SHOULD I COMPLETE ..your views please

Due to complete in march on a 2 bed town house for 150,000euros

Rate sterling to euros very low we budgeted for 1.45 now down to 1.35

Bad press every where feeling nervous ,going over on  tuesday to speak to agent as we brought of plan last year,  possibale proffit

just want a variety of views

Thanks for your time and views

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Oh dear Steve & Hayley, you're in stuck, I think. You will lose all your monies paid to date if you back out now. With hindsight you should have forward bought those euros with the likes of Currencies Direct or HIFX but we all live & learn. Never buy thinking you'll make a profit these days. I'm certain if we sold after over two years we'd likely have to sell below price we paid. We were lucky & rate was reasonable the times we had to send over then complete.

Where are you buying ? I searched for your other posts but in General Forums there were none listed so maybe you posted in your development's forum.  

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Buying in Cox near murcia/alicante been reading price in area going up umm hyp i think

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Wouldn't this count as changing your mind? The currency fluctuation wouldn't be considered a good enough reason not to continue with the purchase as there is no breach of contract involved from the builder/ agent. I would imagine that if you failed to complete for this reason, you would lose all monies paid currently, plus possibly any more you are due to pay.

With regard to the prices, yes they may drop a bit, but so long as you aren't in it just to make a quick buck, you should be in profit again within a few years. Also bear in mind that valuations in Spain are not an exact science and 3 different valuers can give you 3 totally different prices on the same property.

Mark

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Yes, I'm afraid you would lose your money if you backed out now.

The only options are if you were mis-sold or the development is going to be over 3 months late then you could get your money back...but you would need the assistance of a good lawyer!

You could try selling the contract on to someone and pricing it so that you just scrape back what you got, but even then there is no guarantee that it will sell.

Good luck with it.

Justin

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Cox is a very nice area, i know it. The city has still its Spanish atmosphere. EVERY property will bring you money, but you cannot expect a 100% win in 2 years. Use your property as a nice investment, use it yourself and rent it. Enjoy the weather here and when you want to sell it in some years> For sure prices will be higher. As it happened in the last 10 years as well. The really property boom is over, but prices are stable and the BRITS love Spain. NO???

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Hi

Just going through the same process and feeling like you at the moment. with completion in March.   Just wondered if your purchase has moved forward now to completion and what decision you made.  We are buying on Polaris World Golf  Hacienda Riquelme in CostaCalida and like you wonder if we have done the right thing.  Was relying on rental but concerned about the number of golf resoirts popping up.  Do that many people play golf?  Has anyone tried to sell through this site and been successful?  Any other suggestions for advertising?

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mastech

My worries about the golf properties is not just supply, but that the tail was wagging the dog so to speak. ie I played on a course near me just before christmas and got the distinct impression that the course was to sell the properties, rather than for golfers, it was so ordinary as to be almost an after thought.

My friend and  i  also marvelled at the amount of property surrounding the course, and given 99% of it looked deserted, we wondered how much demand there really was, in the cold light of day so to speak. I also wondered about the community charges on a property there and what these might be.

If you have one of these properties on mortgage and you are paying community charges, and you cannot let it, then you need to live there, or be very wealthy.

My guess is that people agrred to buy them on the basis that it was an investment that would pay for itself, and could be used by the owner from time to time. This perhaps is ok while the property is appreciating in price, but otherwise I suspect it is fataly flawed for most people.

Ifyou are retired and play golf, it makes sense perhaps.  But are there enough retired golfers to meet the supply?

Anyway good luck with whatever you decide - did you buy for investment hopeing to rent?

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The exchange rate has put you in a very tight spot. It will cost you around 6000 GBP more to complete. However loosing your deposit will almost certainly cost you more. If you can afford to complete the purchase I would suggest you do. You will see no capital growth for a year or two, the property could even drop in value in that time. However, as we know, over time most properties increase in value. If yo can sit it out for a few years, maybe even pick up the odd rental, then you will certainly lose no money at all, and probably make a profit for as long as you own it. Good luck in whatever decision you take.

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Where are Steve & Hayley ? We're talking to ourselves.  Haven't seen them since 24 Nov 2007. How R U doing ? Come tell us.  

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probably playing golf................................

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Only complete if you are going to spend time here and enjoy it. Spanish property is very difficult to sell at the moment and very definitely not an "investment" in the short term.

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