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Offline White Rose

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Apartment for sale
« on: March 05, 2013 »
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  • You will all think this belongs in the joke section but does anyone know of an apartment for sale around 40,000.  We have come to Los Gigantes several times and would love a holiday home here but dont want to have to sell up to do so.
    We have enquired at a few estate agents but so far they have all said the owners are not open to offers. I find this hard to believe but that's as far as we get.k

    Offline pilgrim

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    Re: Apartment for sale
    « Reply #1 on: March 05, 2013 »
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  • Where is  your home in the UK.

    stevejclark

    Re: Apartment for sale
    « Reply #2 on: March 05, 2013 »
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  • Hi Whiterose. I don't think you are being very realistic if you think that you will find a property in LG for 40,000. If you look at local estate agents websites (eg www.delmargigantes.net), a basic 1-bed apartment starts at about 70,000. Many sellers are open to offers, but not ones that are 50% of the market value! Good luck with your hunt.

    t l c

    Re: Apartment for sale
    « Reply #3 on: March 06, 2013 »
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  • Do a search on line some  banks (Santander, La Caixa etc etc) they have property up for auction or reposessions, call into the banks next time you are here for more details. They do have bargains in & around the area but defo not in Los Gigs, I've never seen anything that cheap.

    Offline Davymar

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    Re: Apartment for sale
    « Reply #4 on: March 06, 2013 »
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  • There is one for sale at Poblado marinero for 68,000, a bit further afield at playa paraisio one for 38,000.
    Plenty of bargains if you look around, although a lot are tired and dated, the change in letting laws have reduced the value, also check how much the monthly admin  and community charges are, plus the community rules and regs vary from place to place. You only need a couple of brain dead people living in the same complex and you could end up with a daily ritual of slamming doors and furniture draggers that tap dance on your ceiling every day.

    Offline Mr Max

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    Re: Apartment for sale
    « Reply #5 on: March 06, 2013 »
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  • Careful though - isnt Poblado a lease-hold site rather than free-hold ??

    Offline Davymar

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    Re: Apartment for sale
    « Reply #6 on: March 06, 2013 »
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  • You could be right there Mr Max! the offer I spotted mentioned some sort of income scheme by letting through the Poblado reception, offering around 5%. Although I was not paying too much attention at the time as I had been sampling the delights of the very competitively priced Red Wine at the Oasis.  I considered I was helping the local economy so I am sure I will be forgiven  for my lack of concentration. :)

    Offline White Rose

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    Re: Apartment for sale
    « Reply #7 on: March 07, 2013 »
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  • Thank you all for your replies. We are here for another 3 weeks so will take onboard all your suggestions. Then it's back to a cold old Yorkshire.
    If we do find something by increasing our spend is there any major pitfalls in purchasing property out here?
    Thanks again for your help.

    grockle

    Re: Apartment for sale
    « Reply #8 on: March 07, 2013 »
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  • Many pitfalls indeed to catch the unwary so do make sure that everything is done legally and above board. Lots of costs along the way and you can inherit debts on the property along with your new purchase. Probably lots of research available online and the book 'You & The Law in Spain' is a good one.
    Lots of taxes to pay and you are dealing with Spanish / Canarian laws. It is certainly not worth considering cutting corners or taking risks. Good luck with looking in the estate agents windows.

    Offline pilgrim

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    Re: Apartment for sale
    « Reply #9 on: March 07, 2013 »
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  • If you are paying cash, as it sounds you hope too. If you are middle aged with children, maybe buy in their name. You can be tenants for life with signed agreement. On your passing no death duties/Inheritance tax.
    Sounds morbid, but my wife has been dealing with parents who have made no provision, it's not the money but the red tape, and hoops to jump thru'

    Offline White Rose

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    Re: Apartment for sale
    « Reply #10 on: March 08, 2013 »
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  • Thank you both for the very quick replies. Certainly a lot to consider. Hopefully by the end of the holiday we will have decided what we want to do.

    Offline dablar

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    Re: Apartment for sale
    « Reply #11 on: March 08, 2013 »
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  • Been told the banks have a of a lot of repossession properties to get rid of at very good properties. Try the banks.

    Offline cs

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    Offline White Rose

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    Re: Apartment for sale
    « Reply #13 on: March 08, 2013 »
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  • Thanks cs. Agree very interesting. Will keep an eye on this site.

    Offline el presidente

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    Re: Apartment for sale
    « Reply #14 on: March 08, 2013 »
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  • CS,
    The one for 49,000 is above the Chicken Shack.

    Offline pilgrim

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    Re: Apartment for sale
    « Reply #15 on: March 08, 2013 »
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  • White Rose, that's it, you have found it, it's meant to be. A little negotiation and yours for 40,000 as you hoped. Hope it goes well!