Hi all this is all new to me not done the forum before so please bare with me ,,I have been coming to ft for 7 years one my two holidays per year,because I like my space and I have 3 boys I need a good size villa ,I like the area near to the bahi real,i came out from the uk last week with a view to buy a villa for 390e I have the cash but need a push to do it ,for obvious reasons I am carful ,,what is the consensus about the housing market ,can any one convince me either way ,it is now driving mad not making a decision ,
Plenty of bargains at the moment, my suggestion is spend time going round looking at what available, might be worth checking with the banks what they have in repo's, but be careful with a repo as the debt transfers with the property unless you get agreement form the bank to waiver it and make sure you have a good solicitor to handle and document the sale and transfer of ownership.
We've just bought and I think the prices are rising, so does the mortgage advisor at the bank and our lawyer! Don't hang about
Quote from: Jock719 on March 14, 2014, 11:59:41 AM
We've just bought and I think the prices are rising, so does the mortgage advisor at the bank and our lawyer! Don't hang about
Where did you end up buying Jock?
Quote from: Jock719 on March 14, 2014, 11:59:41 AM
We've just bought and I think the prices are rising, so does the mortgage advisor at the bank and our lawyer! Don't hang about
Having closely monitored the market for a couple of years I see no evidence of rising prices, at best they are static and in reality many properties are open to offer often being sold well below the advertised prices.
I have spoken to numerous agents and advisors and they will always talk the market up as it is obviously less attractive to purchase in a falling market.
In terms of dont hang about it depends on what you want and where. There are thousands of empty properties meaning in general demand is unlikely to outstrip supply in the foreseeable future. However if you want a one off property possibly in a special location then you could possibly have to be quick.
That's my reading of it too, luvfuerte. Sin in haste - repent at leisure. Buying property is something no one should rush into.
I've been following the prices towards my and my wife's retirement since 2005 and in the early period it, and the British situation, always looked like a bubble about to pop, as it did in 2008ish. The dust still hasn't settled yet and the Medi-Euro nations have a long way to go yet towards anything like greater economic stability. Property in Spain is still bumping along the bottom and the right time to buy is not at the bottom (because no one knows where that is) but as prices start to rise again for a full year or at least achieve stability for a year or so.
The Spanish banks are luring suckers in to buy by offering mortgages on their own numerous toxic properties on which they have set their own, still inflated, prices. This looks good for their books (get rid of liabilities and create new business) at least temporarily, but the bottom of the market will find itself, according to the usual law of supply and demand.
If you buy according to their rules you may well end up in negative equity because they are just building up to a new bubble by behaving as disgracefully as they are and that will of course burst again leaving thousands in debt again and ruining the economy as a whole - again.
And of course, the impending Chinese mega default will affect us all, though no one is quite sure how yet. Hopefully we'll know before I spend my hard-earned cash in about 18 months' time.
I can't really understand anyone buying property somewhere like Fuerteventura at the moment, especially sinking €390K into it! The property market is hugely unstable, there seem to be frequent policy reversals affecting legality of property, the airline connections are open to change, and the euro itself is in trouble. If I wanted to live on the island, I'd rent.
Whenever you buy a property you are taking a gamble - if it is an investment that is a business decision, if it is for pleasure the actual cost is irrelevant because valuing enjoyment is difficult to calculate
Wherever you are living there are pros and cons in all aspects of your life - judge for yourself. We bought in Fuerteventura from a bank at half the original selling price which we still consider was great value for money - not as a resale proposition but as the place to live and enjoy
We have a holiday apartment in the mountains we bought 14 years ago and remains unsold after 3 years on the market - who cares, we had many many fabulous holidays there, it has been worth every penny and one day at whatever price someone else will enjoy living there too
Have a look - www.apartmentinpajara.com (http://www.apartmentinpajara.com)
In this climate that is crazy money. There are lots of bargains to be had so take a good look around I agree also lots of bank repros at the moment and good value If you are looking to buy and enjoy you will find I am sure something less money and a good size. Unfortunately some people are trying to sell for what they paid in the boom and that is understandable If you are buying as investment, be prepared it will be sometime before prices rise as there is so much for sale before prices can possibly rise. Good luck .
Quote from: Spike On Q on March 14, 2014, 16:31:49 PM
Whenever you buy a property you are taking a gamble - if it is an investment that is a business decision, if it is for pleasure the actual cost is irrelevant because valuing enjoyment is difficult to calculate
Wherever you are living there are pros and cons in all aspects of your life - judge for yourself. We bought in Fuerteventura from a bank at half the original selling price which we still consider was great value for money - not as a resale proposition but as the place to live and enjoy
We have a holiday apartment in the mountains we bought 14 years ago and remains unsold after 3 years on the market - who cares, we had many many fabulous holidays there, it has been worth every penny and one day at whatever price someone else will enjoy living there too
Have a look - www.apartmentinpajara.com (http://www.apartmentinpajara.com)
With regard to your first para. Spike:-
Valuing enjoyment is easy to calculate - there's none in poverty, especially because it interferes with getting on with the rest of your life. If you buy in a stable market, it's fine to live and enjoy it; but if you buy in a fluctuating market you need to keep looking over your shoulder and get out ASAP and take a small loss - if you can't read the signs, you're always going to be on a loser and definitely not enjoying it.
I should reiterate that a place is only worth what someone will pay for it, not what you want for it.
cant quite fathom what some people want for their money. There are some fantastic bargains on the market right now. Prices will only drop so far then stagnate and thats the conundrum. When do you jump in at rock bottom? Theres thousands of happy owners who have bought property on the island having had no conveyancing problems at all. If you are looking to buy and then sell at a profit forget it but if its a long term holiday home or a place to live permanently you couldn't do much better than start checking out whats on the market right now. Fluctuation in prices or a stable market has no implications if you are in for the long haul and have no intentions of selling on.
thank you for your suggestions ,it really is mixed views ,390k is a lot of money for a property on the island but the one I am keen on it is a great location second back from the sea and one of only six in the street ,I enjoy my holidays and always struggle to find a location where I like ,the property I am looking at is a private sale with no borrowings from the banks ,so I guess the owners are not that desperate ,but I agree with many comments that have been made ,there really is hundreds of apartments,houses for sale and will be a long time before the demand out strips supply ,I am figuring great location detached house should hold up ,
390k in fuerteventura?
Is it gold plated?
Just curious, will this home be your primary or secondary home?
This will be for me to visit for four weeks a year and friends and family to visit as well ,,It has a rental stream established using time of the year that I would not want to use it ,your thoughts
Quote from: CORNISH BOY on March 14, 2014, 18:56:30 PM
thank you for your suggestions ,it really is mixed views ,390k is a lot of money for a property on the island but the one I am keen on it is a great location second back from the sea and one of only six in the street ,I enjoy my holidays and always struggle to find a location where I like ,the property I am looking at is a private sale with no borrowings from the banks ,so I guess the owners are not that desperate ,but I agree with many comments that have been made ,there really is hundreds of apartments,houses for sale and will be a long time before the demand out strips supply ,I am figuring great location detached house should hold up ,
Location, location, location.
Had my eye on a front line detached (in my dreams) 750,000 euros, viewed it 18 months ago as knew the agent but still for sale. Fantastic one of a only a few properties but still a hell of a lot of money in the current climate.
Quote from: CORNISH BOY on March 14, 2014, 19:12:14 PM
This will be for me to visit for four weeks a year and friends and family to visit as well ,,It has a rental stream established using time of the year that I would not want to use it ,your thoughts
My thoughts are if you have a license and its all above board for rental you will make well enough to keep the place running with a bit more besides.
Quote from: Deso on March 14, 2014, 12:50:21 PM
Quote from: Jock719 on March 14, 2014, 11:59:41 AM
We've just bought and I think the prices are rising, so does the mortgage advisor at the bank and our lawyer! Don't hang about
Where did you end up buying Jock?
In the end we bought at La Capellania, immaculate house with mature gardens, totally private, ideal for us !
Quote from: Jock719 on March 15, 2014, 09:04:42 AM
Quote from: Deso on March 14, 2014, 12:50:21 PM
Quote from: Jock719 on March 14, 2014, 11:59:41 AM
We've just bought and I think the prices are rising, so does the mortgage advisor at the bank and our lawyer! Don't hang about
Where did you end up buying Jock?
In the end we bought at La Capellania, immaculate house with mature gardens, totally private, ideal for us !
I know the ones you mean. The main thing is, if you are happy with the place, and the price you paid then all's well and good.
Enjoy your new life there. :D
Thanks Deso, the way we looked at it, the property provided the best accommodation with the best gardens in a totally private setting for the optimum price....
Jock that inspires so much confidence. I hope that you will be happy. And I agree with previous poster. If accommodation and price is right for you then that is all that matters.
Its a huge decision and people buy for different reasons but have to agree with everyone here if you are looking to make a fast buck it isn't going to happen in this climate but things will improve eventually I am sure. Property in Tenerife is mega expensive and that is because there isn't much for sale. No building gone on there for ages. Hopefully, Fuerte will be like that in 10 years or so.
Cornish Boy...if there is only a small selection and again its what you want and it meets your requirements. Make them an offer. They might be trying to not appear desperate but they just might think about your offer and budge. You can always go back with a higher offer if you want to.
I.ve got friends who have bought on the mainland and they bidded the villa down 30K..which is what it was probably worth at this current time.
It's a different thing for us, we bought to move, I.e emigrate and live on the island. Although we could have spent a lot more, in the present climate I wasn't prepared to, what we bought is a solid family home in an established area with a nice garden, all we need at the moment. I wouldn't spend as much as the OP mentioned in his original post, I haven't seen a property on the island that I would say was worth that much. Again, I suppose the upturn as such is more evident in the middle of the market, expensive properties have remained expensive and cheap ones the same, but after watching for several years now, I can definitely detect upward movement in the mid sector, family homes on established developments.
If you haven't seen a property that was worth 390k you haven't been looking in the right places jock. Theres some beautiful villas in more rural locations that would take your breath away. And theres people that own them who might regard that price as loose change. I'm not one of them unfortunately but i know theres plenty of money around the island in the right places.
thank you for thoughts ,the encouraging ones and the not so,,i will try and make an offer and see what comes of it ,here in cornwall like the rest of the Europe things got hit hard ,however it has started moving even in cornwall where we are usually the last in and the last out of slow downs,i am not looking to make a quid just have a holiday home where I know and love to spend my very precious time with my family ,if any one knows of a property for sale front or second row near the bahi real,please send me a link it will be much appreciated ,
If you are buying as a long term owner, the 'state of the market' only affects how much you can purchase at the moment. Therefore now is an excellent time because prices have fallen and are now stable - they are unlikely to fall substantially again unless something drastic happens that no-one can foresee (Spain invading Portugal??).
My house has fallen in value since I bought it but it's irrelevant to me because I have no intention of selling soon. On the other hand there are signs of definite improvements in the UK market.
For nearly €400,000 you should get a lovely property particularly if it's not beach-front. Buy and enjoy.
Hi. Just PMed you
Absolute madness. I would only pay for a property in Fuerte what I could afford to lose. You only have to do a fair sweep of the island to see a hell of a lot of half finished, repossessed and empty properties. EU funded roads to nowhere. Mainland Spain possibly, but not an island with the corruption and problems Fuerte has. If you can afford a cash buy at 390k, enjoy nice holidays in a good hotel or villa. Personally I would keep my money and worries in the bank. I adore the island and come over whenever I can, but would not buy here. Personally.
And before anyone gets going, yes I am sure there are people who have had good experiences and are sure they have done the right thing buying.
We stayed in a beautiful villa last August in Villaverde and if I ever won the lottery would buy it , as its still up for sale.
Lots of cracking property on this agents site.
Here is the one we stayed at: http://www.bliss-properties.com/propertydetails.asp?ID=255 (http://www.bliss-properties.com/propertydetails.asp?ID=255)
It would be madness to leave your money in a bank at todays interest rates unless you are very canny where you stash it. And to get even a half decent rate you have to tie it up for 5 years.
But they have made it more or less impossible to fund a mortgage by rental income now so the only buyers you are likely to see looking are those financialy well off or the above said lottery winners. The days of the small time buyer investing into the dream in the sun look over for a while.
I do believe eventually property on the island will end up being a good investment. Problem is it might not be in my lifetime.
Quote from: CORNISH BOY on March 14, 2014, 19:12:14 PM
This will be for me to visit for four weeks a year and friends and family to visit as well ,,It has a rental stream established using time of the year that I would not want to use it ,your thoughts
Have you checked that it has the all-important licence? Otherwise that rental stream could easily become an 18,000€ fine.
Some of these places have been for sale for so long now that the owners must be happy to take quite a reduction in the selling price. I know of a lovely-looking (from the outside) detached villa in that area that's been advertised for around that price for a long while now. It's only a 3-bed plus a study but it has a 100m2 basement too which I suppose puts the value up. But I'm sure it's overpriced. OTOH I'm sure they wouldn't have come down to what we could pay.
@Jock719 Nice to hear we'll be neighbours then :). We love the Tamaragua places for their privacy and solid construction. The estate isn't great to look at but you get a lot of house+garden for your money here.
Quote from: KWC on March 27, 2014, 11:29:27 AM
We stayed in a beautiful villa last August in Villaverde and if I ever won the lottery would buy it , as its still up for sale.
Lots of cracking property on this agents site.
Here is the one we stayed at: http://www.bliss-properties.com/propertydetails.asp?ID=255 (http://www.bliss-properties.com/propertydetails.asp?ID=255)
Beautiful villa................as long as you have the money for the upkeep - especially the pool! We are looking for something more modest and with a shared pool. Hopefully we are buying at the right time and should be able to get a bargain retirement property.
Same here Sal: the Crimean situation may well drive prices down even further this year.
Quote from: Jock719 on March 15, 2014, 09:04:42 AM
Quote from: Deso on March 14, 2014, 12:50:21 PM
Quote from: Jock719 on March 14, 2014, 11:59:41 AM
We've just bought and I think the prices are rising, so does the mortgage advisor at the bank and our lawyer! Don't hang about
Where did you end up buying Jock?
In the end we bought at La Capellania, immaculate house with mature gardens, totally private, ideal for us !
Nice to see you ended up in Rural Fuerteventura then as per your post last year!!!!
Things changed unfortunately, needed a straight to move into house. .....