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

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

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    • #54003
      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
      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
      katy
      Blocked

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

    • #83268
      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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