Brian,
Quote:
Originally Posted by rowlandsbb
£50k per product in a good location in Spain is not easy to find even in this market and if you find them. then the spec may be a touch poor and require improvement
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These are 50K Euros not 50K Pounds, and yes they do required refurb and refurnishing. They are 20 years old. We are obtaining 58K mortgages, hence little capital required for reburb and furniture only. They have an immediate let market to locals.
Quote:
Originally Posted by rowlandsbb
You sound like a 'real'dealer'!
If you are serious [ and can qualify for Spanish mortgage finance as appropriate] why not consider good quality off plan which meet the ' location, location, location' test
Eg 2 bed 2 bath apartment @ 189.000 € inc IVA [@ 7%] 30% deposit 56.700 €
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We do not consider offplan for these reasons:
1 There is no clear exit strategy
2 The deposit monies are tied up assuming there will be capital appreciation once the development is finished. I am making the assumption that there will be no capital appreciation unless the buyer creates forced appreciation by adding value (eg refurb)
3 The bank valuations on offplan are even more atmospheric than valuations on older properties
4 Prices are so high, they would never stack because locals would not rent them
