Algorfa - detached villa - absolute buy?

Hi guys

came across this villa on internet - looks like an absolute buy?

what do people think?

http://www.qsdgroup.co.uk/property-costa-blanca/property-algorfa/detached-villa-in-lo-crispin-1308742.html 

 I'm not an expert on the area but I think you can do a lot better for your money. I know here in Valencia you could, so I imagine there it would be even easier.

 what could one get with a €100K budget in Valencia?

Just taken a look at the Villa.  I don't know that area but have seen better on the internet I'm sure.  We're just buying a 3 bed, 2 bath Cortijo in Villanueva del Trabuco in the Andalucia region (between Malaga and Granada) with a 90 tree Olive grove and Orchard plus garden and terraces for just over 132000.00 Euros.  Personally I would think you could get better.

 wow, that sounds like a great deal.  can you point us in the direction for a similar deal?

Hi Monocapitan.

You were pulling our legs with that one weren't you?!

Absolute NOT buy at THAT price! But that is only my humble, inexperienced opinion.

It's tired and dated and the only redeeming feature is the good plot size and large roof terrace...if you're on a suicide mission to hang yourself with unsightly hanging cables.

Many sellers (worldwide NOT just Spain) are pricing themselves out of the market due to the neccessity of recouping funds spent in more prosperous times...and who can blame them.

Even if I could afford to buy I wouldn't...I will always rent through my own choice and circumstances. Or use my caravan LOL!

As said by others, you could get far more for your money.

I would keep looking and only purchase something YOU LOVE. I don't know, maybe you love that villa...every choice and need differs from person to person. If it's a bargain to you...that is what matters.

Nikki

PS. Whilst you cannot compare Spanish prices to other countries, as they are entirely different markets, my friend is buying another property in Turkey or the USA. This is a property I found him and he is looking to/thinking of putting in an offer of £75,000 plus £5, 000 if they leave the furniture. That's a lot of villa, pool and space for very little...it is also well presented to SELL. YOU CAN FIND VILLAS LIKE THIS FOR A SIMILAR PRICE IN SPAIN.

http://www.turkeyexpert.co.uk/property/private-villa-kirazli-kusadasi.html  

I don't know about the house in Algorfa, but I would think long and hard before buying the place in Turkey.

I'm wavering between Spain and the USA.  Spain is the most convenient destination if only we could get similar value for money, but Spanish asking prices are still too high.   Renting, meanwhile, seems to be the best option.

Hi Primrose

Oh no, I wasn't suggesting Monocapitan buy the Turkish place...just showing the difference in standard of property/space/price and presentation/views. IF my friend buys it, he will be fine. No worries...he has had his other place in Turkey 8years. It is rented out 75% (short summer lets and long winter let) of the year so he wants a place to live now due to retirement. He doesn't want to give up his rental income on the other property.
 
I couldn't use a Spanish example as I didn't have one...because as you say and I feel, the prices are too high for what you get IN MANY CASES. Not all. You've just got to hunt the bargains out in Spain...they are still there.

You are wise renting.

If you choose the USA and they find a little lady in your case on landing...don't worry... IT'S ONLY MEEEEEEEEEE!   :)  

I forgot to add, your concern re buying in Turkey is very valid. I have two girlfriends who have had nothing but heartache and lost a fortune. He however has been fine...I often question if them being female is the reason they have had so many issues and been taken advantage of.

It is NOT only in Spain, where buying a property can go wrong...it's worldwide.

i agree thats way too much for a property like that.

remeber you have to factor in that it will prbably have many build defects and chances are it may have some problems with paperwork.

in a country that is dying and crashing the buyer has all the power because everyone is desperate to bail out.

offer them market price of 70k and tell them they are very lucky you are taking it off their hands.

 £80,000 is hardly "way too much for a property like that".  Sounds like a good buy to me.  Similar property in Quesada (new build 3 beds) are going for double that although you can get cheaper "distressed" properties (bought off people who are desperate as they over extended on their mortgage or, like the chap on the telly the other night, lost all their money on on-line gambling and now blames Spain for their troubles).  How is that place in Turkey at £75,000 plus £5,000 much better value when that is £80,000 or €100,000 ?  

The grass being greener on the other side doubly applies to the USA.  For a start, you can only live there for 2 periods of 3 months so hardly an option if you want to live there permanently (and don't exceed that 90 days by even a day or you'll end up being banned from the country after a few days in the local hoosegow).  A nice place in Florida we were looking at seemed nice until we found out the local property taxes were £6,000 a year (just under $10,000) and we would have had to pay 25% nominal tax on renting whether it was rented or not.  (nominal tax was worked out at rental income of $1500 per month so $375 per month or $4500 per year) making taxes of $14500 per year regardless of whether we lived there or rented it out.  Always do your homework.

Does that cortijo with all the olive trees (and unless you're going to try and sell the olives I can't see why that's a plus - just loads of work to maintain them as they have a tendency to grow rather large) have bin collections, mains electricity, mains water, sewerage provided?  Lots of places like that still run off generators and draw water from wells without even having telephones.  At least that new place in Algorfa will have all the infrasructure built in.  

As said, do your homework.  Never, ever rely on rental income to pay your mortgage.  There are thousands of properties up for rent all along the Costas.  A place like Algorfa will never be excessively popular as it is away from the beaches (15 minute drive minimum) when there are thousands right next to the beach up for rent.  If you rely on the rental income and you get just one bad year then you could lose the lot.  You could end up as one of those who people on this site are advising make an offer, it they're desperate you could give them a packet of jelly babies and their airfare home and act like you're doing them a favour.  

(and they wonder why property prices are going down).

"what do people think?"

The selling agent is Harry Clarke.

Does anyone know him ??

Hi Bobabol

I did not say the property in Turkey was "better value" than the one in Spain...but now you mention it, I think it is. I have re-read and definitely did not say that sentence. I was merely highlighting what you "can" buy at that price and used that particular property as it was the one I had to hand of a similar price/size etc. It could just as easy, of been one in the States but the prices of those were much higher, so they were no comparison to the Algorfa villa.

Being a sensible lady if I had £80,000 (which I don't) to spend and was faced with the the one in Algorfa or Turkey on a value basis only, the Turkish one would win.  

After you've paid £80,000 on the one in Algorfa plus all the fees, (which are higher than Turkish fees) you've then got to allow roughly another £15,000 to get a new kitchen, bathroom will need doing too, judging by everything else and then re-furnish it. It also needs a lick of paint here and there. All work and time. After that you've got community fees...and being right by the pool is not a pleasure in the holiday months when you live there and want a little quiet time! 

Spend £80,000 including the furniture costs on the one in Turkey, pay the fees and your done. The pool is all yours and no community fees as the property is residential not on a complex...so just usual utilities/rubbish etc. The only cost I can admit is higher, will be the flights. BUT that's outweighed by cheaper healthcare 200TL per month. 

Thankfully it is not me looking to buy...never will. My friend does not rely on his rental income to pay a mortgage (it's mortgage free) it's just his spends hence buying another to live in. 

Anyway back to the Algorfa one I feel it is well overpriced. But you know your stuff and live there so will know the market far better than me.  

Go on now tell me "that's your old house I've just berated" or something similar LOL!

Guys, thanks for all the comments.  Perhaps further inland would be better away from the Hoi Polloi?

The property would be just for own use and not buy to let - thinking eastern europe for my buy to lets.

 Dreamer, you obviously don't know the area.  Why would a new kitchen and bathroom, for example, be necessary?  I think you'll find the new builds around this area come absolutely complete.  White goods are normally supplied (they were for us), the bathroom and kitchen were fitted to an extremely high standard.  No "lick of paint"or any other repairs to do as the new builds have a snagging process at the outset.  We even had a tap started leaking after living here (not Algorfa, Quesada is about 15km away) for 5 years and it was replaced free of charge by the builders.  A full furniture pack in our previous flat including curtains, oven, beds, settee, coffee table and all the crockery and items you could wish for was provided for the sum of €450.  Hardly a great expense.  We didn't need them for our house as we shipped the stuff over from UK.

The only thing that wasn't done in our area was the garden and aircon.  However, the builders are now fitting the aircon and paving the gardens if you wish as a "come-on" rather than lower the prices.  A new apartment in our area is €159,000 as you can see from this apartment (which I don't like) and a new 3 bed town house is over €200,000 which is one of these houses  which is one like mine and I do like.  OK, you wouldn't have community fees in Turkey but how much would it cost to maintain your own pool, clean it, filter it and so on.  All included in the community fees as is the gardening for the entire complex and the lighting etc.  

As I said, it pays to do your homework.

Bobabol

I never claimed to know the area...again you are putting words in my mouth.

It is not a new build, but a resale, therefore I doubt very much the snagging procedure will not apply on this property. Therefore the work and costs would be down to the new owner, as I said. The property also has some damp which would need attention...could be minor, could be big.

A new kitchen would be needed, quite simply because the one in place is dated, lacks cupboards etc. The washing machine doesn't even fit! There are no pics of the bathroom, so you have to take a rough guess based on the rest of the property. IT WILL need replacing. 

Yes, the furniture is included, but lets face it...it has seen better days. Other than the suite in the living room and dining table and chairs.

If you managed to obtain a full furniture pack for E450 I salute you. I have NEVER heard of one so cheap. But clearly they can be found.

I still wouldn't pay that much for that property. I couldn't because in my opinion it is overpriced for what you get. I have seen some lovely properties in Spain for less. I also believe the market has a long way to fall...and an even longer time to pick up.

I have looked at some others on Lo Crispin. They are lovely. Well presented and priced to sell...although the prices are higher than this property...the quality is better.

You get what you pay for!

 MonCapitan:  Good luck with your search.  I don't know whether or not the Algorfa house is good value but it looks nice although I agree with Boboal that prices per sq. metre tend to be cheaper inland than near the beach.

Elviria:  I'm sure your friends' gender wasn't a factor in their being ripped off.  Crooks are gender blind and they're everywhere.  By all accounts, houses in Turkey are no better built than those in Spain - in some cases they could be a lot worse and communal/maintenance charges can be a real scam.   I'm sorry if I appear to be undermining your argument.  That's not my intention.   I think that overall we Europeans get less for our money than the Americans.  

Boboal:  Property in Florida is easier to rent out year round and seem to be better value for money purely from an investment viewpoint.  This one for example http://www.realtor.com/realestateandhomes-detail/2830-Regent-Cres_Daytona-Beach_FL_32119_M65068-71777?source=web  a 3 bed with pool is near Daytona Beach and an hour's drive from Orlando.  Or what about this apartment on the Gulf of Mexico http://www.realtor.com/realestateandhomes-detail/375-Plantation-Ln-5309_Gulf-Shores_AL_36542_M78632-00754?source=web.  I know nothing about them - for all I know they could be the homes from hell.  I picked them as examples from the Realtor website - but they seem better value than anything I have seen on the Spanish websites.  They have roughly the same asking price as the house in Algorfa and all the reports indicate that the US market has bottomed out whereas Spain's is still falling.  No use to MonCapitan because he's looking for a permanent home but attractive to those of us looking for a winter bolthole with guaranteed sunshine and year round rental possibilities should we get tired of it.

Bobabol...No apology needed dear chap. We just have a different opinion on the property. You know far more than me where property is concerned and I always respect what you have to say, as you are full of knowledge and experience. Years of it. So no worries.

I still wouldn't buy it though  *wink*

Having said that, the title of this thread is correct, because for someone IT WILL BE AN ABSOLUTE BUY. We all have different tastes and expectations. I could live in a tent...and still smile. 

Primrose...I would like to think gender played no part in it...in fact you're probably right, because on thinking I do also know a man and a couple who lost everything. I guess my friend has just been lucky or very astute. My girlfriends not so lucky sadly. Just like anywhere the buildings in Turkey range from wonderful dream homes to shacks where the ceiling could become a hat at any second. I'm not fond of concrete trilbys myself! No argument needed, just sharing some info.

Moncapitan...You just buy what suits "your" needs and wants. As long as you follow the safety rules and stay wise you can't go wrong. Keep looking and you will find the property that calls your name and tugs your heart. When you find it, you won't mind paying E100, 000 or E200,000 because it will be a price worth paying. GOOD LUCK. Hope you find/get exactly what you want. If you do please come back and post about it...it will be nice to know how you get on. 

it's a pity it's on an urb without a shop on the urb

Hello

The property looks good to me ..apart from the overhead cables (which would personally put me off) .You can only ascertain the condition once you've had a few visits to the prop...also really important to make sure the house faces the right direction, as can be cold and damp in the winter..for me the terrace should always have the afternoon sun..... the price for that house is whatever someone wants to pay for it .  

 My prop is about  a kilometer away, I can say the area is a very nice place to be, yes there is some commercialism there like most populated parts of the world where the sea is situated.

 Being near the sea is a huge advantage  if one day you're gonna rent it out  ..but to be honest  the area  is a good start if you're not spanish spoken and you want to live there  as  I think the language is the key to anywhere you live /rent ..as it's a door opener .!

Good luck with your decision .

Happy New Year to all

This message was last edited by fireblade900-1 on 06/01/2013.

This message was last edited by fireblade900-1 on 06/01/2013.