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I'm David my partner and i have just put down a deposit for an off plan development. Its my first time of buying a property anywhere so i am very nervous and also very excited. I have no chance of getting a decent property in London so i think the costa del golf is the way to go.
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Hi David and Partner, welcome to the forum. You will get so much information here. We completed last year on our apartment but we are in Costa Blanca so I cannot help you on the Costa Del Sol but their might be a people talking on that development .  Their are loads of people that will be able to help you. I can imagine it is hard to get on the ladder in London I am originally from the East End and the property we lived in their is just a stupid price.  Good Luck Pat
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Hi David
We have bought off plan on Coto Real Duquesa, ours is ready in Dec 2007.
welcome to EOS, you will love this site, we have had lots of help and advice.
Good luck with yours.
Maureen & Dennis
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Maureen & Dennis
Coto Real
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Hi David & partner
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Congratulations! Where are you buying and are you going to move here permenantly??
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Quite frankly m'dear, I don't give a damn!
www.herbalmarbella.com
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We are buying at Calonova Golf , have paid the 6000E deposit now awaiting details for payment of next 20%. We work in London so hope to rent the property out. Been to the show house its fantastic, it overlooks the course, it is a risk as im investing all my savings into it but it is the only way i can invest in a decent property.
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HI David - welcome to the forum and congratulations. I dont know what you have bought at Calanova Sea Golf or what you have paid but just for indication have just had two properties valued for mortgage purposes there - both of them 2 bed/2 bath apartments with garage and storage and bank values returned at either side of 300,000€.
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com www.comparetravelcash.co.uk
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I just need one thing to be clarified, the price of the property is 220000e i ave been informed the banks valuation is 270000e at the moment. The apartment is due to be completed in April 2008 and have told i will get a mortgage based on the banks valuation at the time , so if it is 270000e i will get a mortgage at 70% of 270000e if required, is that correct?
many thanks
David
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Hi David it all depends on exactly what you require and what you have bought. It is impossible for anyone to be specific about the apartments value until it is visited by one of the recognised bank valuers. In the instances I have quoted one of the clients purchasing there has purchased at 250,000€. The apartment has valued at 310,000€ and at 70% borrowings are 217,000 (of value) but 87% of purchase price. Thus they are covering some of the 13% purchase expenses out of mortgage borrowings. Hope that makes sense.
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com www.comparetravelcash.co.uk
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Thanks for response, We have purchased a 2bed 2 bathroom apartment storge, underground parking off plan at Calononva golf for 220,000E, so i could you are saying possibly be able to pay all/some off the lawyers fees etc out of bank valuation price by getting a large enough mortgage. I am a worrier about this stuff , my head , heart and girlfriend tell me its a good deal but every so often i think im going in over my head.
We intend renting the property out, it overlooks the course and is within in 15minutes of 15 other courses so hope to pay the mortgage through it being rented out. Its just the completion costs which have been bugging me.
This message was last edited by imaginelennon on 8/31/2007.
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Whether it will prove a good investment or not only time will tell - everything in life carries a risk and none of us would ever get out of bed if we werent risk takers but I know where you are coming from as every proerty purchase is a big decision.
Far be it from me to come between a man and his girlfriend but in essence you have grasped it. Should the property value high enough to keep borrowings to within 90% of valuation you can borrow as much as 100% of purchase price - however I have to say the product is not that good as start up costs are high. If the property values high enough then you can borrow up to 90% of purchase price within 80% of value - however and in Spain there is always a however - it is possible that as long as the property values high enough there are the odd lender or two that will advance as much as 100% of purchase price within 70% of value and good products too.
To illustrate - if the property were to value as high as 315,000€ (unlikely but not impossible but it all depends on size of the apartment) you could borrow as much as 220,000€ (100% of PP) on a decent, flexible product - always assuming you wanted to of course and subject to fitting lender criteria.
Hope that helps and I havent made the head bang harder still or the heart skip any more beats.
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com www.comparetravelcash.co.uk
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Thanks for the advice, i will be putting down the initial 20% within the next 21 days -6000E and have till March/April to worry about the completion cost, it is a risk but as long as the valuation is around 270,000E i should'nt have a problem.. As the other apartments are going for around 245,000E i should'nt think that is unreasonable. The size of the apartment 118,60m , 97,48 of apartment and 21,12 terrace.
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Hi
I don't want to sound full of doom and gloom but I note that you say you "hope to pay the mortgage through it being rented out". Don't rely wholly on rentals to pay your outgoings - and don't listen to any agent who may tell you that you won't have a problem renting your apartment out. The CDS is flooded with apartments for rent - on golf courses and elsewhere.
Make sure you can afford all the outgoings (including electricity, water, community service charges, property tax, etc.) WITHOUT any rental income from the apartment. You would not want to find yourselves in a situation where you are relying on income which may not materialise.
Again, don't want to put you off - we have just completed this year on a property we bought four years ago off-plan in Duquesa, Manilva (not too far from you, further south) and are very happy. But we are not relying on any rental income to pay for it, fortunately.
All the best with your venture!
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Yes, I would agree 100% with that. We have had friends who bought with the "promise of rentals" and it hasn't happened - also near golf, beach etc. etc. You need to be able to afford the mortgage/additional costs without rental. Then if you get them it's an added bonus.
Good luck with it all
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