- August 17, 2016 at 8:35 pm #192216
Hi I am thinking of buying a property on tbe above urbunisation. Initally we would have to rent it out high seaskn to cover running costs. We would be sinking in our life savings so are naturally cautious. These are my questions
1 Do you think the prices have bottomed here or is there a chance of further drop
2 How much below the asking price is acceptable. We are cash buyers.
3 Some of the properties have no hab cert although they have water electric etc and are renting out without. Agent says its not problem but I cant afford to make a mistake with this purchase.
4 is there a good chance if we purchase that prices wil rise in the future in this area.
Thank you for your help. This site is excellent.
- August 20, 2016 at 10:52 am #192230
Is Mazarron the right Urb to buy on? It has no shops and limited facilities with over-priced houses compared to other Urbs with much better facilities. Nobody knows if house prices are actually rising or not and certainly can’t predict price drops. There are several sources of property data published in Spain many with conflicting information, so its impossible to tell what is happening in each area.
When you take the compulsory overheads and the optional fees, such as estate agents, cleaning etc the investment return is very low if any, so you need to come here and get busy with your due diligence, to avoid future disappointment and loss.
Remember, Spanish legislation is very fickle and in many cases where property is concerned badly drafted so, caveat emptor. As far as buying a property with incomplete ownership paperwork is concerned, would you buy a house in UK without the correct documentation or a structural survey?
I know that you will be told “It doesn’t matter” or “You don’t need it we have bought and sold without them in Spain” but remember Spanish lawyers and many Estate Agents in Spain are only interested in your money and there is little or any recourse here for you to seek compensation.
- August 20, 2016 at 11:31 am #192232
Katy, I went to look around Mazarron Country Club around 10 years ago in the boom years. I spoke to some Brits who had bought there. I can’t find my old notebook from that year, so don’t have the details to hand, but I do remember there were serious issues with town planning and the resort not having the promised facilities. I would be very careful.
- August 20, 2016 at 7:55 pm #192242
Thanks for all the advice. I know that there is no shop etc on this urb and about the past problems. The residents on this urb have really gotten together and worked hard to complete finishes left undone by the developer. A group of them now handle the administration and their finances are now in the black which enabled them to reduce their community charges. There appears to be a really good community spirit and the urb appears to be very well kept with well built houses.
Thats what attracted me in the first place. There are properties for sale with hab certs and indeed some of the asking prices are inflated. It is a hard decision and I will take trip out there in the near future. Just trying to get as much information as I can to help make the right decision. If any one has any suggestions for good areas or urbs to consider I would like to hear them
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