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 Post subject: Good time to buy?
PostPosted: Sun Feb 14, 2010 9:44 pm 
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We over in November for a holiday and looked at property prices in the estate agents up near Iberostar / Flamingo and we were surprised at how high prices were.

We've been looking on property websites over the last couple of weeks and prices do seem a little more reasonable. Have they actually gone down or were we just looking at the 'higher end' estate agents before?


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 Post subject: Re: Good time to buy?
PostPosted: Sun Feb 14, 2010 10:10 pm 
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wannabe wrote:
Have they actually gone down or were we just looking at the 'higher end' estate agents before?


Prices are down compared to what they were at previously. But that doesn't mean there's bargains a-plenty either, unfortunately. What was really expensive before is just plain old expensive now.

Though I guess it depends on whether you're buying to let as an investment or buying a holiday home.


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 Post subject: Re: Good time to buy?
PostPosted: Sun Feb 14, 2010 10:19 pm 
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Prices in Playa Blanca are about 35% down from the peak (some more, some less) - however, because sterling has fallen so much, prices don't appear so low to British people.

The impression I'm getting is that properties that are correctly-priced are moving quickly again, however you have to remember that in Spain many sellers place their property on the market at silly prices and are prepared to wait several years to sell.

My guess is that it has bottomed out, but I can't see prices rising very quickly either.


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 Post subject: Re: Good time to buy?
PostPosted: Sun Feb 14, 2010 10:24 pm 
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Joined: Mon Mar 31, 2008 2:10 pm
Posts: 1024
How long is a piece of string.........?!

A property is only worth however much you are prepared to pay for it and dare I say bear little resemblance to the numbers on the windows in the agencies. Many of those properties have been in the windows for years anyway.

Everything is negotiable so I wouldn't make any judgement on the prices!

If you are looking to buy and need to rent it out to make it worthwhile, don't make any assumption about rental income etc as there are a glut of rentals about.


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 Post subject: Re: Good time to buy?
PostPosted: Mon Feb 15, 2010 10:50 am 
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Joined: Sun Feb 14, 2010 9:21 pm
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Thanks for the advice.

We did think that maybe the high seeming prices was due to the £ being so poor. In fact I think this was true of everything on the island - even a cup of coffee!

We would probably be looking to buy something small and not over-stretch ourselves so we wouldn't have to rely on rental income - maybe just rent to friends to make enough to cover maintenance.

Perhaps though we would be better to shelve the idea until the £ recovers a bit and we'll just keep browsing for now. Saying that - if any estate agents are reading - it would be really helpful if online property descriptions were a lot more detailed and included a link to a google map. :?:


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 Post subject: Re: Good time to buy?
PostPosted: Mon Feb 15, 2010 1:58 pm 
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Well when's the pound going to recover?! Unlikely to hit the heights of 1.40 anytime soon!

And surely everyone else is prob doing the same!
As said earlier there is never a right time to buy - only right or wrong depending on your own finances!


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 Post subject: Re: Good time to buy?
PostPosted: Mon Feb 15, 2010 10:25 pm 
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You are right of course Foodie about the elusive 'right time'!

If the perfect place came up within our budget we would take the plunge.


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 Post subject: Re: Good time to buy?
PostPosted: Sat Apr 07, 2012 7:15 am 
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Hi, I am new to the forum and simply finding my feet. I am currently looking for a holiday home in Puerto Del Carmen.
If anyone can give advice on a good estate agent and who or what to avoid/consider when buying would be good.
I have been reading up on other posts and basically understand that say a property was 70,000 euros I should expect to pay 10-15% on top of that for all other charges. Another thing to consider should be an average charge of 100 euros per month community fees when buying in a complex. Would both these statments be true?


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 Post subject: Re: Good time to buy?
PostPosted: Sat Apr 07, 2012 7:33 am 
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Good luck, I'm sure you'll find something suitable. If you manage to avoid an estate agent your total outlay should only be about 8% over the selling price. The monthly community charge can vary dramatically with the facilities provided. My community of houses doesn't have a communal pool which is a big expense (about 20k euro per year split between the owners) so I only pay 30 euros a month. It's a good idea to consider whether you'd use communal facilities.


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 Post subject: Re: Good time to buy?
PostPosted: Sat Apr 07, 2012 7:56 am 
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Joined: Fri Jun 08, 2007 6:47 pm
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Location: United Kingdom
My tip on buying would be as follows;

The estate agent will 'suggest' a lawyer and a bank if you are buying. They will say positive things about them. They do this because they get a kick back for the referral, not because of the quality of service. Try to find other people who have used the banks and lawyers and are happy to suggest them.

_________________
Rich


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 Post subject: Re: Good time to buy?
PostPosted: Sat Apr 07, 2012 9:23 am 
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richbedforduk wrote:
My tip on buying would be as follows;

The estate agent will 'suggest' a lawyer and a bank if you are buying. They will say positive things about them. They do this because they get a kick back for the referral, not because of the quality of service. Try to find other people who have used the banks and lawyers and are happy to suggest them.


I agree, in fact, forgive me Rich, but I read that as asking people about the lawyer/bank that the agent recommends. My preference would be to ask people at random which ones they used. We just stopped a few people in the nearby houses and asked them, and that worked out well! We used http://www.lanzarotelawyers.com/uk/ and you'll find many people will speak highly of them, but there are many others to choose from.


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 Post subject: Re: Good time to buy?
PostPosted: Sat Apr 07, 2012 10:26 am 
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Joined: Mon Sep 06, 2010 11:56 am
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Rab,
I can recommend lanzarote investments (link on the left under estate agents) but it'll depend where on the island you are looking to buy.
I also agree with John and have used Eileen Lawyor at lanzarote lawyers.


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 Post subject: Re: Good time to buy?
PostPosted: Sat Apr 07, 2012 12:27 pm 
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Joined: Sat Feb 11, 2012 9:56 pm
Posts: 31
All this advise is good, we bought and the agent you use is key but legal advise is also worth its weight in gold Eileen is the Irish consulate on the island we used her services and is 100% behind the client and you should expect to pay between 8% to 10% on any purchase this will cover Spanish tax, agent fees, legal fees etc, we bought our apartment for very little money in comparison to what they where selling for before but it was idle for 4 years and we have had to completely refurb and upgraded throughout due to its age 18 years, this meant re wiring, new windows and doors, kitchen, bathroom suite. If your not put off buying properties that need a little work then I would look for bank repossessions you will get a good deal in the current situation and like us you can use what you save on the property purchase to refurb to your taste. Ikea is a god send and check out the stores just up from them foe sofas and electrical items plus gangas is across the road then Ft for eveything else. We payed 45.000 euro and have spent 10.000 euro on refurb.


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 Post subject: Re: Good time to buy?
PostPosted: Mon Apr 09, 2012 5:23 pm 
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Some good tips there guys thakyou for taking time to reply. We are coming out July or August for a week and will few some properties we have short listed.


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 Post subject: Re: Good time to buy?
PostPosted: Mon Apr 09, 2012 5:28 pm 
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richt71 wrote:
Rab,
I can recommend lanzarote investments (link on the left under estate agents) but it'll depend where on the island you are looking to buy.
I also agree with John and have used Eileen Lawyor at lanzarote lawyers.


I've stayed once in Playa Blanca and once in Costa Tequise and several times in Puerto Del Carmen so we deff prefer there. My parents also visit Puerto Del Carmen for 4 weeks each year so they would get use of property there too.


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