Anyone need a builder on the CDS?

I want to make everybody aware of how you can get caught out. The sales man tells you that you will be offered a guaranteed rental agreement after completion which will cover your mortgage repayments. He also says that you will be able to sell 'Off plan' and make money so you don't need to worry about getting a mortgage. In reality the gauranteed rental is not enough to pay the mortgage and you can't sell because the developers are still building and have plenty of apartments for sale themselves. It means you get left with mortgage repayments you cannot keep up or even worse you can't get a mortgage and loose the 30% deposit you paid.

Please be aware and get any promises in writing so you do not loose your money.

real estate is not what it used to be in spain, this is not to say you cannot make money there, but i think it is at a much slower rate of return.

i am not sure why you cannot get a mortgage in spain. i am asking to clarify since my property will be due for one next year.

on another note, there are a number of properties that mri and other agents have been successful in renting out. it is just a hit and miss thing in this market.

 

Getting a mortgage is easy if you are credit worthy and your income is not tied up with your mortgage in England. The problems come when you can't get a guaranteed rental agreement to cover the mortgage repayments. I know I shouldn't have put 80,000 euros down as a deposit. But that shows how good the sales reps were at making me believe my money was safe!

I too was told that we would have no problem selling before completion but this was not the case. I only bought as an investment but now find I have to keep the apartment. I am not going to make any money in it now as I have had to take out a mortgage to complete. I also find that the fact that I dont speak spanish is a major problem. I was told when purchasing that this would not be a problem. I am not impressed with the staff there.

I have just been to my apartment and found there is still work to be done from the snagging. I had to take a mortgage in July to complete and it will be 8 weeks before I can get a rental agreement now! It is very difficult to get things moving, you do need to speak Spanish!

I will probaby default on the mortgage in August 2007 because I will run out of money if I cannot sell,  the rent I need to keep it going will be more than 600 euros a month.

I saw Marina D'Or's exhibition and the future plans are stunning. It is an exremely popular resort that will be Spain's rival to Disnayworld. It is full of Spaniards on holiday but very few English visitors. I think this will attract more English when the new airport and monorail connections are built in 2008 not to mention the golf courses and dry ski slopes..

i just spoke with marina d'or..the prices in my building (due end of the year) have just gone up 15%!