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Hi to all other IAP purchasers.

We have one in R6 too and an earlier one which completed nearly a year ago,  so can comment.

IAP = pretty unimpressed overall, but the development appears sound and the IAP units seem to have a/c plumbed , an upgraded spec work surface and include dishwater which other units don't seem to have.

Parma = very good and effecient

Property Insurance - yes you will need and your bank may also ask for life too.

Rental - Well don't expect too much & you won't be disappointed - so far working out at c£50 a quarter, which is great vs your £60 marketing costs to BHI.   Hopeless!!!   BUT to be fair our first one was one of first - snagging took ages to resolve and Bridge Holmes were only starting up and further the site was a mess.  They are still confident of getting rents up but I think it will be at least a year , maybe two before you get anything near approaching your outgoings UNLESS you can get a long term rental in to at least cover some of your outgoings....... and that hasn't so far proved easy

Community Charge - c €250 a year.  run by committee for each area - R6, R8 etc.  So far haven't been able to find out if one already exists for R6, if it does you can bet you'll owe after completion and San Jose won't have paid for you .... but maybe for R6 this hasn't been set up yet.

Anyway hope this helps.  Long term .... 2 years + will all be very nice and a fair investment - but at present its just a money pit...... like many other ones too!

Hi there,

We are another couple who has purchased through instant access, again not blown away by their performance versus what you pay. Still if it works out long term then I will change my mind.

We used Parma consulting to complete in Playa II last June and was very impressed, there were more responsive than our UK solicitors!

We are using BHI to rent the property and would agree with comments below, they talk a good story but havent seen the delivery to match. Though we have just been informed of the marketing deals Playa Golf II has been signed up to by BHI The Villarenters site looks good.

Is anyone using a different firm to market the properites, are you having any success.

We are also being asked if we want air con installing by BHI for £1700. Has anyone done this, who did you use, price?

It's great that we can discuss and share our thoughts.

Take care, Stevey P

Thanks for the responses. Once I confirm if Air con was included in purchase, i'll let you know if I need any more help.

Thanks, Stevey P

Hi Claire T,

before you go ahead with your air conditioning at the price you have been quoted, find out what sort of units they are selling you?

We have found that there are several types on the market, some are noisy and use the old type of gas and others are more efficient, quieter but cost more. Do some research and get the units that will suit your needs.

We are going for three inverter units, possibly Fujitsu, One 12000 btu,s for the lounge and two at 9000 btu’s for the bedrooms. Total cost 2,500€.

Sping.

Thanks for the advice Sping but I'm afraid I have already given the go-ahead for the installation!  I'll let you all know what type of units they are as soon as I get the info. 

Fingers crossed!!

I am due to complete on a 3 bed villa in a month or so and want to rent it out long-term.  Can anyone recommend a good rental agent?  Also - Is the rental market in Spain similar to the UK in that I can sign up for several agents but just the pay the first one to find me a tenant?  Just stumbled across this site today, it's great place to swap advice!

I have two top floor with sun terrace in R6. Im seriously thinking of trying to sell rather than complete. from the posts and general research the areea seems to have suffered a classic bubble.

Im thinking it might be better to take it on the chin now rather than enter the money pit senario. There seems little chance of holiday rentals that would cover the mortgage and bridge homes do not even sound optomistic on the phone. Long term rents at 400euro per quater.

For owners who dont want to rent , the complex looks great though and the specs look great.

does anybody know if the IA ones have aircon and white goods ?

mark

Hi to all,

Very interested to read your comments.  I am in a situation that I was told by Tony Mckay  (COO IAP) that my purchase was to be cancelled due to so many lies inside track have told me in last 3 years, however, this has not happened and I am now facing a swift attempt at purchasing the unit.  I have paid £30k deposit and approx £72K left to pay (ex furniture).... should i try to fund it or just lose the £30k in cold blood....... What are middle floor Tulipans valued at now?..... is it a nice place?  I believe the habitation licence has been granted.... how long do i have ?

my habitation licenses havent been granted yet but are expected soon. As to valuations its anybodys guess. Spoke to one agent today selling playa golf 2 and he was bullish but he was trying to sell me an apartment. Every one else says its stagnant . With sales hard without a discount.

Im going to try and sell mine at a loss as I wanted them for investment not holiday homes. For anybody buying for themselves ie holiday homes will be ok as the development looks good and of ok quality.

mark

Hi Kevin,

Sorry I missed your post.

I have one or two questions for you.

Why did you buy a property in Spain? Was it for your personal use, an investment or a quick profit?

The Playa Golf development is, as you know, a new and up and coming development. At the moment I would say you would not make any profit on the sale of your property as the general market in Spain has slowed down and there are lots of properties on the Playa Golf development so you would be competing against lots of choice, e.g. it’s a buyers market.

Unless you are desperate to sell I would complete on the purchase, keep hold of it for a couple of years and then re evaluate the situation.

£30,000 is a lot of money to throw away. You could rent it out to family and friends and get some return on your money. Work out the cost to you to keep the property and then see how much you need to earn to cover those costs.

It all boils down to a simple equation; outgoings against income.

If the property cost you 1,400€ per year to keep, then you have 30 years to decide by which time the value of the property and the property market should be more buoyant.

Sorry if this has not been of any help to you, but you have to ask yourself a few questions and do your sums!

The Playa Golf Urbanisation will look stunning in a few years time when everyone has settled in and it has become established.

Sping…

Thanks sping.... I appreciate and to a certain extent, i agree with your logic.  However, I view things a bit differently, see if you agree.....

I signed for this property purely and simply as an investment....carried away on a wave of enthusiasm, I fell for all the instant access blurb (bought 2 properties in UK as well..... both of them were overvalued and impossible to rent as well !!)

Spain : The 42,000 euro I've paid out, as far as I am concerned has been spent and i owe 98,000 plus expenses.... so where do i stand now, what asset do i have and what is it i am actually going to complete on?.

Well, a top floor, fully furnished 2005 tulipan is on this website for 135k euro - not sure if up to spec for security or air con. (guessing from what i've read would take 130)

Given that top floor was valued 17,000 euro higher than mine (lets say 13,000 as time has gone on and not brand new)..... so mine would be worth (somebody would pay me - not these bank appraisals) at best 122 k but more like 120k after completion if furnished....

Now to get me to that situation , i need to pay the 98,000. Furniture would cost me approx 6,000 euro, IVA tax 10,000 euro, legal fees and mortgage funding costs approx 3,000 euro.(mortgage costs could be cut as i could buy it outright, but then you need to factor in opportunity cost of not having that 120k+ cash working for me), travel to spain a couple of times 2,000 euro......plus say about 1,000 misc expenses and budget overspends.  All this equals around 120k euro. 

So in summary, going forward I will only end up with an asset worth the same as the money that I still have to pay..... none of the 42k will come back.

However, if I cancel, I get a refund of 14,000 euro and no more outgoings, no more worries, no more rental uncertainty...... basically no more risk.

Even if I have slightly over inflated the outgoings, there is little chance of being better off by completing..... To get any of my lost 28k back, I would do better by joining the buyers market and looking for a resale than persevere with this overpriced venture or use my capital in a different field and draw a line under foreign property and move on .........

Best of luck to Mark, if you can sell before having to complete and save these outgoings......that is the best scenario (time not on my side), 2nd would be to cancel........ I feel completing is not a prudent option                  INSTANT ACCESS............. THE WORDS ALONE CAN MAKE MY BLOOD BOIL........ !!!