If it sounds too good to be true, it is too good to be true Favourite Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › If it sounds too good to be true, it is too good to be true This topic contains 3 replies, has 4 voices, and was last updated by Anonymous 10 years, 5 months ago. Author Posts May 28, 2008 at 5:25 pm #54003 AnonymousParticipant 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 May 28, 2008 at 6:38 pm #83264 AnonymousParticipant 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…. May 28, 2008 at 8:05 pm #83266 katySpectator Who builds apartments with one bathroom these days…sound like El Cheapo. Vastly overpriced for that area its a fly ridden hell-hole. May 28, 2008 at 10:17 pm #83268 AnonymousParticipant 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. Author Posts The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.