Looking for advice

Hi there, hubby and I are considering purchasing a property on Condado de Alhama and we have a few questions that we hoped those who already own there would be kind enough to answer. we are completely new to purchasing abroad, or at all to be honest as we live in military housing, and will be until my husband retires!
Would this be a good area to invest in? we are looking for something family friendly, with good golf course/s nearby. beaches and main towns/shopping/markets not too far away either and within a decent car journey from the airport as we have a little one. we'd probably use it at leat 4 weeks of the year, although I can only take hols in the school holidays so this would probablyi mpact on any potential rental income. For those of you who rent do you find the income is regular enough or do you find yourselves out of pocket? Ive read a few horror stories online of people buying on developments that have ended up ghost towns?

What could we expect to pay in community fees, utilities, local taxes etc?

Would it be best to open a Spanish bank account for direct debits or a UK based Euro account?

Are there permanant residents/expats as well as a good all year holidaymaker turnover?
I cant think of other questions at the moment but I'm sure someone will point out anything Ive missed! Thanks in advance...

Hi, firstly, if you are hoping to rent out...I would not say there is a 'good all year holidaymaker turnover'.  Depending where you buy you should not have much trouble renting out in July and August, Easter to Halloween can be hit or miss.  For rentals I would forget Halloween to Easter.  I am concerned that you are buying and assuming you will get rentals to help pay, which may or may not be the case.  There are lots renting out apartments, this money must be declared to the taxman!!  If you intend to use it in peak summer, you are greatly reducing your rental income.

You must open an account with whoever your mortgage is with.

Community fees vary from garden to garden but allow approximately 80-100 per month, electricity..if you have aircon and use it can be up to 120 monthly.  Water is cheap enough, about 20-30 monthly.  

Please look at your figures for buying and make sure you can afford without rentals.  The resort is dead out of season from Halloween to Easter.  We get some tourists at Christmas and New Year and in February.  A lot of the restaurants close for some, if not all of the winter.

I love Condado in or out of season, I just don't want you buying an apartment and basing your repayments on rentals.  Baseyour figures without rentals and anything else is a bonus, good luck!,

I notice in another thread you say you will be needing a 110% mortgage to buy a place on Condado. While it is a great place to visit and owning here is a dream, please don't go into it needing a big loan to achieve your dream. Ongoing costs are about 1500 euros a year for a holiday home owne spending 4 to.6 weeks here (give or take), excluding flights and of course your mortgage repayments. 

We dont rent but imagine that if we did then it would mostly come from people we know and could get to rent, there is a lot of competition for rentals and the rents are getting cheaper ( apparently). When you factor everything in, is it really worth it?

im not saying this to put you off and scupper your dreams. It's great owning a place here but if I were in your shoes needing a big mortgage to pay for it then I would walk away, it's a big investment and financially you might never see a return. It's definitely a great lifestyle investment though.

Good luck whatever you decide to do.