Good Time to back out purchase?

Hi

My wife and I were progressing an apartment purchase in Campomoar but the recent bad publicity re the "collapse" of the house market be it new or resale brought things to a grinding halt! If the pundits were to be believed the market could drop anything between 20 - 35% which didn't seem a good deal on a fixed priced apartment that we were not due to complete until September this year.

As we are new to all this we would appreciate any input from more experienced players!!

Many thanks,

Mike

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Hi Mike,

I think this has been covered quite a bit lately with lots of people worried about the housing market. I think the main thing to consider is that investors who want to sell and make a profit quickly are finding that the bandwagon is full. The same has happened in UK. However if you are in it for the long term and are not relying on rental income to finance the property i.e. as a holiday home for yourselves and possibly a permanent move, I'm sure you will be fine as are most of us happy campers. I hope this helps with your decision. Also you didn't mention if yours is off plan which is another issue that's seems to be causing probs.

Gina

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Hi Mike,     depends what you are buying for is it to sell quickly and make a profit or holiday home? As Gina said their has been a lot of speculation of this subject but I remember this happening years ago and it all bounced back. We completed last year but our apartment was of plan so what I have been told the apartment is worth about the same now how true that is I do not know.  But we did not buy to make money out of it just a holiday home. But their is a lot more people on this forum that can help you but at the end of the day it is your decision. Hope this helps a little bit, Regards Pat    

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Thanks Gina

No, our isn't exactly "off plan" construction is rocking on and as I say September is the expected completion date. It was never our intention to make a "quick buck" but to invest in a holiday home for us friends and family.

Mike

 

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Hi Mike,

Sorry a bit of a blonde moment there, peaked too soon again Re read your post and realised you are almost there. As Pat rightly says it bounces back, the same with the uk market. It seems that reading posts  that the probs seem to be with the off plan properties. I think everyone has the jitters at some stage so just go with your instincts and as you are in it for the long haul Enjoy

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Hi Mike,   I know how you are feeling I had cold feet at one point and thought what the hell am I doing. But now it's all completed I can relax just watch the bills come in.  But at least it's cheaper than living in  England well our community charges are at the moment.  It also depends what you are paying for your property as well Mike have you compared prices that are around you, mind you if you have got this far you might as well stick with it.  You can always look back and think perphaps I should have done this it is best not to do that.   Good Luck Pat 

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Hi Mike

Welcome to Eye on Spain.

I wouldn't worry too much about what you read in the papers, they always like to make things look worse than they really are.

In my opinion, if you are buying for personal use and for family and friends to use then it's not really a concern.  There's always going to be a demand for property in Spain, after all it is so many people's dreams.  The current climate mainly affects those investment buyers trying to make some quick cash.

So go ahead and enjoy your place in Spain.

Justin

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Hi Fatman,

Hey!

I hated saying hello to your ID!

Can't you change it????!!!!!

Fatman is horrid!

Even if you are, don't call yourself that!

What ever.......as Catherine Tate says

From one fatlady to a fatman ID......................welcome to EOS!!!!!

Kind regards,

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Hi Mike - you don't say where you are buying in Campoamor - I have a villa at Playa Golf II and just love it! 

OK I won't get the 30 - 40 weeks rental that I had hoped for, but I am getting a few rentals here and there through friends and family and hope that will build up over time.  I have found that you really need to find rentals yourself so I made a little website using mrsite (www.spanishgolfvilla4rent.com) and am passing the details out to colleagues and friends - the rental agency I use has not come up with anything in 6 months!  You can also advertise here on EOS for free which is great. 

I do believe that the market will recover over the next few years so, as long as you are not wanting to sell quickly, then I don't think the current market difficulties should spoil your plans.

Hold your nerve!!

Claire

 

 

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ClaireT

Advertising on EOS is free?

Are you sure?

Justin does NOT allow advertising within posts "for free".

If you would like to advertise your villa to rent, go through the proper channels, not through the forum.

What Justin "does" allow, is a link to yoiur website within your "signature" not a blatant advert within a post.

Kind regards,

 

 

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Hi Fibby - sorry for any transgression! 

When I said it was free I meant the ad section - where I do have the villa advertised.  As Mike is planning on buying, I didn't think he would be a potential customer - was merely trying to illustrate the fact that even a novice like me can make up a simple little website.

Regards

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Hi Mike - just go for it !  Campoamor is a fabulous location.  My parents bought an apartment there for about £4,000 in the early 80's and sold it in the late 90's for what we'd now say is peanuts!  We had years of holidays there when my kids were small and I've gone back to buy myself, very near there.  Spanish people love it - families from Pilar have places there and it's just across the road!!  Spanish friends living in New York have places there etc etc .   If the place is for you, then enjoy it.  Don't worry about the market - things change all the time. 

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ClaireT,

I apologise, but there are some on EOS that just take the mickey out of posts, sorry if I offended you, no intended harm meant..............

Long day for me, Chelsea winning the cup (come on you blues, whoops, sorry, done it again!), no excuse, but I love it anyway!

Come on the Chels...........................

Whoops, here I go again!!!!

time for bed me thinks,,,,,,,,sure  I said that an hour ago???????????????

Chelsea.........whereever you may be, we are the famous CFC,,,,,,,,,,,,,,,,,,,,oh gawd, done it again!!!!!!!!!!!!!!!!!

Rgds,

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claire T, you should also look to put a link to your website in your forum signature.  The more exposure you get the better!

Just click on "Forum profile" above and insert the link into you sig.

Justin

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Thanks Justin - have now done this - I hope!

Love the forum by the way!

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OFF PLAN sunburn

Never buy offplan from the developer, at the beginning. Wait for the distressed sales and pay a lower price than the original contract price 5 years later. Buy direct from the distressed sellers who have had to put up with all the stress and delays, which unfortunately is the norm with off plan buying.

Most people who have bought off plan 5 years ago will now be selling at a loss. This is contrary to all the advertising and tv shows which give a one sided, all sun and sangria view of how safe and easy it is.

 

Pat

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Hi Mike,

Are you buying at Los Altos?  If so we have a link for the development on this site, give it a try.

We purchased in bloque 9 completing last December only 16 months overdue!  I think given another 3/4 years it will be a very desirable complex.

Only you can know what is best for your family, but we already love the area and have found that we have some great neighbours.

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My wife and I are in the "final" throws of buying an off plan villa at La Canada near San Miguel de Salinas. The only advice at this stage is do not make any plans for moving in, furnishing or holidays until the property is actually finished and you have got a real date to go to Notary for title deeds.

Our developer is finishing late (Hopefully going to notary 7 June) as was due September 2006, I understand this can be good going compared with others.

The problems we have had were caused by believing the stories we were told that property was ready and all snags completed which was shorthand for we have done nothing since you last looked 2 months ago and we do not the paperwork ready yet either. They also built the villa on a standard size plot not the larger size plot we had agreed to buy and also paid an extra amount for and they are insisting we pay the full amount.

We are looking forward to completing our purchase and being able to start enjoying our villa which has taken a real hammering over the last 5 months since we were told property was "ready".

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