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View Full Version : Buying in Spain / Italy - when is a good time?



Gumbo Robot
16th March 2015, 10:33
..When these countries exit the Euro and return to the Peseta/Lira presumably.

But who knows how long the can is going to be kicked down the road?

Very tempted at the moment - there are some excellent deals to be had what with all the foreclosures etc.

My rational is to have my main home there and have a crash pad in the UK for work. The things that puts me off is that I am probably buying a one way ticket as European property prices are in the doldrums and the uk market has been way ahead for years. I expect this disparity to continue for the foreseeable future.

Another possibility would be to keep my main property in the uk and get a mortgage on a smaller place over there, use it for weekends and rent it out for holiday lets the rest of the time.

Anyone else in the same place? Anyone know anything about getting a mortgage overseas - i.e. can it be arranged here?

fullyautomatix
16th March 2015, 10:40
..When these countries exit the Euro and return to the Peseta/Lira presumably.

But who knows how long the can is going to be kicked down the road?

Very tempted at the moment - there are some excellent deals to be had what with all the foreclosures etc.

My rational is to have my main home there and have a crash pad in the UK for work. The things that puts me off is that I am probably buying a one way ticket as European property prices are in the doldrums and the uk market has been way ahead for years. I expect this disparity to continue for the foreseeable future.

Another possibility would be to keep my main property in the uk and get a mortgage on a smaller place over there, use it for weekends and rent it out for holiday lets the rest of the time.

Anyone else in the same place? Anyone know anything about getting a mortgage overseas - i.e. can it be arranged here?


I think you need to read up on some horror stories of brits investing in Spain properties and losing everything.

Whose sockie it this ? DimPrawn?

northernladuk
16th March 2015, 10:44
I lost a shit load buying in Spain. There are some amazing bargains to be had. So many owners just simply cannot sell and are desperate to go. They close to give some places away just to stop incurring community fees.

Question is what are you going to so with it? Rent it out? Don't you think everyone has tried that and the fact half the Costa Del sol is barren for example and that it just doesn't work.

Your two options are buy super cheap, don't expect any rental income and go for along term market pickup.. Extremely risky... Or buy a nice cheap holiday getaway.. If that's what you want Now's the time to fill your boots.

SimonMac
16th March 2015, 11:04
Euro is high at the moment, the old adage is if you are willing to pay the price the time is always now.

However be careful if you want your main residence to be in Spain, its a ball ache to get legit over their at the moment as they are trying to screw ex-pats left right and center because they see us as a cash cow.

If you are thinking of living in Spain and coming back to work regularly you would have to be thinking Northern Spain, Madrid, Barca or Zaragoza to make use of the better links back to the UK

SimonMac
16th March 2015, 11:05
I lost a tulip load buying in Spain. There are some amazing bargains to be had. So many owners just simply cannot sell and are desperate to go. They close to give some places away just to stop incurring community fees.

Question is what are you going to so with it? Rent it out? Don't you think everyone has tried that and the fact half the Costa Del sol is barren for example and that it just doesn't work.

Your two options are buy super cheap, don't expect any rental income and go for along term market pickup.. Extremely risky... Or buy a nice cheap holiday getaway.. If that's what you want Now's the time to fill your boots.

We bought just before the boom, so are now back to breaking even after the crash, biggest saving grace was we were one of the only people out there not to have any mortgage so we could lock the doors and return back to the UK when times were at their worse

BlasterBates
16th March 2015, 11:09
Is this just a speculative investment, why buy a house?

Buy some shares.

I bought some Greek shares a couple of years ago, doing pretty well :D

Beauty is, once I want to cash in my profits, I don't need to spend a couple of grand on an estate agent and lawyer's fees..I just simply press the sell button :smokin

Gumbo Robot
16th March 2015, 11:12
Question is what are you going to so with it? Rent it out? Don't you think everyone has tried that and the fact half the Costa Del sol is barren for example and that it just doesn't work.


Wouldn't be aiming at that market.

I'm quite tempted on a small but upmarket apartment in the centre of a big town like Valencia or Alicante and rent it out for short term holiday lets - people going on city breaks etc. If it came to it I could always rent it out on a longer term basis as there is a strong local market for residential lets.

But mainly I want something that I can easily get to for weekend breaks and use as a holiday home really.

Gumbo Robot
16th March 2015, 12:03
I know there are a number of financial / mortgage bonks that frequent this site - does any of you deal with overseas mortgages or perhaps provide some pointers?

DimPrawn
16th March 2015, 12:26
I think you need to read up on some horror stories of brits investing in Spain properties and losing everything.

Whose sockie it this ? DimPrawn?

Cheeky sod, I've never owned a property in Spain. I bought in Cyprus before it joined the EU and sold as the 2008 crash began to unfold.

DimPrawn
16th March 2015, 12:28
I know there are a number of financial / mortgage bonks that frequent this site - does any of you deal with overseas mortgages or perhaps provide some pointers?

If you need a mortgage you can't afford it, cash speaks volumes and gets you a big discount on asking prices. Spanish banks are up to their eyes and on the verge of collapse, and UK banks only lend willingly to the UK BTL brigade.

BrilloPad
16th March 2015, 12:28
But who knows how long the can is going to be kicked down the road?


Once we got through 2012 it became clear it could last another few years.

2015 will be interesting. If we get through 2015 then it will be safe for another 3 years.

One day assguru will take a bath on his Portugese property.