If it sounds too good to be true, it is too good to be true

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This topic contains 3 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 6 months ago.

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  • #54003
    Profile photo of Anonymous
    Anonymous
    Participant

    Somone sent me this. They sort of knew it is too good to be true, but still, they were interested. Just goes to show how easy it is for people to go into deals against their better judgement.

    Mark

    Bahia del Golf, Almerimar, Spain

    £31,600 (approx.) Cashback
    100% Funding
    3 Year Rental Guarantee
    Price 250,000 e – 260,000e (£197,500 – £205,000)

    No Survey Costs – the survey has already been carried out
    No Legal Costs – these are built into the deal
    __________________

    Location – Almerimar in Spain
    500m from the Beach
    2 bed, 1 bath apartments
    Golf course and swimming pool views

  • #83264
    Profile photo of Anonymous
    Anonymous
    Participant

    What is the too good to be true part..

    As I read it they are offering £31k cashback (39,000e) and rent at say 5,000e a year for 3 years.

    Therefore total cashback deal is 54,000e

    Real cost 206,000e (260,000-54,000)

    BUT that is the sort of going price (read that as advertised price) in Almeriamar for the newer 2 bed apartments. Unless you were really stupid to pay 350,000+ for ones around the port.

    And to cap it off you are paying additional tax (7% IVA) on a higher purchase price that you are given back… (assuming the legal fees meant Notary)

    Where is the the good bit….

  • #83266
    Profile photo of katy
    katy
    Spectator

    Who builds apartments with one bathroom these days…sound like El Cheapo. Vastly overpriced for that area its a fly ridden hell-hole.

  • #83268
    Profile photo of Anonymous
    Anonymous
    Participant

    and this assumes the developer is even going to be around to guarantee the rents if there are (the inevitable) periods of no rental income.

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