Hi
I am considering buying a 2 bed holiday home in Spain. I work in the Middle East and need a place to send the family in the long summer holidays. The plan would be to rent out as well.
I have noticed a few 100% deals being offered for example - property-abroad.com/spain/listing/PA53-azuDuqVill
Are these genuine or is there a catch?
Am I crazy to consider buying in Spain at the moment?
Any other suggestions of supper deals?
Looking for a mix of access to beaches and interesting towns - visited Denia a few years ago and liked it.
Thoughts Please
Thanks
Looking to buy in Spain - 100% mortgage deals
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rentabreak
- Posts: 3
- Joined: Sat Mar 17, 2012 6:51 am
There are good buys in Spain at the moment and there are plenty of buyers about, all looking for a bargain.
The places that are super cheap are cheap for a reason. e.g. big urbanisations in the middle of nowhere, on poorly maintained golf courses etc.
Buy in an established area with good infrastructure, no legal issues (e.g. issues with building licence etc.). Some of the better looking apartments are in developments that are empty almost year round in areas that are ghost towns.
Good luck!
The places that are super cheap are cheap for a reason. e.g. big urbanisations in the middle of nowhere, on poorly maintained golf courses etc.
Buy in an established area with good infrastructure, no legal issues (e.g. issues with building licence etc.). Some of the better looking apartments are in developments that are empty almost year round in areas that are ghost towns.
Good luck!
Typically Spanish banks won't give a mortgage unless the property has all the legal documents, the days of "to follow" have long gone. Make sure you employ the services of an independant lawyer, not one offered by the bank or estate agent.
Lots of bargains about. The best I have seen recently was a 4 bedroom, 3 bathroom first floor apartment 300 metres to the beach for €49,000 (yes forty nine thousand).
Lots of bargains about. The best I have seen recently was a 4 bedroom, 3 bathroom first floor apartment 300 metres to the beach for €49,000 (yes forty nine thousand).
Some guests just need a sympathetic pat. On the head. With a hammer.
Check out Algarve, Portugal too, for beautiful beaches and interesting towns.
Don't know about Spain but suspect it's the same as Southern Portugal. Lots of bargains about. The offer of 100% finance sounds almost too good to be true...especially as the banks (certainly in Portugal) are not lending.
Ensure (as Marks says) you employ an independent lawyer and be aware that apartment developments will have condominium charges. Budget also for a management company to handle your rentals.
The British Embassy websites have a list of English speaking lawyers, or get a personal recommendation.
Don't know about Spain but suspect it's the same as Southern Portugal. Lots of bargains about. The offer of 100% finance sounds almost too good to be true...especially as the banks (certainly in Portugal) are not lending.
Ensure (as Marks says) you employ an independent lawyer and be aware that apartment developments will have condominium charges. Budget also for a management company to handle your rentals.
The British Embassy websites have a list of English speaking lawyers, or get a personal recommendation.
I haven't seen any 100% finance deals down Costa del Sol way - would be a tad wary of that.
The most they were doing here in the hey days was 80%
Some banks have so many houses repossesed on their books that they have opened up their own estate agent sections - my bank was advertising some the other day, at the counter.
I would say you will find a bargain at the moment and be spoiled for choice. People are looking though and there are more viewing now than before but many offer silly prices and unless folk are desperate, it isn't working. Lots of Russian and Arabs buying in Marbella still and at high prices.
Denia is a lovely area by the way. We nearly chose there too but liked it down here more for holiday business.
You will find that quite a few of us expats who worked in the M.East come over to Spain to live - lots of oil refugees here. It is handy for UK and a great climate, soothing summers after the blistering humid heat where you are.
The most they were doing here in the hey days was 80%
Some banks have so many houses repossesed on their books that they have opened up their own estate agent sections - my bank was advertising some the other day, at the counter.
I would say you will find a bargain at the moment and be spoiled for choice. People are looking though and there are more viewing now than before but many offer silly prices and unless folk are desperate, it isn't working. Lots of Russian and Arabs buying in Marbella still and at high prices.
Denia is a lovely area by the way. We nearly chose there too but liked it down here more for holiday business.
You will find that quite a few of us expats who worked in the M.East come over to Spain to live - lots of oil refugees here. It is handy for UK and a great climate, soothing summers after the blistering humid heat where you are.
subject
a)100% mortgages are only for locals.
b) Teaser interest are offered but are negated by other charges, including higher prices of the properties.
c) Marbella & the new/old golden mile has no noticable reduction in prices.
d) The cheap properties are either in less desriable part or has been over built.
e) Banks websites, most of them do not work properly, tel numbers are strarting with 92 which are free calls from Spain,
f) emails do not get replied.
g) Essential information such location, garage, storage is not there I have been trying with BBVA for a property for over three weeks to find its location. The head of the Banks department does not know where the property is !!!
h) Some properties that had been sold & had no one ever lived in them. You will have to pay 8% VAT.
I) I would not buy cash. If € dissapears the new pesesta will be depreciated big time you will lose the buying power of your currency which ever currency you use to buy the property.
j) Taxes, utitlty cost are on the increase & Spain has the habit of taxes non residents in some creative mannar.
k) Apartment's service charges are high.
L) Do not rely on rental's either a short or long term.
b) Teaser interest are offered but are negated by other charges, including higher prices of the properties.
c) Marbella & the new/old golden mile has no noticable reduction in prices.
d) The cheap properties are either in less desriable part or has been over built.
e) Banks websites, most of them do not work properly, tel numbers are strarting with 92 which are free calls from Spain,
f) emails do not get replied.
g) Essential information such location, garage, storage is not there I have been trying with BBVA for a property for over three weeks to find its location. The head of the Banks department does not know where the property is !!!
h) Some properties that had been sold & had no one ever lived in them. You will have to pay 8% VAT.
I) I would not buy cash. If € dissapears the new pesesta will be depreciated big time you will lose the buying power of your currency which ever currency you use to buy the property.
j) Taxes, utitlty cost are on the increase & Spain has the habit of taxes non residents in some creative mannar.
k) Apartment's service charges are high.
L) Do not rely on rental's either a short or long term.