Author Topic: Property Owners Support Group  (Read 12899 times)

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spaceward

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Re: Property Owners Support Group
« Reply #165 on: September 26, 2014, 14:50:42 PM »
Well having read a lot, thought a lot and discussed a lot with my Mum and Sister I think we're still inclined to try to get on with our dream of a "place in the sun".

Would some one be so kind as to give me some idea of all the other Taxes , costs, etc involved along side the purchase price for buying a property. I have loads of figures and info but nothing up to date ie 2014

We would be looking to spend between 90,000 and 115,00 on the property. Obviously trying to get as much as possible for the best price.

Thanks again to you all for your comments and help.

Ian

tonsyl

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Re: Property Owners Support Group
« Reply #166 on: September 26, 2014, 16:37:22 PM »
With the greatest of respect Ian, I think you need to leave somewhat more in the spending pot for a property in the Pollensa area. You can pick up less expensive real estate in some other area of Mallorca but Pollensa comes in at a higher level.

Eleanor

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Re: Property Owners Support Group
« Reply #167 on: September 26, 2014, 19:34:08 PM »
You may be able to find a one bedroom apartment in perhaps an older block Probably without a pool for that money if you are lucky. Sometimes Pinaret have one or 2 which need to be modernised a little. I think the rule is to allow about 12% on top to cover taxes etc. If it is less than that then you have a bonus. It was always 10% but then taxes and costs increased. Do make sure you use an independant solicitor and not any connected to an agent. I would also suggest that you take a look around to see if you can see any for sale signs or look in the local paper. You may be lucky as agents are charging 5% commission plus IVA so sellers might try to sell privately. Good luck and I hope you find what you are looking for.  :)
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Flyer

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Re: Property Owners Support Group
« Reply #168 on: September 28, 2014, 08:38:35 AM »
Ian - Eleanor's 12% is about right. With regard to what you are seeking it really is a case of 'you pays for what you get' however I did note (a couple of years ago) an apartment - apologies for the location description here I should know better! - in the 3 storey blue and white block - over the pub - on the island opposite the Duva apartments. No doubt someone will come along and provide a better description.

I'm in no way saying this would suit you however a 3 bed (small bedrooms, 3rd was more like a box room) on the top floor was €100,000 - pretty noisy at it shared a pool with the bar and the block at that time and the apartment looked a little tired. The advert was in the Bulletin but just out of curiosity I went to look. After viewing I went into the bar and there was the same advert pinned to their notice board.

As I say probably not for you but they were around and may still be.   
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spaceward

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Re: Property Owners Support Group
« Reply #169 on: September 29, 2014, 12:15:28 PM »
Morning all,

Thanks for all the comments and info. Can I ask ,is the 12% for all things legal , taxes etc or will we be looking at more outlay on top.

As for the property itself, we're really only looking for a 1 bed apartment, maybe with a shared pool and anything else that goes with it. I've seen a few on the internet with different agents at the 100,000 / 105,000 and would hope to knock the price down from that as quite a few properties have been on the market for many many months if not getting on for a year.

Being a keen DIY er I don't mind a bit of painting , decorating etc. I take it that paint , fixings etc are easy to come by ?

Thanks again for all the help.
Ian

Mary Lorenzo

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Re: Property Owners Support Group
« Reply #170 on: September 29, 2014, 15:22:10 PM »
Hiya Spaceward, I think that the 12% should cover all of the legal necessities (more or less).  A couple of caveats.....in advance of signing purchase papers, do make sure that all previous bills for the property have been paid in full.  I have heard a few stories of new buyers inheriting old electricity bills for example.

If you do decide to go for an apartment which has a shared pool, do be prepared for the shared maintenance costs for your block to be quite a bit more than for a block of apartments which does not have a pool.  Sorry, if that sounds a bit obvious but many people underestimate the costs for keeping a swimming pool in tip top and safe condition.
« Last Edit: September 29, 2014, 18:54:18 PM by Mary Lorenzo »

Belladonna

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Re: Property Owners Support Group
« Reply #171 on: September 29, 2014, 15:25:53 PM »
Good points. Also, if you have underground private parking, this is treated in the same way as the apartment when it comes to community charges eg you have to pay twice for rubbish collection charges, even though you take rubbish to a communal rubbish bin!  ::)
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Mary Lorenzo

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Re: Property Owners Support Group
« Reply #172 on: October 03, 2014, 09:23:23 AM »
Hi Spaceward, here's a nice property which I just spotted on the Talk of the North page.....

http://www.apartmentinpuertopollenca.com/index.htm

Bonyslad

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Re: Property Owners Support Group
« Reply #173 on: October 03, 2014, 16:30:12 PM »
Mary makes a very valid point re community charges . For example I pay a fraction of what I did for a fairly large three bedroom apartment in a town centre residential block compared with a modest two bedroom with a pool and garden. Our charges really only cover insurance, lift maintenance and vestibule cleaning. Pools and gardens cost money but that's what you probably need if you want to holiday let.

And watch car parking, in our block they are a seperate legal property hence BDs comments about double rates , rubbish etc. Essential buy for town centre living I'm afraid come high season but not cheap . You would blow a quarter of your budget on this alone .

BL  :) :)
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spaceward

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Re: Property Owners Support Group
« Reply #174 on: October 06, 2014, 13:24:55 PM »
Hi Mary,

Thanks very much for the link. I think that property is on my Mum's short list as it looks quite tidy and in good order but we'll have to do a bit of haggling over the price .

Thanks again to all for your help.

Regards,
Ian