Confused

I am thinking of cancelling my contract and am set to lose >50keuros the market seems very flat and will cost over 10% to complete and then resell due to legal and agency fees so will need to sell a 2bed 2 bath wich cost 180keuros for over 215k to breakeven does any1 know if this is realsitc as the local agents say i wont get more than 160-180k and that will be a push as theres too many appartments for sale and the market is bad at the moment? It mat be better for me to sell it for 150-160k, does any one know anyone that is interested in a a deal or can convince me the cost of keeping + mortgage costs(7k euros per yr) will be recovered over the next few year? thanks c

I was shown a list of properties for sale/ recently sold while in Spain last week, mostly on the Al Andalus developments, but not Thalassa. A 2 bed recently sold on AA Residential for 178,000€ +taxes. There are two distress sale 3 bedroom duplexes on AA Resort, one for 205,000€ and one for 215,000€. I would suggest you hold onto it for a while if you can. Property is always a good investment in the end, despite what the doomsayers on another forum may say!

As difficult as it may be going by the amount of se vende/ se aquiler boards in the area, it may be best if you could get a long term rental in? I don't know how easy that would be, but if you offered a realistic rent, then it should cover your mortgage. The utilities and community fees can be passed on.

Mark 

Craig

I will send you a PM because I was looking on another site & someone was looking for an apartment in Vera.

I did suggest that they put a post on the Thalassa forum but you may get somewhere with them if you contact them direct.

Noreen

Hi

I was looking at a property magazine when we were over at Christmas and the remaining 2 bed 2 bath apartments on AAT start at 170,000 Euros. They may not be in the best position but it is an indication of the market.

I think that anyone looking to get a quick return will be dissappointed so maybe a long term rental would be a better option.

Cheers

our concern is that in 2-3 years when we will need out money back it will be still very hard to sell due to over development -and the selling fees agents charge are very high so will need the price to be alot higher to recover charges and also the cost of mortgage even with some rent - AND no guarentee of being able to sell it then either! what are your thoughts

What you say ,could well be the case and because I do not know your circumstances and I cannot see into the future .I would recommend that you take the loss and play safe

My circumstances would allow me to hold on and enjoy and wait ,because a place in the sun is pure pleasure,and if it never sold it would not matter.

The other -side of the coin,my friend bought as an investment on a mortgage ,and he/she expected the value to rise and to rent meanwhile.

Historically property prices rise long term ,can you avoid to wait and just enjoy meanwhile .,but if it makes you miserable because it is eroding your standard of living sell.

The same situation for my UK home,I enjoy the location and the neighbours are good ,so treat it as a home not an investment.