Properties abroad

Droolinggimp

Droolinggimp

Droolinggimp

Soldato
Joined
16 May 2004
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Location
Derby
Me and Ms Droolinggimp are thinking of buying to let (holiday destination) a apartment or Villa in 1 of 3 countries. Spain, Greece or Mexico.

Has anyone had experience of this? I do have a rough idea of the pros and cons of some things and to stay away from a few companys etc.

We could be doing to with a couple of friends too. A four way buy to let if this is possible.

Any websites you could recommend for more information would be useful.
Any info welcome.:)
 
droolinggimp said:
Me and Ms Droolinggimp are thinking of buying to let (holiday destination) a apartment or Villa in 1 of 3 countries. Spain, Greece or Mexico.

[snip]

Any websites you could recommend for more information would be useful.
Any info welcome.:)
Click to expand...


Spain is currently going through a house price crash. Now
is not the time to be buying.

Try www.housepricecrash.co.uk.
 
Holiday lets are one option (over saturated market), another is buying off plan if you have the time or even long term lets. Long term lets are very sought after in Spain.

The problem in Spain is a lot of people buy property that is not yet finished, yet have sold their property in the UK and are ready to move abroad. Others like to try renting abroad long term before committing. These people want to know they can have a place for x months.

Most of the property on the Spanish market is holiday style lets where the owner rents out parts of the year to make a bit of income in-between their own visits. Any rentals would have to fit around this.

It might pay off over the summer, however come october-march, you'll struggle bigtime. This is where long term rentals are more lucrative whereby people are committing to rent your property for 6months to 1 year+. You can easily recover the cost of a mortgage (if you need one) by letting long term.

In short for an investment buying off plan is more profitable to sell on, for buy to let you have to commit to allowing long term rentals and not wanting to use the property yourself.

Stick to reputable agents and shy away from anything this seems too good to be true. In Spain if the correct planning isn't sought for your property, it'll get torn down and you'll lose everything... this can happen many years after completion. Link Although they say they knew nothing was wrong, at the time they would have been licking their chops at the unbelievable offer.
 
Spain is awash with Apartments on the med, they cant give them away, but house prices are holding on the Med, I've just come back from a 3 month stay in a place called Nerja, lovely place.
 
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