Hi, looking for advice, KeyMare Veranda repo sales

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08 Jan 2012 00:00 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 Hi, we've put down a deposit for an apartment on Veranda, €132k to include furniture pack and air con, its a 2 bed / 2 bath and pentouse, we have a few concerns that only 20% of this complex has been sold and last week we got an email advising that the complex next door, Lomas are selling penthouses for €65k complete with garage parking and a huge roof top terrace, the floor plans are smaller than Key Mare/Vernda but we recognise (potentially) great value for money.

I wondered if anyone has experience of buying on Veranda, Lomas or elsewhere...

Veranda, via Banco Popular we have an approved 100% mortage, interest only for the first two year, 0.3% above Euribor which does seem very attractive coupled with 4% IVA makes it look very attractive.

Welcome any of the forum members to comment

 

My best regards, Happy 2012, cheers, Chris



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08 Jan 2012 21:30 by TheGuru Star rating. 35 posts Send private message

Chris

You should have done your homework if I was you I would pull out and buy the cheaper place lose the deposit yes, but its worth doing

20% sales is very risky you may be living in a ghost town for years to come

Wake up and smell the coffee man.

G





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08 Jan 2012 22:02 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 Thanks G, we stand to loose €1k, its the Veranda Keymare complex verse the Lomas which is 3 mins away and we've been offered an apartment, 2 bed / 1 bathroom at €65k, the rooms are a lot smaller and we're doing a floor plan to make sure x2 single beds will go in the 2nd bedroom, if they will we're good to GO, G, do you have a place in Spain?

cheers, Chris



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08 Jan 2012 22:29 by TheGuru Star rating. 35 posts Send private message

Chris

To lose 1000 euros is nothing in compaison to paying way over the odds for a property I guess an agent showed you this place, he would have known about the cheaper property but chose commision over giving good advice I hope it has back fired on him

I am very experienced in matters of this nature and have studied the overseas property markets for years

I am a proffesional Investor,I like property if you do your homework you can make good money

65000 euros should yield you at 6% at least 3900 euros per year on the rentals ,maximum occupancy is most desirable ie sleeps 4 however I do know some 1 bed owners who do very well.

Buy a 2 bed 2 bath on the cheaper development if possible and yes single bedrooms are less desirable however spanish bedrooms average 11m2 by 11m2 anything smaller is a squeeze I find

Good Luck

G

 

 

 





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08 Jan 2012 22:39 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 this is great advice and we thank you, i have tried to send you the You Tube link for the cheaper apartment, its a 2 bed / 1 bath with garage space, three pools (small to medium size), an indoor pool, play area and paddle courts, approx 5 minutes from the the beach, 10 min walk and close to supermarket and water park, its our first time to invest and we're spurred on by high speed train and Paramount and, we have made connection with a rental company on Thalassa who has viewed this apartment for us and would expect 10 weeks rental return (even 12 weeks)

We have £500 a month (total) to invest and looking at this 5, 7 or 10 year investment.

€132 property the mortgage is 100% and its at 0.3% above Euribor for the term whereas the lower cost apartment is 90% mortgage and 1.75% above Euribor, there's no interest free period (frankly we would rather enter into a repayment mortgage)

What's your view on the term, I'm 46 this year, cheaper property it SOL bank and advised we could up to a mortgage whereby I would be 80 years of age (look upon this as the longer the better to reduce the monthly payments but with the option to pay of lump sums without penalty)

 

thanks G



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08 Jan 2012 22:56 by TheGuru Star rating. 35 posts Send private message

Sounds perfectly fine, Repayment method is best borrow as long as you can and 12 weeks seems realistic be wary when the selling agents quote anymore but I see a Rental agent has quoted get an independant lawyer

Good Location,everything nearby, video shows two singles in bed two quality looks good and has kerb appeal M2 seems very fairly priced

Hold it for 7 t0 10 years but I bet you will keep it for the kids its only the price of a decent BMW

Push them for a better deal OFFER 59000 or 1.25 above euribor they should go for one or the other especially if you go for a 30 year mortgage pick the best unit south facing avoid east and north if possible and make sure you have aircon a must for the rentors.

G

 


 



This message was last edited by TheGuru on 08/01/2012.



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08 Jan 2012 23:10 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

G, where do you see the video? 

i cant seem to send this 

 

because its a top floor it has a big terrace on top, close to neighbours !

thanks G



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08 Jan 2012 23:10 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

G, where do you see the video? 

i cant seem to send this 

 

because its a top floor it has a big terrace on top, close to neighbours !

thanks G



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08 Jan 2012 23:48 by TheGuru Star rating. 35 posts Send private message

Got It I did look on you tube but a different video but I have had a look at yours

Chris its small but you are paying a relatively small amount you will not get two singles in that 2nd bedroom but consider bunkbeds most families would accept that, the roof terrace could be made more private with some of that cane screening, room for a barbie and a hot tub.

My only worry is is the development to big and whats that large bit of waste land in front

I never buy on more than 50 property sites but thats just me ,if you could live there is my main question I ask, its a holiday apartment not a home I guess for you.

Pool looks nice and safe for kiddies its your peice of SPAIN and very exciting it will be

Choose your furniture carefully and it will be fine if you can afford it without any rentals thats what you have to consider as a worse case scenario, some of the polaris rentals are a £100 a week now in high season and the voids seem huge.

Need to sleep catch up soon

G

 


p



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09 Jan 2012 09:03 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

Thank you G.

If this were you would you invest?

Good idea to offer €59,500 and Euribor plus 1.25%

80% mortgage =1.50% and for 90% it's 1.75%

That's our concern to, what if they dont sell the other apartments or as many as planned.

Would you expect this one to appreciate, 30% in 5 years?

Closing costs and furniture:

18,000

Monthly running costs:

Service charge 40
Mortgage 300
Water 30
Electric 80
Council tax 30
Insurance 20
Gas 20
 

520

Appreciation:

Purchase/growth Year Appreciation Rental Gross Profit Mortgage/Costs Nett Profit
65,000 2012       6240  
70,000 2013 5000 2500 7500 6240 1260
75,000 2014 10000 2500 12500 6240 6260
80,000 2015 15000 2500 17500 6240 11260
85,000 2016 20000 2500 22500 6240 16260
90,000 2017 25000 2500 27500 6240 21260
95,000 2018 30000 2500 32500 6240 26260
100,000 2019 35000 2500 37500 6240 31260
105,000 2020 40000 2500 42500 6240 36260

 



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09 Jan 2012 10:05 by Bri Star rating in North. 591 posts Send private message

 You are not in normal appreciation territory so I think you have to disregard that part of the equation.  It may be that you can sell for much more in 5 years time because you are paying so little, but prices in Spain could easily go down further.  You have to be able to regard it as simply putting money away and pre buying holidays if you want a holiday home.  I tend to view it along the lines of the properties were by and large not worth the amounts they were asking back in 2007 - but because of the buying frenzy there were plenty of takers.  If you want a nice place for holidays or to live, then the bargains are unbelievable - but I would forget about a 5 year investment.   



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Brian




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09 Jan 2012 13:50 by TheGuru Star rating. 35 posts Send private message

Im with BRI on this 5 years is not long enough your expectations are low which helps,however it could only be worth the same or become a very undesirable place to live or stay

You are limited by your deposit most normal purchase are 70% LTV on an established resale say

Is it a case of waiting a year or two to see what happens why not take a couple of holidays winter included just to see

What may I ask is your maximum deposit?

And how much is your furniture package?

G

 


 


 



This message was last edited by TheGuru on 09/01/2012.



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09 Jan 2012 14:08 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

G, Bri, we're attracted to Paramount and high speed/AVE link investments

Aware that on the 6th Feb (via Google Alterts) is supposed to mark a significant date in terms of land purchase, could this mean the property prices would then rise and by 2015 when the park is built make a signicant positive impact on properties?

thanks, Chris



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09 Jan 2012 14:22 by TheGuru Star rating. 35 posts Send private message

Chris you seem to be buying for investment reasons only, not lifestyle a Spanish property is not a good investment for Tax reasons its potentially very poor 15% costs at the start and 18% on the gain when you sell then an agent takes another 5% then the bank takes 1% on an early closure ,then the lawyer takes 1.5%

Its basically a big con for us brits

Dont build your hopes on paramount either thats a white elephant

Chris I think you may be an agent in disguise Im opting out of this thread you know to much for a normal punter

Hasta luego amigo

G

ps I may have misjudged you I have just viewed your PM
 



This message was last edited by TheGuru on 09/01/2012.



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09 Jan 2012 14:28 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 thank G, i'm not an agent, just been doing a lot of digging for the last 12 months and nervous as to which way to go, we have some cash to invest and foresee the next 4 years offering quality of lifestyle to our daughter and then for her and friends to use the apartment as I see Vera area safer than the surroundings here ! 

hope we can continue the thread and really appreciate your input and also Bri, hadnt realised the exit sale costs which does add yet another dimension to this project.

regards, Chris B



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09 Jan 2012 17:26 by Bri Star rating in North. 591 posts Send private message

 If you are counting on Paramount you need to be up Murcia way.  Also fantastic reductions on properties.  There may be a slight increase in rental demand for us down in Almeria, but I don't think it will be significant anyway.



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Brian




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09 Jan 2012 17:43 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 Thank you Brian, would you suggest where to look in Murcia? (agents/estate agents, banks ...etc)

we saw Mojon Hills but the apartments were just out budget

cheers CB



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09 Jan 2012 18:01 by Bri Star rating in North. 591 posts Send private message

 I would still stick with Andalucia - I love it, just don't expect a massive reaction in terms of prices of property or work because of the (possible) theme park.  It will be good if it happens, and I am looking forward to taking the high speed train to Murcia to visit it!!  But it will just be an added attraction, rather than a main attraction for people buying or renting in our area.  I stay with friends on Roda Golf Murcia, and I like it a lot.  Bank repos as low as 90K but just look at Kyero and you will find good property.  I would just say don't rush it - look around.  Prices are not going anywhere at the moment.   



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09 Jan 2012 21:48 by rod Star rating in Uk and Spain. 469 posts Send private message

Chris Investing in SPAIN can be a NIGHTMARE you only have to see how many PEOPLE have lost all of their SAVINGS following this DREAM on this WEBSITE

As a  FINANCIAL ADVISER I would be very careful what you are considering and perhaps INVESTIGATE other forms of investment which are more TAX EFFICIENT FIRSTLY

Property is GOOD IF BLENDED with other TYPES OF INVESTMENT but not all your EGGS in one BASKET

TURNING ENQURIES into HARD CASH is not easy I speak from experience we have owned in SPAIN for a number of years YOU HAVE to really work at it to MAKE IT PAY.

Regards Rod

 

 


 



This message was last edited by rod on 09/01/2012.



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09 Jan 2012 23:00 by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

thank you Rod, your apartment looks great

what basic advice would you give, crediable agents, estate agents?

cheers, Chris B



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