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Holiday Home in Spain
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GCH.
Posted: 16 January 2013 10:50:57(UTC)
#1

Joined: 26/03/2012(UTC)
Posts: 8
Is now the time to buy a bargain holiday Home in Spain for cash?

If so what is the best way to go about it?

What disadvantages / advantages should I be aware of?

Your your advice and experience would be appreciated.
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Steve P
Posted: 16 January 2013 14:30:07(UTC)
#2

Joined: 02/05/2007(UTC)
Posts: 47

Thanks: 6 times
Was thanked: 37 time(s) in 18 post(s)
"Never invest in a business you can’t understand" - Warren Buffet. I'd say the same quote applies in the property market. If you have to ask, you probably shouldn't do it.

I've never seen the advantages of a holiday home abroad personally (as opposed to investing the money in the UK and going on holiday every year with the investment proceeds). My impression is that it can be a burden as much as anything.

That's my 2 cents, though I have no experience of this of course and would be interested to hear what others think.
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1 user thanked Steve P for this post.
murry evans on 20/01/2013(UTC)
Jerry Latham
Posted: 16 January 2013 14:33:42(UTC)
#3

Joined: 16/06/2010(UTC)
Posts: 7
It is a minefield! Get a solicitor that is up to date with the Spanish national and local laws.
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D K
Posted: 16 January 2013 14:39:16(UTC)
#4

Joined: 28/02/2012(UTC)
Posts: 2
Definetely some good deals to be had particularly if you don't require a mortgage.

check out www.idealista.com
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al young
Posted: 16 January 2013 14:46:34(UTC)
#5

Joined: 16/01/2013(UTC)
Posts: 3

If you want a holiday home in Spain in so much you don't give a stuff about talking a hit on the price, now is great.
If it's a pure investment move, try another investment.
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Guest
Posted: 16 January 2013 14:49:08(UTC)
#6

Joined: 12/01/2013(UTC)
Posts: 1
It's not a bad idea if you feel you can enjoy it & if you have some money to spare. Prices have plummeted in the last few years and there are some incredible bargains - from 50-,000€ for a decent village house up into the hundreds for a beautiful country house with pool etc.

I don't agree with Steve P. - unless you're seeing it purely as an investment. Life is also about pleasure - & the house I bought 4 years ago in Spain (when prices had dropped, but not as much as now) has proved a wonderfully relaxing retreat. Advantages = you know the place & area, so don't feel duty-bound to sight-see, you know your neighbours, overheads are low if it's not a managed community, you don't have to waste agonising hours selecting & booking your holiday.
Disadvantages = money tied up for some time to come.

How to go about it? Identify the region you're interested in and go there to drive around. If you speak Spanish that will help. If you don't, look out for a bilingual abogado (solicitor) or para-legal - the latter cost less & can deal with everything right up to signing in front of a notary. Read up on expat websites first, there's masses of info out there.
Good luck!
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Badger
Posted: 16 January 2013 14:54:26(UTC)
#7

Joined: 20/01/2012(UTC)
Posts: 4
Dont bother. 20 Years Ive been stuck with Spanish property of some sort.
Its all aggro. Invest in something more liquid and use the income to go on holiday to differnt places.
When I did use my holiday home a few years back i did more visits to the DIY store than nice restuarants. Everyone wants to rip you off all the time.
When the market started tanking I couldnt get out.. Stuck in now and cant afford to sell as I now have enegative equity. Lawyers are all CROOKS in Spain. The banks are all the same. Because no one can remortgage the put a 3% margin on the loan now

DO NOT DO IT
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Angela Hulme
Posted: 16 January 2013 15:23:13(UTC)
#8

Joined: 02/02/2012(UTC)
Posts: 2

Thanks: 1 times
Was thanked: 1 time(s) in 1 post(s)
Get a motorhome and then you are free to explore different areas too if you want to.
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colin wilson on 20/01/2013(UTC)
Jerry Jones
Posted: 16 January 2013 15:46:03(UTC)
#9

Joined: 12/08/2010(UTC)
Posts: 22
Or consider a boat, then you can move it around between places but treat it like a holiday home. Prices very depressed at the moment and always plenty of people wanting to sell because it didn't work out for them.
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Cape Town
Posted: 16 January 2013 15:52:03(UTC)
#10

Joined: 08/02/2007(UTC)
Posts: 2
If buying in Spain remember to allow for the cost of barbed wire electric fencing around the property
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