I was perusing the web and ended up on the website of The Sun newspaper. I found it amusing to see the following two articles side-by-side.
On the one side they’re discussing how bad the property market is, with: “Sales of homes in the country for the first quarter of 2008 are down by almost 75 per cent, compared with the last year.” (not sure where their figures are from – they don’t reference them!)
On the other hand, they say: “Timing’s right to buy abroad” and discuss the purchase of a place in… you guessed it Spain!
So, should you buy, sell, panic, or just keep reading The Sun?
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If I had the money, I would DEFINATELY be buying right now. Obviously, you have to be sensible and the usual advice applies, don´t overstretch yourself etc. etc. However, those who are clever and solvent buyers have so many opportunities available:
Resort properties – where owners were relying on the rent to pay the mortgage
Rural properties – owned by Spanish and are ´spare properties´ they are selling cheap for a bit of quick liquidity
Land – previously earmarked for future urbanisation. Many plots were bought in the hope of making a fast profit by buying before final planning approval – and now are lucky to be worth the speculation price as there is no visible date for approval of the planning permission.
Buy-to-let – there are incentives available in many areas for owners willing to rent out their properties. Be warned you will most likely have to accept a low rental income i.e. not summer tourist holiday prices, and you will have to be willing to rent for five years. However, if you get a bargain, get a fixed rate mortgage which is covered by the rent which won´t leave you burned by interest rate hikes, you can ride out the bottom of the market. In five years time, you should be able to collect on the increase in capital when prices pick up – I don´t think even the worst of the misery mongers believe the crisis will last longer than five years.
I repeat, all the same rules apply:
Make sure you are looking at keeping the property for at least five years – and can afford to pay the mortgage and maintenance without rental income.
You should still check out location, plans for nearby building works, popularity of the area and so forth. A bargain can still be a millstone around your neck if everything is not in order.
And as for The Sun – I thought that was a comic book?
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