The other important point I forgot to mention is that by avoiding the greedy agents and buying privately, buyers can steer well away from ‘off-plan’ properties which the agents will ‘push’ with all the usual ‘sales-hype’ (often a load of boloney) because they earn so much more commission from these compared with re-sales which they definitely do not promote first.
Interesting tv prog. the other night showed Amanda Lamb re-visiting a couple (dated a year ago though) who bought an apt in P. Banus saying they had doubled their money. What a load of tosh it was as the figures didn’t add up.
They bought at 87500 but she didn’t mention buying costs on top of that of 11% approx, say more like 97000 to buy. She said they sold for 163500 but also failed to mention the agent’s 7% + and legals so a net figure more like 148000, maybe a tax bill too, so not double as the programme mentioned, and as I mentioned above the programme was a year old when the market was stronger than now. Although good, nothing like the profit she portrayed, and only achieved in over 3 years which could have been bettered in the UK too over that period.
I rather think that Ms Lamb and the tv company get paid to ‘push’ properties in flagging or new markets abroad.