[Anonymous]

Note this is a private sale and is my house.

I am selling a terraced house at the beach in Oliva Playa near Oliva Nova Golf course. I bought it 3 years ago brand new and have decided that I do not want to rent property out any more – it is not for me. (Two years ago I rented another proeprty out long temr and it went wrong – now I just dont wish to do it any more)

However the property is in an excellent location being so clsoe to the beach. It has a large communal swimming pool, communal gated gardens and the beaches are fantastic.

After I bought it I made the downstairs into a spearate apartmetn for rental purposes, so you have a 1 bed apartment downstairs and a 2 bed duplex upstairs. However they are only separated by two doors

Note it is not a place to live. It is defintely a holiday place and because of the golf course is popular most of the year except Jan to Mar – although last year it was rented out I believe every month for at least 4 days. .

For more details see

http://www.villarenters.com/advert_summary.asp?ref=2259

It was valued by the bank at 272,000 two years ago and similar new properties in the area are going for around 270,000 – 300,000. 2 bedroom apartments in the building behind this one are selling for 250K.

The price I want is 239,000 and this comes with all the furniture incuded so you could start renting it out immediately. It has aircon in both apartments, hot and cold units and two kitchens. It isnt huge but is certainly biggger than most beach property.

As for rentals what can it achieve. I can onyl tell you what I have gotten myself so here goes

There is a tenant in downstairs (a friend of mine who will leave on request) in the 1 bed who pays 400 per month – so thats 4,800 per year.

Upstairs I had booked out for 22 weeks (I have invoices to prove this) which netted a total of about 5,800 euros. I say about because some of the payments were paid in Sterling and the rest in Euros

So in total it has the potential to return 10,000 without too much effort

There is a mortgage on the property which can be reassigned.

Assuming you had an 80% mortgage on this then on interest only it would cost you about 650 per month and on capital repayment it would cost you about 950 per month. The property has never been marketed aggresively for rentals as I went with the agents who sold it to me who were worse than useless.

But with a ibt of thought and direction it could achieve more. I just dont like rentals.

If this is of interest to anyone then drop me a line or PM me

Best wishes

Vince

[katy]

Hmmmm ❗

[Anonymous]

22 weeks and not aggressively marketed.

You should be working for the Spanish Tourist board, you are doing a better job than them!

Good luck though

[Anonymous]

Hi Vince,
just saw your advert today and am seriously interested.My wife and I are coming to the area at end of september and would like to view if possible and convenient.We are arriving in Valencia 23rd/24th September so can we get in touch with you to view week commencing 25th sept?if ok send us contact details.Also would appreciate a bit more information on local service charges,maintenance etc as well as what size mortgage would we be taking over.We are in process of getting our finances/bank/solicitor etc sorted out so would be looking to buy in next couple of months.Can hold off to january 2007 when capital gains legislation comes in for sellers reducing their liability fro 35% to 17 % which hopefully may leave a little room for negotiation on selling price.
My e-mail address is smithches@fsmail.net .Hope to hear from you soon.
Regards,
Tom Smith

[Anonymous]

Hi David

I use a website called villarenters which has provided most of the bookings as well as people who ask locally if they can book it for their friends. I have used most print mediums but they are useless, and a lot of holiday rental websites with the same effect. The only ones that seem to work (for me) are villarenters and a free one i cannot remember the name of. THe villarenters one is commission only so they have a vested interest in getting people to your property.

Regards

Vince

[Author]

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