furniture wanted

We have not had ours (on phase 6 valued), but it's interesting to speculate.

If a buyer wants to subrogate the CAM mortgage from PW, or if any other mortgage is sought, a valuation will be required.

There will be no problem I believe with the subrogation, as it is only around 56% of the contract price.  Where there may be a problem is with the top up mortgage or any other single mortgage which takes the loan up to 70% of contract price (LTV)

It's possible that properties will be downvalued, given that there are resales being advertised below contract price (see chersun.com if you want proof).  If that happens, it would restrict borrowing to 70% of the valuation

If it's like the UK, downvaluing is unlikely however.  The valuer rarely spoils the party.  And it's usually not a problem with LTV around 70% - it gets more exciting at higher levels

I'm sure the true market value of pretty well any property on Hacienda is currently below contract price.  By how much opinions will differ.  Any valuation will be solely based on whether the asset is adequate security for the mortgage, not market value

For us, we planned to mortgage to the max and rent out.  We have now scaled down our plans and are going to complete with cash and hve a lovely quiet holiday home we can visit as often as we want.

Neil

Hi all,

I completed on Phase 5 in December. My Valuation for themortgage was 46,000 Euros more than the purchase price.

Jeff

Hi Everyone

We have recently been told by a selling agent in Spain, that our property is worth less than we are paying for it, due to the market being flooded and property prices taking a very bad turn for the worse. This is very worrying, has anybody else been told this ? or is it just the agent trying to make a quick buck ?

Les

The market in Spain is depressed just as it is here. It's the old supply & demand thing!

I can buy on HR cheaper now than my apartment cost me when originally purchased (although I wouldnt give up my location as it's perfect!)

If you are wanting to rent straight away or if you need to sell now then you would be very lucky indeed to get anywhere near what you paid for your property.

You have to look at the long term however! In two/three years time, the town centre will be fantastic as will be the facilities; the golf (I think) will be awesome! And when there are more buyers than there are properties and the market has picked up (which it always does) this will prove to be a brilliant investment.

Polaris are one of the better builders of this type of complex (yes it is true)!

This is a long term investment not a short term get rich project. Unless you have to sell, relax and enjoy for a few years and all will be just great. 

Thanks for that Jeff

Its certainly more reassuring than the picture being painted by some

Les

The Agents are only interested in selling Off Plan properties and getting 7% commission from the developer.

From looking at built resorts already & resorts to be built, HR will be in a class of its own.

I decided on this 3 1/2 years ago when we could have bought anywhere and since visiting the nearly finished item I am still convinced HR will be a winner out of all the other riders in the race!!!!