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Hi My husband and I are considering buying a holiday home in Estepona. We have visited 4 times now. All things considered is this a 'good' or 'bad' time to buy? Obviously we are aware that the market is in a terrible state but we were hoping to be able to capitalise on this (sorry if that sounds ruthless!). We would probably be looking to spend around €100k max and we are not interested in urbanisations or tourist developments - ideally we would like to buy in the casco antiguo of Estepona if we could find anything. We would probably be looking for a 50% mortgage - is this possible/realistic? Any advice or info is appreciated.
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Its a superb time to buy but you have the be ruthless and build up a relationship with the banks.
50% mortgage is very possible.
But dont come into it with rose tinted glasses.
Be aware that you are dealing with a very corrupt and bankrupt country so if everyting goes well its superb.
if things go wrong you may lose all the money you put into spain and more.
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i coldnt stay away from you miserable whining whingers for some reason
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The old part of Estepona is wonderful, isn't it?
You are less likely (although there are no guarantees) to have the possible problems associated with the purchase of a new-build or off-plan purchase if you buy an established Spanish house/apartment (as I assume you'll be looking for in the old town).....as long as you are absolutely sure that the place does belong to the person or persons you are buying it off and, if it belongs to more than one person, they have all given their consent to sell it to you. Other than that, you need to make sure there are no encumbrances on the property; there are no outstanding utility bills/taxes/mortgage payments etc.
Happy hunting and do let us know the outcome of your search!
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Good luck and welcome to the area!
Happy to see people buying in Spain again.
Congrats!
María
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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all depending on what you want there are some passable propertys in old estepona on the solvia website and they are desperate to offload them.
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i coldnt stay away from you miserable whining whingers for some reason
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Ok thanks folks. I think a lot more research is required before we take the plunge! We got stung badly buying off plan in Florida 8 years ago so would never buy off plan or in a development again. Will have a look at solving site. There is a 2 bed apt in the old town we have seen on market for €99k needing no work. We are thinking of coming for a wee look in June or July. Not rushing in to anything!
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Good luck again and please keep us posted !
Maria
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Thanks! Tried posting a link to the property but site wouldn't let me for some reason! I'll keep you posted.
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remember a lot of the banks are on short hours in june and july so you may not actually get any real estate agents to be able to see you.
amazing but true
i was looking in the old town of estepona and seriously thought about it but its a bit pikey style for me.
if you need someone with local knowledge and you are buying the beers i can guide you round a little as long as i dont have to extend too much effort to do it.
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i coldnt stay away from you miserable whining whingers for some reason
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What do u mean 'pikey' style? We are planning a holiday in September to the area so might be worth waiting til then to set up a few meetings rather than June/July. Short hours? Surely with siesta built in the hours can't be made much shorter lol!!
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pikey style
dog shit and rubbish, loud spanish people and dogs barking.
a bit too spanishified for me personally.
i am more of a beachfront type of guy sourrounded by brit expats.
September may be better for seeing people.
Its not just about the siesta.
Andalucia shuts down for a few months in summer apart from the thourist stuff so its really hard to get anything done.
It sounds amazing but in August for example all the real estate agents could have gone on holiday or if you are looking for a bank reposession the bank workers are on short hours so its really hard to get anything done.
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i coldnt stay away from you miserable whining whingers for some reason
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i coldnt stay away from you miserable whining whingers for some reason
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Ha! That made me laugh! I think we must be pikies that's what we like about it. I am a Spanish teacher though so do speak a bit if Spanish which helps you feel a bit more at home I reckon. Will have a look at the links. You sound very English (no offense intended) are you a southerner? Cheers!
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Also do u think we'd be able to rent an apartment in the old town out as a holiday rental when we're not using it or is there no market for properties without pools/parking?
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Just had a look at the link, 36k is a bargain. Can barely buy a garage in the UK for that!!
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Oh, I did love your reply, Mungry! Your honesty is refreshing. I guess we're 'Pikeys' too, although we would rather live in a small Spanish town or village than in the middle of a larger place. Horses for courses, as they say. Have you a photo or details of that house for 36k? You really do have to do your research before you buy anything at the moment, particularly since it was announced on the news today that Spain is slipping further into recession with over half the country's working population out of work.
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"Also do u think we'd be able to rent an apartment in the old town out as a holiday rental when we're not using it or is there no market for properties without pools/parking? "
chances are slim to none
the main motivation is the beach in estepona because its a lot cooler and of course because its the beach.
before you jump in with your cash i highly recommended spending time travelling between gibraltar and estepona because there are some really nice places goign for a steal that may actually suprise you.
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i coldnt stay away from you miserable whining whingers for some reason
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