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Viva-Almeria :: View topic - Buying a home abroad
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Buying a home abroad

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pottsy189
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Joined: Feb 16, 2011
Posts: 1215
Location: Sunny Hornchurch & Mojacar beach

PostPosted: Fri Aug 30, 2013 8:44 pm    Post subject: Buying a home abroad Reply with quote

Have just stumbled across this article

http://uk.finance.yahoo.com/news/buying-holiday-home-huge-waste-082409006.html
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Adeybrown
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PostPosted: Fri Aug 30, 2013 11:47 pm    Post subject: Reply with quote

Don't worry nobody apart from a few hundred people will have read that article.....where as the article in the Sunday Times stating that property in Spain was one of the best investments you could ever make will have been read by a few million.
The Yahoo article is complete rubbish. Of course a holiday home is a bad investment when the market crashes. Funnily enough shares are a bad idea during a stock market crash.
The idea of a holiday home is you pay 100k, you use it for 10 years and then you sell it for 140k and in essence you have 10 years of free holidays plus make a few bob.
No doubt about it if you bought a place in Spain 5 years ago, hold on to it and you will clear a profit in 5 years time. This article is nonsense.
If you had bought in 1987 you would have seen your property triple and then crash by 70% but hold on and sell in 2003 your property will have gone up 20 times what you paid...even selling today you will have seen 10x your initial price you paid.
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hartcjhart
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PostPosted: Sun Sep 01, 2013 7:09 am    Post subject: Reply with quote

well said Adey,
people think I am mad because I am going to buy in spain within the next 12 months,BUT, I am buying for long term and not worried about making a big profit.
the artcile is carp,if you buy a home in the uk the price can crash as we have seen over the last 30 years
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Adeybrown
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PostPosted: Sun Sep 01, 2013 9:06 am    Post subject: Reply with quote

Funnily enough now is the right time to buy.

In the City they have a saying which more or less equates to "if everyone is buying and telling you you are mad not to buy then you must sell and if everyone is selling and telling you you are crazy to buy then you should buy"

The market has bottomed in Spain. In my experience the crash started sometime around 2006 so we are around 7 years into the cycle. On my development every house that has lay empty for years has been snapped up in the past few months, with only one of the eight, a bank owned property, the others were private sales. Every single buyer has been wealthy Spanish. They know something, why suddenly now and in such numbers?

I am like you hartcjhart, when I bought it was as a long term investment, I wasn't going to react to every little dip and spike. My aim is in 20 years to have enjoyed a holiday home for 30 years and when I come to sell it realise it actually cost me nothing in the end to have it for all those years. Free holidays !!! you can't get better than that.
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pottsy189
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PostPosted: Sun Sep 01, 2013 11:59 am    Post subject: Reply with quote

OK to purchase if the price is cheap, my friend has just sold her house in Spain , just up the road a similar place a few years back was about 300k , she got 100k and took a long time selling, but as she purchased 40 odd years ago for about 30k she has still come out not bad as she has had over a 100 holidays there
Know another neighbour in the same area is trying to sell , asking for about 180k , bought at the wrong time and will be lucky to get 100k , so stuck with it as trying to return back to the UK


Last edited by pottsy189 on Sun Sep 01, 2013 10:39 pm, edited 1 time in total
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Adeybrown
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PostPosted: Sun Sep 01, 2013 12:13 pm    Post subject: Reply with quote

Absolutely, if you think you may need to sell quickly at some point then don't buy one. In 20 years you might find the average property is 450k....on the downside a pint of lager will probably cost 20 !!
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pottsy189
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Location: Sunny Hornchurch & Mojacar beach

PostPosted: Sun Sep 01, 2013 10:38 pm    Post subject: Reply with quote

''In 20 years you might find the average property is 450k''

Only in London; New York and the big city's will that happen , due to rich overseas personal going to a stabilized country , as there are too many un-stabilized country's around
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