Currently in the process of buying on CORVERA

Hi everyone

Just want to share with you our situation.

We are currently in the process of buying  on Covera Golf Course.

After much due diligence and searching across Alicant, Almeria and Murcia for a property.  We have finally found our second home.

We are at the very beginning of this and if you are interested I will keep you up to date on the various stages that we hit and how we become owners.

I would firstly like to thank this website, what a fantastic source of information and helpful people.  All of you who have replied and not just for Corvera but for all the other sites I have enquired about.  You have been brilliant and so very helpful.

That's why I would like to share our experience with you.

Like most people, our money is hard earned and when you are spending  a fortune in another country you want to make sure you are doing the right thing in the proper manner.

We did lots of research and read lots of books and registered on website.  Also registered with lots of selling sites.  

We had a very small budget and this narrowed our search to Corvera and a couple of other sites.  We didn't exclude anything that fell in our price range.  We made sure we had a ceiling level  and we had to stick to that to allow for fees taxes and currency dips etc

We have looked at apartments, duplex, quads, villas, flats bungalows, wooden and mobile on a community off and on a  community.  

We then  broke it down to must haves, compromises and definite NO's we could then narrow it down again we kept coming back to Corvera  and the other golf courses.

I knew I was coming out in Jan so arranged for lots of viewings across all  areas .  

A couple of members of EOS have been really helpful and  gave me really honest and frank information and also gave me contacts for the site.

I can honestly say what a lovely place Corvera is, the local town is really nice  and plenty of places to eat drink and shop and also a garage.  Whilst we were there we went into the town and had coffees and then later lunch.  

The Golf course had security barrier and on both days we were followed around.  The actual entity was well maintained, every community we looked at the roads, pavements and pool areas and these are all maintained.  The golf course as you are aware is in  abit of state but nothing that being managed wouldn't sort out.

The club house was not open due to it being January but it was all looking well maintained.  The place had a good feel about it.  

We looked at both resale and bank repossessions and we have gone for a repossession as this was the better option for us on our budget.

We carried on looking at the other sites, but for us with the location to the town  (about a 20min walk) and the way in which the communities are structured it seemed a fit to us.  

At the moment we have put the offer in our solicitor has done the forms and we just waiting for the bank to send over some more forms for our solicitor to read and then if all is good we can then send over the deposit.

It has helped that we had a solicitor all sorted with Power of Attorney and a bank account.  

I have also been in touch with the community President and Vice President to ask about the annual accounts, so that we pick a healthy community.

I will let you know when we have this and keep you all up to date with the process...... Im sure we should have an update by the end of the week.......

Hope this helps anyone thinking of going to have a look at Corvera with the purpose of buying.  Its worth the trip so you can see for yourself.  

Why did Corvera win over other likewise complexes,

Like the Polaris resorts, united Golf, Sierra golf, Roda,??

I thought the cheapest and best for value were not in Corvera.

Thank you

Corvera is one of the cheapest places to buy even though it now has no golf course nice 2 beds for 45k euro https://www.kyero.com/en/property/3243951-apartment-for-sale-corvera

Hi Sox

The reason why it suited us, was the price and the location - it fitted so many of our tick boxes.

Whilst I dont want to discuss our financials as we are still away from completing this was  a factor in the decision we got a lot for our money and the comm fees are what we think reasonable.  If you would like to know the actuals please PM and I will share.

As I said we spent long and hard doing research and went out to spain  two weeks ago to do the actual id'ing of the sites in person.

It really is down to whats right for you and yours - this is right for us :)

Cheerio

Mavis C

I thought the cheapest and best for value were not in Corvera

Sox, so where do you think is the best value of the resorts ?

I wouldn't really know where is best to buy ? 

I have relations who own property on UGR, I have rented there as well.

it was great, but no amenities or golf course now, apartments are very cheap though!

I also have friends on Roda golf and Sierra golf and Condado !!  

How much are Corvera properties selling for? Everybody will have different opinions on

where is the best place to buy, at the end of the day it's personal preference after you have viewed

each location. 

Also of course some buyers don't think of community fees? Where is the best for these?

 Spanishsteve----Where do you think is the best value of the resorts ?, you seem to have looked at a lot of different places around Murcia have you bought yet, if so where did you buy.

Rightmove, as other posters have said, each persons circumstances and requirements are different. Over time we have viewed different properties and rented in different resorts. We have decided that Mar Menor Golf Resort ticks most of the boxes for us and we are waiting to pounce on the right property.

However, if I had less to spend I would seriously look at the quad houses in San Cayetano and Balsicas which are between 90-110k euros, they offer 3 bedrooms, good space, communal pool, and look good value.

Hi maviscruet23,

Good luck with your purchase and I hope you enjoy your new home from home.

Can I ask why you chose corvera over las terrazas de la torre?

Duncan

UPDATE .... 

Well its not gone as smooth as we would of liked, there was a misunderstanding regarding the asking Price it increased!  Another EOS subscriber has had the same thing happen in another resort so Im not sure if this is standard or we were both unlucky!  However it was not  a deal breaker and all involved helped to resolved and sort out so we have proceeded with purchase.

Moving Money is a trauma in its self with the Euro to pound up and down, I thought we were being clever with averaging out the euro rate - only I picked the best weeks for the pounds!  So our figures on purchasing and budgeting are based on a better rate than it is today !!  so would probably do this across the year if you are budgeting this way.

We  have engaged the solicitor and he has POA for us both.  We have a solictor that is out of the area and in is based in Almeria the original area we looked in.  However he is reliable and is prepared to travel to do all the legal work.

Offer went in as I said and then it turned out the price had changed we then  put in a revised offer  and that got accepted and paid the retaining fee.  We then had to confirm our finances, to the bank and they have also requested P60's, payslips and proof of earnings for Gary as he is self employed.  These have been checked and all ok..  Solicitor has been busy doing due deligence and making sure that the apartment was debt free and that there are no un expected surprised for us.  

We have also contacted the Vice President and president of our community and also the Entity.

We didnt require any funding so the checks where to make sure that we werent money laundering.  We have just heard from our solicitor that we have 30 days from offer to complete.  If we dont complete then the deposit/retaining fee will be returned.  Solicitor is happy with the checks and has advised we will complete on or near the 2 or 3 March.

We are now busy arranging for locksmith to attend to change locks and also to add additional security items to the property.  

As its a repossession that has never been lived in it requires a full clean and also utliliies to be switched on and light fittings installed.  Our agent is helping us with these items.

We then have to start the process of furnishing, any advice please share with me either here or Private message.

Thats the status as of today, and will let you know more when we hear about our completion  date.

Many thanks M

This message was last edited by Maviscruet23 on 18/02/2016.

This message was last edited by Maviscruet23 on 18/02/2016.

Try Chris Dean The Finishing Touch based on the corner by the big bar.Been very good for us.Good luck .

Thank you Legend, Chris is our agent - and he has been very helpful as has Alicia and Alan at Finishing Touch.  Can highly recommend the Company.

Take care M

Hi Mavis 

Good luck with the rest of your purchase process.

I am new to this site and looking to purchase very soon on a golf resort. I too am attracted to Corvera by the location and the low prices, but i am cautious as to why the prices are low.

I keep seeing comments regarding the golf course being closed, do you know if this is a permanent closure.

This will be our first purchase abroad, so any help is very welcome.

Martin.

Take lots of time and RENT first. There are many lovely places to buy and hundreds if not thousands of good bargains. We would not have bought where we live if we had searched more first.

Thanks Lifeline, I should have stated in my post, that we are looking for a second home and not planning on moving to Spain at the moment.

Hi Martin,

Looks like the golf course is closed.

http://www.costa-blanca-greenfees.com/golf-blog/corvera-golf-resort-final-update/

There are plenty of golf resorts in Murcia with thriving golf courses.

The link is an old one, but I can confirm the course is currently closed, however other community areas are in a good state of repair - we had a Gardner weeding & feeding the grassed areas the other day.

We are more than happy with our recent purchase on Corvera, it will take time for the place to become how it was originally planned, but we are not in it for the short term.

There are owners who I have met on site who bought off-plan and are still very up-beat regarding their purchases.

Regards

Marcus

When you buy on any of the local golf resorts that are all offering heavily discounted properties is best described as a gamble and you should NEVER make a decision based on any return, buy a property to use and enjoy first and any gain in the future is a bonus

Watch out for the charges for community fees, especially on Polaris Resorts, ask how much

On Corvera yes the course is closed and it will cost lots to restore the course, some doubts if it will ever open again as there are so many local; that are loosing money, what costs and kiiled the course was the cost of water.  NO firm plans or buyer in place , the clubhouse is closed and may open again for the season. The properties are good value, the local areas around the pools gardens well maintained and the local facilities in the town great, the people are great and friendly. Renting can be difficult as there are loads of people trying to rent. Little will change till the current owner is replaced and the airport opens. Where else can you buy a 4 bed detached villa via the bank for €139k

Other local options include places like La Torre and Tezzazes, bank apartments from €41k, open course in good location but again lots of competition on rentals and they will never increase value compared to Corvera if it comes good

La Torre, some good value resales where the resort is pretty much out of the financial mess and growing, open course, facilities in the season, lots of rental competition and increasing values of resales

Mosa Trajectum, just purchased by large UK company, course being re-openned and some big plans so watch out for the apartments and villas from the bank

Hacienda Del Alamo best value properties are via the bank, SAREB, in the Pueblo, 2 issues here no community pool and potential flight path for airport

Condado De Alhama, near Mazzaron again Polaris, harder to get to but again good prices and facilites, open course and some 100% mortgages still available

Here 2 slightly different options to consider

Sierra Golf, interesting inland location, 9 hole course just openned again, eventually going to 18, townhouses with large underbuilds for €70k with huge underbuilds and scope, no community fees, €100k for a detached villa with room for pool , this site will expand and develop and was recetly taken over by another developer Urmosa and more than 50 properties have been sold in the last 4 months. Not too many onsite facilities community pool, bar, club house built but not yet openned. Space in most properties for own pool, better rental potential mainly residential

Vistabella Golf, also known as Entre Naranjo comes under the Alicante region close to San Miguel De Salinas, inlnad but closer to Alicante airport and courses around Villamartin. Really developing new villas, apartments but resales apartments furnished from €54k complete. Resort has own bars restaurants, bowls, tennis supermarket, 11 holes with 7 being added,good rental potentialbecause of the area and the fact that the development is 75% residential, very low community fees around €30 a month for  community with pools

If anybody needs other advice, inspection trips or viewings please PM me

Martin,

I would agree with inspectahome. If you are looking to buy for rental purposes, probably best to buy on the coast rather than a golf resort as there is a huge over supply of rental properties on the various golf resorts so you are unlikely to get much of a rental fee and the property is likely to be empty most of the time. However, as you said you were looking for a second home on a golf resort and queried whether the course was opened I assumed that you were looking for a golf holiday apartment for use by you, your family and friends?

With respect to the point about community fees at polaris resorts, I think you get what you pay for. At one extreme you can go somewhere like Camposol where there are no community fees but the upkeep of the communal areas is carried out by the residents themselves. At the polaris world resorts you get 24x7 security, tended and watered gardens, maintained pools, refuse collection, streetlighting, mosquito treatment, lift maintenance, building cleaning and maintenance etc etc paid for by the community fees. My community fees are a very reasonable (IMO) 1400€ per annum for a two bedroom penthouse apartment with large terrace overlooking the golf course.

The golf courses themselves are part of the Jack Nicklaus golf trail and owned by IRM. There is a hotel in the Mar Menor golf resort and another at La Torre which has just been purchased by Phoenix, the same company that owns La Quinta in Marbella, so these hotels and associated golf tours are likely to sustain the Nicklaus golf courses in the long term.

The good news for golfers who are owners on Polaris World resorts is that they get substantial discounts on the green fees and reduced membership fees at all the IRM golf courses.

Good luck with your search for your golfing second home in the sun.

Just so people are aware the fees on somewhre like Campoamor are nearer €40 a month or even the areas around Villamartin Golf