greedy we just want to make a living in a nice climate.
We are thinking of selling up here in UK, renting in Spain whilst using the equity from the sale of our house to purchase a rundown property,renovating it and selling it on at a reasonably cheap price for a quick sale rather than hanging onto it for months waiting for it to sell at a higher price because i believe that some people are asking too much for properties they have renovated, also marketing it ourselves saving on agent fees. We dont intend to have a portfolio of properties this is not the area that we want to get into. its going to be buy one sell one etc.
Has anyone got any advice or has anyone done this or in the process of this business .

thanks
sarah
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Old May 26th 2007, 4:22 pm
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Default Re: PROPERTY RENOVATION IN SPAIN

You will pay a lot in capital gains tax on a turn over this quick, do some extra homework on it, you may find it just is not worth it.
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Old May 26th 2007, 4:43 pm
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Default Re: PROPERTY RENOVATION IN SPAIN

In the UK you can do this kind of thing .... I know someone who would move into the house when it was finished for a period of time and then say it was their main residence to avoid taxes.

Things are different in Spain. PWWM is right ..... do research into the taxes and laws here before you make the committment
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Old May 26th 2007, 5:23 pm
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Default Re: PROPERTY RENOVATION IN SPAIN

It's not that easy.
I know of three properties around us that were bought by Brits in a run down state with a view to renovating and selling on at a profit.
All three remain unsold after being on the market for at least two years. These are not overpriced properties either, infact one is now so desperate to sell, that the house is priced at a loss just to try and get rid of paying the bills on it.
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Old May 26th 2007, 6:23 pm
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Default Re: PROPERTY RENOVATION IN SPAIN

I think you are all correct, if you sell (and that is a BIG if just now!) buying and selling costs are just too high.
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Old May 27th 2007, 1:07 pm
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Default Re: PROPERTY RENOVATION IN SPAIN

thanks everyone for your replies, it gives me something to think about

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