Get a bilingual lawyer who was recommended independently of the agent / seller - That is probably the most important thing you could do
Excellent, cheers for that.
Get a good Lawyer/Solicitor the legal side can be a nightmare…think British bureaucracy x100. Local taxes, registration, utilities, ground maintenance…OH just tell him to forget it.
Sold up when I saw the recession coming in 2007
Spanish property ownership nearly bankrupted my Mum. Just saying. The advice has to be, tread very carefully, research completely, get a second or third opinion.
How long did you own out there for? Did you also let? I know he’s not planning to.
Cool, cheers.
I know there are a lot of horror stories there, I think he’s looking up to about €150k so hopefully won’t bankrupt him. The thing he has mentioned a lot is not wanting to get hit with additional taxes levied from the Spanish government due to it being a foreign investor (a bit like Cypriot banks).
I would tell him to rent in Spain and invest the money in a property here.
Owned a town house in Marbella for 10 years in partnership with my brother-in-law. Didn’t let it, just let friends use it for a nominal amount. Letting means lots of worries about getting your placed trashed…and it will be to some degree. When we sold there were thousands of new properties unsold…if there are still lots of unsold new properties…don’t buy. I know people who have had their property on sale for years…they though they’d make a profit when they bought.
Can’t do that, you get ripped to pieces by the ‘holier than thou’ crowd.
ffs these fucking smileys. Please can we have a fucking laughing cock or something?
They certainly aren’t buying to make a profit. He has a young family and they want to holiday 3 or 4 times a year, without having to pay exorbitant holiday costs.
So buy somewhere here that earns enough rent to pay for your holidays? Do they really want to go to the same place on holiday forever?
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I’m left wondering whether Cherts went on the sauce in the recent past and ended up drunk-ordering an entire new lifestyle, including a money pit on the Costa Del Sol.
When you own abroad you’re almost tied to spend most of your holiday time there…just to get your money’s worth out of what you annually put into the place. Selling was the best move we made although it was a nice place.
For £100k? For 4-6 holidays a year? You’d need a return of £8k a year for that. I don’t think it’s the only place they’ll ever go, but good to just pack up and go to on random weekends. Weather good Feb to October.
Wouldn’t be the first time I’ve done something like that.
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Originally posted by @Chertsey-Saint
Originally posted by @Goatboy
Originally posted by @Chertsey-Saint
Originally posted by @lifeintheslowlane
Originally posted by @Chertsey-Saint
Originally posted by @lifeintheslowlane
Get a good Lawyer/Solicitor the legal side can be a nightmare…think British bureaucracy x100. Local taxes, registration, utilities, ground maintenance…OH just tell him to forget it.
Sold up when I saw the recession coming in 2007
How long did you own out there for? Did you also let? I know he’s not planning to.
Owned a town house in Marbella for 10 years in partnership with my brother-in-law. Didn’t let it, just let friends use it for a nominal amount. Letting means lots of worries about getting your placed trashed…and it will be to some degree. When we sold there were thousands of new properties unsold…if there are still lots of unsold new properties…don’t buy. I know people who have had their property on sale for years…they though they’d make a profit when they bought.
They certainly aren’t buying to make a profit. He has a young family and they want to holiday 3 or 4 times a year, without having to pay exorbitant holiday costs.
So buy somewhere here that earns enough rent to pay for your holidays? Do they really want to go to the same place on holiday forever?
For £100k? For 4-6 holidays a year? You’d need a return of £8k a year for that. I don’t think it’s the only place they’ll ever go, but good to just pack up and go to on random weekends. Weather good Feb to October.
They will still have to pay for flights/petrol to get there and back whether they own a property or not. My parents go to Portugal for 8-12 weeks per year and, after looking at buying somewhere, decided it was a much better deal to rent. Less headaches, more flexibility.
If they aren’t looking to rent it out for profit why do they want a property sitting there doing nothing for 90% of the year? If it’s just to say they’ve got a property abroad there are much cheaper ways of doing that!
Oh, and I forgot to ask, how old are they? 150k euros will buy 20 years of good holidays wherever they like!
If I won the lottery tomorrow I still wouldn’t be remotely tempted. Remember what it was like to buy your last place over here and how much the process cost you in money and grey hair? A doddle compared with Spain.