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elroddis

APARTMENTS FOR SALE
« on: October 29, 2007 »
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  • Hi Everyone

    Hope you are all having a great day and the sun is shining.

    Can someone tell me if there is a mass exodus of LG????

    On the Paul Ruane website alone, there are 110 properties for sale.

    We are considering buying but are now worried that there are problems with owning in LG, or perhaps it is The Canaries or Spain and the red tape that goes with owning abroad.

    Any comments?

     :-\\

    Offline linda

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    • Location: Sydenham UK
    Re: APARTMENTS FOR SALE
    « Reply #1 on: October 29, 2007 »
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  • One thing is a lot of germans may be selling due to some tax law about 2nd properties i cant think of a better place to buy.

    tlg

    Re: APARTMENTS FOR SALE
    « Reply #2 on: October 29, 2007 »
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  • Take the plunge - you won't regret - do your homework and all should be OK - we did it 4 years ago and haven't regretted it at all - infact will be moving out in Jan'08 - can't wait.

    Just bear in mind that the housing market is changeable whether you buy here or abroad as long as you allow for market changes there should be no problems - do what you feel is right for you - if you are in any doubt at all don't do it - you have to be 110% !!

    Marcham Maid

    Re: APARTMENTS FOR SALE
    « Reply #3 on: October 29, 2007 »
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  • We bought our little place in Playa Arena five years ago, have visited several times a year since but have never found anywhere on Tenerife that we like better than the LG area.

    The purchase of the property went very smoothly thanks to a good local agent. Our house is right on the sea front in a quiet area, yet within a five minute walk we have restaurants, shops, beach, banks, and access to a very cheap bus service. LG itself is less than 30 minutes walk away, and in the opposite direction, we enjoy walking to Alcala and San Juan.

    If we want a bit of culture, we book tickets for the Santa Cruz Auditorio, hire a car and within a couple of hours can be enjoying a first class orchestral concert.

    Unlike in the larger resorts along the coast, in the LG area we do not normally have to suffer the unwanted attentions of scratch card sellers and restaurant touts! Also, I believe we generally enjoy some of the best weather and highest temperatures on the whole island.

    So we have no regrets about buying in the LG area and most of our needs are met, although I do miss a decent daily newspaper - our local shop sells only the likes of the Mail, Mirror and Sun!

    elroddis

    Re: APARTMENTS FOR SALE
    « Reply #4 on: October 29, 2007 »
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  • Thanks for the responses so far.

    We have been visiting LG for the last 12 years or so at Christmas and wouldn't consider buying anywhere else.

    Year long sunshine with potential to rent out for most of the year (if there would be any time left after friends and family holidays) in a village which has the best of all worlds is a massive temptation.

    We wouldn't be buying to make money - it would be a very long term commitment - just being able to have an apartment where we enjoy being is the most important factor.

    We will be over on 19th December for 3 weeks so will take the opportunity to see what is on the market etc

    Many thanks again

     :) :)

    poolepirate

    Re: APARTMENTS FOR SALE
    « Reply #5 on: October 29, 2007 »
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  • Hey Elrodis

    You are coming at a good time.

    Make a silly offer and it may be accepted. I know of a few apartments in well established communities that couldbe yours at a great bargain.

    Good luck, you could have a very happy New Year.

    Offline Edward Bear

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    Re: APARTMENTS FOR SALE
    « Reply #6 on: October 29, 2007 »
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  • Marcham Maid, if you go and see Sylvia at Country Garden she will order for you the Times or the Telegraph for delivery to her the following day. Otherwise get yourself a computer from CBC and read them on line.

    elroddis

    Re: APARTMENTS FOR SALE
    « Reply #7 on: October 30, 2007 »
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  • Hey Elrodis

    You are coming at a good time.

    Make a silly offer and it may be accepted. I know of a few apartments in well established communities that couldbe yours at a great bargain.

    Good luck, you could have a very happy New Year.

    Hi

    That is reassuring - are they for sale with an agent or privately?


    gigs

    Re: APARTMENTS FOR SALE
    « Reply #8 on: October 30, 2007 »
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  • Hi Elroddis,

    The sale market is very slow, apartments are often on the market for 2 years or more, so make a really silly offer and you never know!

    Two things the authorities are tightening up on:
    a) Part of the price being kept secret and paid in cash whilst the notaire "leaves the room".  This saves CGT for the vendor, but should now be avoided at all costs, as the tax people are finally catching up on it and clamping down.

    b) If you wish to rent out the apartment for part of the year, the apartment should be in a complex licensed for letting by the authorities - which are few and far between (El Marques for example?).  These rules have been ignored for many years, but ignore them now and you risk being caught out in a big clamp down in the next few years.
    Tamara is an in-between bet, because it doesn't have a community and is less likely to be "found-out".

    If you choose right and get a bargain, you won't regret it - good luck!

    elroddis

    Re: APARTMENTS FOR SALE
    « Reply #9 on: October 30, 2007 »
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  • Hi gigs

    That is very helpful, thank you.

     :)

    elroddis

    Re: APARTMENTS FOR SALE
    « Reply #10 on: October 30, 2007 »
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  • Quote
    b) If you wish to rent out the apartment for part of the year, the apartment should be in a complex licensed for letting by the authorities - which are few and far between (El Marques for example?).  These rules have been ignored for many years, but ignore them now and you risk being caught out in a big clamp down in the next few years.
    Tamara is an in-between bet, because it doesn't have a community and is less likely to be "found-out".
    Quote

    Does this still apply if you are only renting to family and friends?


    Offline linda

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    • Location: Sydenham UK
    Re: APARTMENTS FOR SALE
    « Reply #11 on: October 30, 2007 »
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  •  i believe not


    gigs

    Re: APARTMENTS FOR SALE
    « Reply #12 on: October 30, 2007 »
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  • Hi again Elroddis,

    Family & friends are fine. it is "commercial" letting that might become a problem - i.e. letting via an agent or by internet or other advertising.

    Beware even the major estate agents often say "excellent for letting" when it is NOT licensed.  Because there have been no problems up until now.........
    Mallorca are clamping down hard on this, and the Canaries are likely to follow.

    For more information on the above, see The Sunday Times of September 16th 2007, Overseas Property section page 34 - a full page article entitled "Spanish Property Doctor" by Mark Stucklin.

    As long as you don't need to let commercially to pay for itself, you should have no problem.   Good Luck!

    elroddis

    Re: APARTMENTS FOR SALE
    « Reply #13 on: October 31, 2007 »
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  • Many thanks for this information - it will certainly help us


    Offline Dolly Diver

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    Re: APARTMENTS FOR SALE
    « Reply #14 on: October 31, 2007 »
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  • It's amazing how many 'family and friends' the owners in my complex have, and we have strict no commercial letting!

    tlg

    Re: APARTMENTS FOR SALE
    « Reply #15 on: October 31, 2007 »
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  • Yes I think that is the way around it until an accident happens !! it's such a contentious issue and a one that has gone on for years and am sure will continue until something solid gets put in place buts it's a huge thing to control and monitor.