Apartment Advice Required....

[martinbray54]

Hi,

Our retirement to Fuerteventura has been set back for three years due to fostering our grandson at very short notice and I am concerned that property prices will dramatically increase over the next three years.

Does anyone have any ideas on how I could purchase a small one / two bedroom apartment when we visit shortly and keep it maintained for the next three years until our retirement. We shall only be using it for four weeks of the year, but are concerned about what may happen to it during the other forty eight weeks. The apartment would be funded on part pension withdrawal.

Our plans would be to sell it in three years for a larger property, as and where suits us.

Many thanks.

[Johnrgby2]

Depends very much on how much you want to spend, there are still some properties around for â,¬70/80000 I bought my property through these people https://goldacreestates.com/ who I have the greatest regard for, Their Sales manager is a guy called Nicolas Tan the first truly honest Estate Agent I have ever met.

[erik_tonny]

 

[woe10]

How do you know that property prices will dramatically increase over the next three years.

Do you have a Crystal Ball, given Spanish Politics, the opposite may happen.

[MalT]

We just bought and went out of Nick tan and to be fair he was not pushy, my advice is look at all the agents sites including Roy at property world and Martin at bliss, go out and take a look at options, someplscesallowshort termrentals some don't. Sounds like youareloking for something to generate income? Property prices? Who knows with Brexit, what I do know is that to in value of kind make things more expensive, we were luckyandpurchased at 1.36e to pound. Good luck.

[MandK]

There are some great bargains to be had, but, more than any other place i have lived, its who you know. Most good deals dont make their way to any estate agents windows. I was lucky, met someone through a hobby and boy are they my best friend now.....

[warriors]

hi, if you did manage to find somewhere perhaps you would consider long term rentals for 3 plus months to suit, you would have a small legal income and with proper vetting of your tenants (ideally retirees) the place will be kept nicely ticking over-just a thought 

[Blueboy7]

My advice would be the following, never trust anything an estate agent or anyone in the Spanish legal profession tells you in Fuerteventura "Research, Research, Research".You have to take into account 10% extra on top of any costs involved in any property purchase, and if you are intending to sell as a non resident factor-in a 12% loss in all of the other number two they demand from you in Tax'es and Fees (they are ruthless robbing bstards, European Union legislation is unheard of in Spain, they piss on it). The bottom line is save your money, a lot can happen in 3 years, re access the situation then.

[justthe6ofus]

Not sure if I've read your post correctly but you ARE saying you don't want to live in the apartment you buy - you plan to sell it in 3 years and buy somewhere larger/suitable for your retirement?

Personally in your position I think it would make sense to buy a managed apartment on a (decent) complex and rent it out. If you do it properly (ie; buy somewhere that CAN legally be let as a holiday let - on a complex etc) the income it generates should give you a nice little return over the next few years, and it'll be managed for you. At least then, when you come to sell, whatever has happened to the property/currency market in the mean time will be of less importance.

Why would you consider leaving it empty? If you do that you're 100% gambling on the property market. If holiday lets is not your thing, long term lets seems be very sought after, and again the income will give you a roi. You can just stay somewhere else if you've got a long term tenant.

I'd also recommend Goldacre estates, I recently bought through them myself. I found Nic could be pushy but maybe that's because I ask a LOT of questions and drill down in to things which no estate agent really likes. Goldacre do provide an excellent packaged service though. You can do your research from home - even Right Move has Fuerte properties. Find some you like, email the agents and arrange viewings for when you visit. You can pay a holding deposit on the day you view a place if you decide you want it, and buying is nowhere near as drawn out and complicated as in the UK (in my experience)

For what it's worth I also believe property prices will increase over the next few years. Brexit hasn't helped, but I'm still convinced. From what I've seen of the property market on Fuerte it's just turning the corner out of recession and prices appear to be back on the up. All property is a gamble though.

I think you're making sense to have a punt with some of your pension pot now - sounds like a win win to me. It doesn't really matter what the market does once you've got a foot on the property ladder - if it falls, it falls across the board so whatever you want to upgrade to will also be cheaper. If the market goes up you're laughing and if it doesn't you've still had some return on your investment.

[TamaraEnLaPlaya]

Be very, very careful using Goldacre or their rental arm, Room to Breathe. If you search back through numerous previous posts you will see that there are about 10 negative comments to every positive one. Remember that Estate Agents are getting paid by the vendor - they will tell the buyer whatever they think they want to hear  and a number of other 'professionals' on the island seem to do likewise. For example; there are many instances told of Goldacre and other estate agents assuring buyers that the property they are buying is ok for renting out for holiday lets, totally against the legislation already in place.
For some people I'm sure that Goldacre have done a good job but for others it has become a nightmare. My biggest warning would be not to use other professionals recommended by them but to research and find your own. Maybe more work for you but ensures that no underhand practices are afoot.
My comments re Goldacre and other estate agents are gleaned from numerous posts by other forummers. Room to Breathe is through others' posts and my own experience.

Please don't let this put you off buying out here - it is a wonderful place to be - just be careful who you deal with and get them to put any important details in writing.

Had you thought which part of the island you would like the apartment to be in?

[Johnrgby2]

While I wholeheartedly agree with your comments on Room to Breath who are a complete waste of space and bandits to boot, I cannot agree with your other comments about Goldacre and particularly Nic Tan, who I found to be a Gentleman so much so it worried me at first basing my fears on having used 10/12 Estate Agents over the years in the UK, but I soon realised he said it as it was, and even took the time to take us to parts of the Island just to show us what was where and what was available, we used their in house solicitor also. who though appeared slow, when a deadline arrived she was there, handled everything from property purchase to getting us NIE,s, Residencia and Social Security cards with out us having to do anything.
I am aware that everyone has different takes on people, but I spent years doing a lot of negotiating with many different people, and was generally considered to have been born a cynic, but I stand by my reccomendation.

[MalT]

We spent a week I correljo last year looking at properties with four different agencies, they do try it on. But you need to be firm in terms of what you want, some of the previous posts are dead right, research before you come. We havenoregrets, even with Brexit.good luck.

[justthe6ofus]

I also agree about Room to Breathe - total waste of space. I can't get my head around why they waste their money even being operational - they do nothing. I was very wary of using Goldacre as they felt 'too good to be true' and I'm very suspicious by nature, but I couldn't find any bad reports on them, and I did try.

No one should be naive enough to believe everything they're told verbally by an estate agent, anywhere in the world. If they won't put it in writing you have to take it with a pinch of salt.

But I've had a lot of dealings with property in the UK and I found Nic to be realistic. Maybe they suss you out based on what you tell them and then don't bother trying to pull the wool over the eyes of people they can see are experienced in property purchase etc. Who knows. At the end of the day they're just salesmen doing their job.

But Nic did tell me I wouldn't necessarily be able to let my place and explained what was going on with the holiday lettings legislation. He took me to see many places and was always upfront "you wouldn't be able to get a touristic license for this one" etc. Maybe they've been naughty on occasion in the past (I haven't seen what Tamara is talking about so I can't comment, but I don't doubt it) but in my (very recent) experience they provided a good service, as did the other people they recommended.

[Joseph]

After much research and visits I purchased and apartment in Costa Caleta. Most people speak English here .Only ten mins from airport ,about a mile from Calleta .You can still pick up a 2 bed apartment for around £60000 .Cost of running apartment with everything included about £1500 per annum.I purchased the apartment through Fuerteventura residences estate agent and they were great.Most of these complexes are gated and secure.
I have seen prices increase over the last 2 years and expect this to continue.
I use the apartment about 6 months per year and wish I had done this earlier in my life.
If you leave out school holidays return flight,s are about £100.
Cigs ,beer and food are much cheaper as is running a car.
Message me direct for any questions .Good luck with your purchase.

[caza]

Hi ,
I much agree with Joseph re fuerteventura residences !
Nadia is great , she sorted everything out for us , purchase went smoothly and kept in communication whilst in the UK !

[Ivemovedon]

If this is a plug for estate agents I can offer a bit of my own findings over 14 or 15 years. If you are looking in the Lajares area try Redrock and Natalie Surmont.  We trusted her and we're never let down. Also Martin Bliss has recently shown us to be easy to deal with and a person to trust. I'm sure there are others and in my opinion a lot of the shysters disappeared a number of years ago. I don't think there are many left.

[Johnrgby2]

If this is a plug for estate agents I can offer a bit of my own findings over 14 or 15 years. If you are looking in the Lajares area try Redrock and Natalie Surmont.  We trusted her and we're never let down. Also Martin Bliss has recently shown us to be easy to deal with and a person to trust. I'm sure there are others and in my opinion a lot of the shysters disappeared a number of years ago. I don't think there are many left.

I agree with HTT on Martin Bliss, nice guy knows the island and is honest as you can be in his profession.

[MalT]

Yes, martins a nice guy, was good in a 'difficult' purchase for us!

[Blueboy7]

Try renting "Long Term" before you buy.  If you decide to buy, request you an EXACT amount that you will have to fork out, get it in writing off the Solicitor and Estate Agent. If you decide to sell, get an EXACT amount in writing of what you will be deducted from the sale proceeds, DO NOT let them fob you off by saying this is impossible, or letting them get away with an approximate verbal figure, you could be in for a shock. And make sure the price the ESTATE AGENT quotes includes the local taxes, if he/she tells you they don't do contracts only a handshake, be very, very wary of them, the main reason they do not put it in writing is the hidden costs, trust nobody.

[jill tie]

Apologies if I am repeating anyone (i have not read all the posts).  If I were you I would give yourself 3 years to buy something. 
Because you have cash I would wait for a bank repo or look at property auctions.  I think thats where you will get a real bargain.

[Johnrgby2]

While I agree with Jill Bank repo,s and property auctions are where you will find the cheapest properties, the drawback is, and initially we went down this road, these property will have just about everything removable removed, Kitchens, boilers, and light fittings etc, even in one case all the internal doors, you will have to assess the cost of replacing these items and refurnishing, in the end we bought a property that was in probate, offered 10% less than the asking and moved in 7 weeks later.

[chrisandco]

I have just picked up this thread.
I have read it through a couple of times. Sorry if I appear thick but do you mean that there is an estate agent with a lawyer sitting in their own office who is representing the BUYER'S interest?
I thought that agents made their money by selling property for their clients - the VENDOR.
Surely, offering legal services to the BUYER is a conflict of interest. The agent is interested in completing the sale as quickly as possible so that they get paid.
When we lived in UK, nobody would ever use a lawyer recommended by the selling agent, and I have never heard of a lawyer that actually works for the agent.
Why anyone would think that it should be any different here is beyond me. In fact, it is even more important here to have independent legal advice. I know of 2 lawyers who fell out with an agent because they wanted commission to pass them clients.
If I have got the wrong end of the stick, let me know

[Johnrgby2]

I have just picked up this thread.
I have read it through a couple of times. Sorry if I appear thick but do you mean that there is an estate agent with a lawyer sitting in their own office who is representing the BUYER'S interest?
I thought that agents made their money by selling property for their clients - the VENDOR.
Surely, offering legal services to the BUYER is a conflict of interest. The agent is interested in completing the sale as quickly as possible so that they get paid.
When we lived in UK, nobody would ever use a lawyer recommended by the selling agent, and I have never heard of a lawyer that actually works for the agent.
Why anyone would think that it should be any different here is beyond me. In fact, it is even more important here to have independent legal advice. I know of 2 lawyers who fell out with an agent because they wanted commission to pass them clients.
If I have got the wrong end of the stick, let me know

The one I used did not work for the Estate Agent, but rented Office space therein, she did not represent the vendors, as like in the UK there would be conflict off interests.Nick Tan the Sales manager of Gold Acres made it very clear, we had other options, and explained what they were, after some thought we went with her, and although appeared slow, every time there was a deadline to meet, she met it she did everything from obtain our NIE.s set up standing orders for water, electricity and community fees, obtained Social security cards  etc. and we would use her again. over the years we have bought and sold 15 properties in the UK including a business premises, and always had more trouble than enough with various solicitors, I say again it worked for us, so we would not hesitate to recommend her.   

[MandK]

Never enter any agreement without independent legal representation, sourced my you.

[Johnrgby2]

Never enter any agreement without independent legal representation, sourced my you.

I repeat again it worked for us, and we would use her again!

[Windermeregolfer]

Here in Windermere we have a Property Lawyer, not a solicitor, who rents offices in an estate agents building and will act for either the vendor or the buyer, not both, so I would think it is a question of who appoints him first.

I concur with Johnrgby2 we used a lawyer in PDR who was one of 3 recommended to us by the developer for our villa purchase and all the other legal work such as NIE's, wills, registration for electricity etc. and have to say she has been brilliant.

[SheilaW]

I think it's quite likely that prices will rise now. They're certainly starting to. Can't tell the future but barring catastrophes Fuerteventura seems set to host vast amounts of tourists. That will have a knock-on effect throughout life here.

Someone mentioned longterm lets. They are totally legal. A lawyer will draw up a standard contract for you and tell you how to terminate it. There's a terrible shortage of rentals here. One family of Corralejo musicians, long established with kids at school here, even had to move to Lanzarote recently when their owner wanted to sell. And I've known a couple with a baby who had to "live" in a hotel for two months - and they were Canarian! So, please let it for a fair rent. And remember that a sitting tenant has a right to buy the house they're living in. That's what I did with my house in France. The tenants bought it so no agency fees etc.

When I had a house to let I never got round to advertising it. Some in the queue were offering to pay more; others to do it up if I provided the materials. That seemed like a good idea to me, and could be perfect for you. Buy a livable place needing some TLC and get your tenant to do it up the way they like it in return for a fair rent. If they get to live in it for three years then both parties could get a really good deal.

[TamaraEnLaPlaya]

And remember that a sitting tenant has a right to buy the house they're living in.

That's interesting Sheila, I hadn't come across that. I'm familiar with 'Rent to Buy' contracts but not the implied right that you mention.

[erik_tonny]

And remember that a sitting tenant has a right to buy the house they're living in.

That's interesting Sheila, I hadn't come across that. I'm familiar with 'Rent to Buy' contracts but not the implied right that you mention.

To my knowledge only if stated in the contract:
Contracto de arrendamiento de vivienda con opción de compra

[malabu]

While I wholeheartedly agree with your comments on Room to Breath who are a complete waste of space and bandits to boot, I cannot agree with your other comments about Goldacre and particularly Nic Tan, who I found to be a Gentleman so much so it worried me at first basing my fears on having used 10/12 Estate Agents over the years in the UK, but I soon realised he said it as it was, and even took the time to take us to parts of the Island just to show us what was where and what was available, we used their in house solicitor also. who though appeared slow, when a deadline arrived she was there, handled everything from property purchase to getting us NIE,s, Residencia and Social Security cards with out us having to do anything.
I am aware that everyone has different takes on people, but I spent years doing a lot of negotiating with many different people, and was generally considered to have been born a cynic, but I stand by my reccomendation.

R.T.B and Goldacre same company i think R.T.B has closed down.