Author Topic: buying a flat not in a complex pros and cons  (Read 1179 times)

Offline happy_VZTopic starter

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buying a flat not in a complex pros and cons
« on: June 18, 2014, 12:01:33 pm »
Hello,

We are interested in buying a flat in commercial area of Corralejo. What are the pros and cons of buyng and living not in a residential complex? Do you still have to pay lease to the landlord as in Britain? Is the lease similar to the maintenance and communal charges of the residential complex?

All the answers are greatly appreciated :) 

Thank you,
Viktar

Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #1 on: June 18, 2014, 15:26:31 pm »
We are interested in buying a flat in commercial area of Corralejo.
Are you sure it can actually be used for residential purposes, apart from exceptions made for those who live above their shops etc? Some of the laws here are really strict. You'd certainly need to take legal advice. And from a Spanish lawyer who speaks enough English, not the other way around, and certainly not from an estate agent.

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Re: buying a flat not in a complex pros and cons
« Reply #1 on: June 18, 2014, 15:26:31 pm »

Offline happy_VZTopic starter

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Re: buying a flat not in a complex pros and cons
« Reply #2 on: June 18, 2014, 16:05:29 pm »
That is very interesting to know,

That is very useful to know. The other option is buying at the residential complex then.
Saves us the trouble and dissapointment.

Before arranging any viewings should we see a Spanish lawyer then to discuss the options? This would at least narrow down the search and reduce the viewings. Do you know such a lawyer and can recommend? 

It seems like the majority of the properties are listed by GoldenAcre and Global House. Any positive experience working with them.

We are using Zoopla and Rightmove to find the properties. Are there any other good web sites to check for the listings?

Thank you for your help,
Viktar



Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #3 on: June 18, 2014, 16:35:40 pm »
Well, we've not had cause to complain about ours, Aguado Damsell Reguera (ADR) just off the main strip in Corralejo. At least two Spansh lawyers with good English and at least one English-native receptionist/paralegal.  Don't know about other local ones.

As for estate agents, I'd rather avoid them where possible, personally. It's perfectly straightforward to buy/sell privately with a lawyer here. Spread your net wide enough and you'll find plenty of private sales and lots of agents apart from the two you mentioned. Agents here charge the seller quite a large fee so if you can buy privately you can knock the price down. OTOH, if you're over for just a week then an agent can provide a worthwhile service by arranging viewings. Just make sure you don't let them waste your time by showing you loads of unsuitable places they're desperate to shift.

Sites that spring to mind are ThinkSpain, Segundamano, GranOcasion, Anuncioneon, the Facebook sites of Fuerte-bay etc - and here on this site, I believe. If you're over here then just look for SE VENDE signs and shop window ads.

Offline archer101

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Re: buying a flat not in a complex pros and cons
« Reply #4 on: June 18, 2014, 21:36:26 pm »
Also try Idealista.com and all the bank sites; Solvia, Bankiahabit, Servihabitat etc.
Pros for complex: Security (usually), common areas and outside maintained etc.
Pros for non-complex: No comunidad fees, do what you like (legally) to your property.
As already said - use a good lawyer and DO NOT LET AN AGENT ACT FOR YOU.
Change your money using an exchange service, rather your UK bank, and avoid any offshore accounts like Nationwide IoM, or Channel Islands etc, as the Notary now must see where your funds come from (since March) and must record this with the deed.
When you get a bank account ask how much they charge to raise the check to make the purchase - Banco Santander ripped us off for 500Euros!
There is so much for sale, you'll be spoilt for choice!

Offline archer101

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Re: buying a flat not in a complex pros and cons
« Reply #5 on: June 18, 2014, 21:47:18 pm »
Just seen that Servihabitat have an extra 10% off sale on loads of property if you buy before 31 July. Prices from around 30kEuros.

Offline happy_VZTopic starter

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Re: buying a flat not in a complex pros and cons
« Reply #6 on: June 19, 2014, 00:41:08 am »
That is very helpful.

It would be interesting to know is it possible to rent out the flat in a complex?

Are some complexes in Corralejo purely for short holidays and some only residential?

Is it possible to rent out a flat in a complex long term?

There was a discussion about some sort of licence. What is that and how to check that the property has got one?

How to hire an interpreter to call through private sale adds or all people speak English?

Many thanks for your answers,
Viktar

Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #7 on: June 19, 2014, 18:13:33 pm »
It would be interesting to know is it possible to rent out the flat in a complex?
It all depends on what type of property and what type of rental agreement you're looking for.
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Are some complexes in Corralejo purely for short holidays and some only residential?
Yes, absolutely! Residential ones can normally be let out, but only on a long-term basis not to tourists. Tourist properties? I don't think you're supposed to let it out yourself - you have to go through an agent who of course charges for it. But I don't know much about that. I imagine you aren't supposed to live in it all year round if it's got a tourist licence.

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Is it possible to rent out a flat in a complex long term?
As said above, it's possible to let out a residential property long term (i.e. by the year), but not short term (i.e. by the week).

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There was a discussion about some sort of licence. What is that and how to check that the property has got one?
Yes, a licence for touristic property. I know you can't get them now. I suppose a lawyer or the complex administrator should know if there is one already.

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How to hire an interpreter to call through private sale adds or all people speak English?
They don't all speak English, I can vouch for that. I muddled through alone when I was buying but you can find loads of ads for translators/interpreters in shop windows if you're over here.

Offline happy_VZTopic starter

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Re: buying a flat not in a complex pros and cons
« Reply #8 on: June 27, 2014, 22:04:16 pm »
Hello,

How is situation with long term rent in Corralejo or Caleta de Fuste. Is it easy to rent out the 1 bed flat in residential area. Roughly, how much would you get for it per month?

Thank you for all your answers,
Viktar

Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #9 on: June 28, 2014, 10:00:44 am »
Long term rentals are in short supply in Corralejo - there was a queue for ours.

But I can't see much logic in buying one to rent it out long term. You won't be able to use it for your holidays and tenants won't pay you enough to give an enormous profit. You'll have lots of expenses to cover and an awful lot of hassle if you get a bad tenant.

Offline happy_VZTopic starter

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Re: buying a flat not in a complex pros and cons
« Reply #10 on: June 28, 2014, 21:18:23 pm »
Hello,

How much to budget for the accountant to do accounts for holiday flat. Can you please recommend one from Fuerteventura? Do I pay taxes in Spain only or I have to declare income in The UK?

Thank you, as usual for your answers,
Viktar

Offline Holierthanthou

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Re: buying a flat not in a complex pros and cons
« Reply #11 on: July 15, 2014, 08:19:52 am »
Bit late but my advice to you would be before you buy wait and see how the rental laws pan out. They make them up as they go along here and manufacture them according to the times and situation. And although they could soften their stance, knowing their track record they could do the opposite and make them more draconian. Yes theres a hell of a lot of property on the market at the moment at very reasonable prices. Question you have to ask is why is everybody selling?

Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #12 on: July 15, 2014, 08:40:55 am »
The rental laws aren't the main reason for the glut, Stedge. It's all due to the economic crisis when so many companies went bust and private owners defaulted on mortgages. Still, that glut has made it even more difficult for those who wanted to sell for other reasons - with property values falling everybody's been holding off buying.

I agree though that it isn't the best time to buy as a 100% investment. I think it would be wise to limit yourself to buying what you can afford to leave empty when you aren't using it. If/when the situation improves you can maybe upgrade..

Offline Holierthanthou

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Re: buying a flat not in a complex pros and cons
« Reply #13 on: July 15, 2014, 10:04:57 am »
The economic downturn began years ago and anyone who hasn't sold yet that needed to would be in dire straits by now.   A foreign property in most peoples eyes is an investment that needs to pay its own way not to be sitting there languishing between owner visits racking up the bills..So i do beleive that the rental laws will be directly to blame for most people having to throw in the towel. Maybe i'm wrong but whatever the case its a sad situation all round and could have been avoided with some foresight.As i asked previously Sheila where were all these anti private rental charlies 10 years ago when vast sums of money were being made.

Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #14 on: July 15, 2014, 14:24:51 pm »
The economic downturn began years ago and anyone who hasn't sold yet that needed to would be in dire straits by now.   A foreign property in most peoples eyes is an investment that needs to pay its own way not to be sitting there languishing between owner visits racking up the bills..So i do beleive that the rental laws will be directly to blame for most people having to throw in the towel. Maybe i'm wrong but whatever the case its a sad situation all round and could have been avoided with some foresight.As i asked previously Sheila where were all these anti private rental charlies 10 years ago when vast sums of money were being made.
I totally agree that it's shameful (a) the way the banks lent ridiculous amounts to any and every body, and (b) the way they've suddenly started to enforce these laws that most people didn't know existed (and which estate agents and even lawyers kept dead quiet about).

But the fact of the matter is that many people here have been in dire straits ever since the start of the crisis (or that's my understanding - I've only been here for a couple of years). Many had borrowed all they could repay, even with rental income and both partners in work. Then the drop in tourism, as everyone around Europe felt the pinch, cut the rental income. A lot of owners couldn't afford to even come out for holidays, so they looked to long-term rentals to give them income, while many others simply had their homes repossessed. It wasn't the laws - they were only enforced a year or two ago.

I don't know how it is in your area, but here on Tamaragua houses are at last moving rapidly; in fact they're selling like hot cakes now, with buyers seemingly confident that now is the time. I suspect that's why there are so many for sale in your area: the owners can at last see a prospect of being able to sell, so they've turfed out their tenants. Unfortunately of course sellers won't be getting very much for their places, but they are finally getting them off their hands. We all know that the dream of a place, or a new life, abroad ended in nightmare for loads of people.

Some foresight in the future would be marvellous. However, from what I've seen so far that's rather unlikely to happen in Fuerteventura. :(

Offline Sonnyx

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Re: buying a flat not in a complex pros and cons
« Reply #15 on: December 13, 2014, 14:03:00 pm »
wow alot of very useful stuff in here, you guys rock :)

so while I was browsing some of those sites who sell homes..there are some flats going for 15k-25k that would be perfect for me to drop off my surf stuff for off season and stay 4-5 months a year.
would you actually recommend buying a flat in that price range at all? Im thinking if something is that cheap something must be fowl!
or would you rather recommend spending 35k to 45k just to be sure?
as I said the place would just be to drop off clothes/boards etc and stay a few months a year, so I wouldnt need much luxury really.

Offline isleswing

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Re: buying a flat not in a complex pros and cons
« Reply #16 on: December 13, 2014, 16:47:56 pm »
For the purpose for which you want it, then, Yes, go for it.

If you have the cash.

Obviously, there's a reason for the price.
It could be in a terrible condition.
It could have legal problems that would make it impossible to sell on.
That wouldn't mean "don't buy."

It may have legal problems that stop you occupying it.
It may not have main services.
It could have many other problems.

If it's a flat, then, by definition, it's a part of a larger building. With neighbouring owners, which could lead to difficulties.

The real question is - "what is the cost of keeping the place?"
If you're prepared to pay that, buy it.

Just remember the old saying (and, now official Government advice)
 DON'T GAMBLE MORE THAN YOU CAN AFFORD TO LOSE

It could be the best investment you ever make. If it's not, make sure you can walk away from it in the future. I wish you well.

Offline SheilaW

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Re: buying a flat not in a complex pros and cons
« Reply #17 on: December 13, 2014, 19:39:47 pm »
You should expect a property in that price range to have been built up to 10 years ago and left empty for most of the intervening period, or maybe it was never totally finished. There may be serious issues with damp, drainage, wiring etc. Sometimes the banks just put a coat of cheap paint everywhere to hide all sorts of problems.

OTOH, the coat of paint may be all that's required to make the place usable. But you need to be really careful as some of these places were thrown up in a panic as reality of mounting debts set in, and really need demolishing.

Offline Sonnyx

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Re: buying a flat not in a complex pros and cons
« Reply #18 on: December 14, 2014, 11:47:27 am »
yeah thats what I thought as well in the first place. I wouldnt buy a flat/house w/o bringing a technical expert/lawyer/notary guy anyway, regardless of the pricing.

what about the crime rate in those more rural/city zones? anything worth mentioning going on there? especially break-ins and such.