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David Rowe Spain

My thoughts and experiences on living in Spain

Costa del Sol, Cheaper to Buy than Rent
07 November 2016 @ 13:07

The Long Term rental market is showing strength on the Costa del Sol, Prices for Furnished apartments are on the increase.
We are now in a situation where it is cheaper to Buy than to Rent on the Costa del Sol.Some Spanish Banks who have vast stocks of Repossessed Properties are offering clients Mortgages of up to 100% of the Property Price.
Touchstone Spain, are able to offer clients a chance to purchase a Repossessed Property direct from the Bank and with a Mortgage.
An example of a recent Client:
This is a genuine example of how Spain can become the dream come true.
The case listed below refers to a young hardworking Mother, who came to Spain 10 years ago. With the dream of finding a new life, new job and building towards her end goal, owning her own home in Spain and being able to give her family a better life.
For nine long years she worked hard, saved hard and kept on paying the rent, but was unable to get to the financial point of having the necessary closing costs needed to buy a home via the “Normal” Real Estate Route, (30% Deposit, plus buying costs then a 70% Mortgage The crisis in Spain was hard for many people, but as always things change, the change for her was the position the Spanish Banks found themselves in.

Buying a Spanish Bank Repossessed Property was the solution.
Prices are good, terms & conditions are good, debt free licensed property, with a Bank Mortgage of up to 100% of the sales price.

She is now paying her Mortgage on time every Month and her Mortgage payments are 60% less than she was paying in Rent.

Take Home salary = €1,200 P.C.M

2bed 2bath property, Long Term & Furnished Rental Price was €650 P.C.M

Bank Repossessed Purchase Price €80,000 ( valuation €110,000 Real Estate Agent price €145,000 )

Buying Costs €24,000 funded by the client.

100% Mortgage (€80,000) from the Bank @ €267 P.C.M.
Monthly Community fee @ €145 P.C.M

So owning the property = €412 P.C.M
Renting the property =€650 P.C.M

Monthly saving = €238 Plus over €60,000 in equity from day 1

For a no obligation coffee and chat simply email sales@touchstonespain.com



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2 Comments


marcbernard said:
07 November 2016 @ 16:59

Surely the equity was at day one was only 30000€


davidjrowe said:
07 November 2016 @ 17:21

Purchased at 80k real estate agents sold next door one for 145k same week as completion.


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