Is there a lot of money to be made renovating properties in Southern Spain?
Sunday, May 31st, 2009 at
4:37 am
Thought i might sell up in the UK but buy a flat and rent it out. Then move to Spain, have a holiday then buy a small house to live in, also buy a wreck - do it up and sell it on - then buy another etc etc Seems like a good plan. I have £150,000 to spend in Spain. Good idea? Get outta the Rat race in England! wahey!
Friends of mine bought a delapidated townhouse for £15000. spend a year doing it up -sold it for £100,000. now they are on to the next one. buying in the mountain villages an hour from the coast houses are around this kinda price.
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Tagged with: Money • Rat Race • Southern Spain
Filed under: flat renovation
Cor blimey mate, it’s a wonder no-one has ever thought of THIS before…….(?)
You might want to do some research first. Spanish property sales have slumped, partially due to global warming. The summers are just too hot for Northern Europeans now, too hot even for the SPANISH even sometimes.
If I was you, i’d be looking at another country. Poland, bulgaria or somewhere. The Spanish Property market is finished, yesterday’s news. Your 150,000 would evaporate in a puff of smoke down there.
Actually having just re-read your question, i detect there’s a strong possibility that you might be “at the wind-up?”
Good Luck Lad. You’re going to need it……
Seriously that´s a brilliant idea.
Sell everything and move to Spain.
Do not do any research, that´s for wimps!
Be careful, the UK and Spanish property markets are both risky at the moment as they have both been seeing periods of very high growth, partially fuelled by optimistic buy-to-let investors. The amount of first time buyers is dropping in both markets. The historical graph of house prices looks like a bubble that’s about to burst big time. And if people’s property values go down here, they are less likely to be funding ‘homes in the (much too hot) sun’. So better sell your house now, but don’t buy in Spain for a while. With all that cash you can rent in Spain for a few years until you ride out the storm, then pick up bargains, maybe.
Have you heard about the law in Spain which allows the government to purchase your land compulsorally, even if it’s your back garden ? Haven’t you seen the tearful, red faced Brits on TV every week ? I think there’s a whole programme devoted to them, Nightmare in Paradise or something. These are people who didn’t bother to learn Spanish, or check up on Spanish land law.