Re: Re: Buying Now, The Maths Still Don’t Add Up IMO

#102763
Anonymous
Participant

Hi everyone, this is only my second post here but I couldn’t help but wade in, if you don’t mind.

I wanted to second what John Wolfendale said, and add to it a bit. My two cents is as goes…

The way I see it you can basically divide the act of buying a property into two categories: buying, partially or completely, as an investment, or not buying as an investment. If you fall into the first category then I can only say that I think in Spain, now is not the time whatsoever to buy anything with an eye on investing your money, if not perhaps in the very long term. If you fall into the second category then, as John said, a whole lot of complications and factors are rendered irrelevant and essentially it boils down to just a few things – do you really like the property? will you be happy purchasing it? and most importantly, can you comfortably afford to do so?

Having said all that I’ll throw out another bone to chew on…I’ve always been of the opinion that there are only three situations where it makes financial sense to buy a second property. 1) You’re able to spend a very good chunk of the year at the property 2) Prices are increasing at a rate which offsets the costs incurred by owning (tax, maintenance, community fees etc) 3) You’re filthy rich and normal rules don’t apply. Number 2 is dead and dusted, and number 3 is unusual…

So basically I’d say that, if you plan or are able to spend a decent amount of time (measured in months, in my opinion) in your second home, and if you’re uninterested in making or losing money, find a place that you very much like, and feel comfortable taking on the expense, then there’s no reason not to buy now, or at any time for that matter. But if this isn’t you, I wouldn’t take the plunge right now.

Cheers