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Old 21st February 2011, 12:10 PM
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I have just seen this in the Daily Mail, perhaps some of those wishing to emigrate to the Spanish peninsular should read and digest?

I cannot comment because I do not really know or live in that area.

Spain's villa values HALVED and UK immigrants can't afford to come home | Mail Online

Hepa

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Old 21st February 2011, 12:28 PM
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Originally Posted by Hepa View Post
I have just seen this in the Daily Mail, perhaps some of those wishing to emigrate to the Spanish peninsular should read and digest?

I cannot comment because I do not really know or live in that area.

Spain's villa values HALVED and UK immigrants can't afford to come home | Mail Online

Hepa
If you buy a house in Spain because you want to live here, it doesnt really matter what the financial value of the house is, does it? Its your home, and that is its value.

If you think there is any likelyhood that you wont want to stay here forever, you should rent, not buy. Or, if you buy property with the intention of reselling later, then you have to accept the fact that values can go up and down, just as with any other commodity on the market. It should have been obvious that prices wouldnt continue to rise by 10 or 20% a year forever, as we were being told in 2005.

It is a sorry situation, and I know several people in the same boat. But **** happens, and at least they still have a place to live, even if its in the "wrong" place. Lots of people in the UK and Spain are losing their homes altogether, because due to redundancies they cant pay the mortgage. They are the ones I feel sorriest for.

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Old 21st February 2011, 12:49 PM
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It's a terrible situation for those affected but as Alcalaina said, if you're moving for good then what does it matter what the value of your property is. Yes of course situations change and some you have no control over and you then need to sell up and it's very hard on those people.

Then you have the other side of it which is for people like myself that are moving over to Spain and looking to rent at first and then buying a very nice property for a very nice price.

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Old 21st February 2011, 12:52 PM
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Quote:
Originally Posted by Alcalaina View Post

It is a sorry situation, and I know several people in the same boat. But **** happens, and at least they still have a place to live, even if it´s in the "wrong" place. Lots of people in the UK and Spain are losing their homes altogether, because due to redundancies they can´t pay the mortgage. They are the ones I feel sorriest for.
I feel sorry for those who move within the UK and the same thing happens. They end up in negative equity and if they lose their jobs as well.! At least they have friends and family around them - a small comfort, but........

As for the article itself, well its just scare mongering and old news really. Must be quiet in "dailymailland". But wannabe expats need to think on, if they're planning to sell all and come over

Jo xxx


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Old 21st February 2011, 02:40 PM
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I feel sorry for those who move within the UK and the same thing happens. They end up in negative equity and if they lose their jobs as well.! At least they have friends and family around them - a small comfort, but........

As for the article itself, well its just scare mongering and old news really. Must be quite in "dailymailland". But wannabe expats need to think on, if they're planning to sell all and come over

Jo xxx
Yes jo but:
  • A lot less lose their jobs.
  • The reduction if anything of house prices is much less.
  • They get state support in most cases.
  • The chances of getting back on their feet is much greater.

I know you love knocking the UK at every opportunity but this thread is surely about a spanish situation which in no way is comparable

As many have said the only people with real issues are those who were speculating or who borrowed to buy. I'll save my sympathy for those who were ripped off by bent alcaldes but the poor love who had her $750k reduced to 250k - so what. Many spanish families will never see 250 in their lives.

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Old 21st February 2011, 02:40 PM
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The 1st couple shifted 450K in less than 7 years ! Plus what he earned from a part -time job, ( probably un-declared as well ! ) " we lived really well, going out for meals and for day trips a night in was a rarity, " Says it all doesn't it ?
If the'd put it up for sale at a sensible price in 2007 instead of going for a 175K profit it would have sold easily. The 2nd couple were always going to struggle if there was a crisis.
Lenox posted this on another forum:

They had all but written it before they came to Spain: ( The Daily Mail, he means)

The Entertainer Online: The Story that Writes Itself.

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Old 21st February 2011, 03:28 PM
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My daughter was happy to pay the asking price of her home nearly 4 years ago..and does not regret paying it, she has the house she wants where she wants.
I have been looking at apartment in her village, believe me there are no cheap apartments available in the village... I want an apartment as for the first year I will be travelling and do not want the worry of a garden plus I have my daughters garden to keep.
I could buy a house out on the golf course for less than an apartment.. but this doesn't suit me so I have to pay for what I want. Strangely enough in the village 2 miles away there are plenty of cheap apartments and bank repossessions




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Old 21st February 2011, 03:30 PM
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Originally Posted by MaidenScotland View Post
My daughter was happy to pay the asking price of her home nearly 4 years ago..and does not regret paying it, she has the house she wants where she wants.
I have been looking at apartment in her village, believe me there are no cheap apartments available in the village... I want an apartment as for the first year I will be travelling and do not want the worry of a garden plus I have my daughters garden to keep.
I could buy a house out on the golf course for less than an apartment.. but this doesn't suit me so I have to pay for what I want. Strangely enough in the village 2 miles away there are plenty of cheap apartments and bank repossessions



Lol would you believe it, I sent this and an email came through with two repossessions in Monforte




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Old 21st February 2011, 04:50 PM
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If you have enough income to live on your house price means nothing. I paid £xxk for my house in 85 and its worth £xxxk now? NO, its worth nothing unless I sell it and do something with the money and this matters not if your in the UK or the north pole.

Stories like this crop up in the press from time to time and it makes me wonder the motives for some of the folk involved, the hope of buy now and make £100k over a few years springs to mind when in reality they were pushing their financial envelope to start with so doomed to failure almost from the start.

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Old 21st February 2011, 07:40 PM
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Originally Posted by bob_bob View Post
If you have enough income to live on your house price means nothing. I paid xxk for my house in 85 and its worth xxxk now? NO, its worth nothing unless I sell it and do something with the money and this matters not if your in the UK or the north pole.

Stories like this crop up in the press from time to time and it makes me wonder the motives for some of the folk involved, the hope of buy now and make 100k over a few years springs to mind when in reality they were pushing their financial envelope to start with so doomed to failure almost from the start.
Couldn't agree more. I paid 285,000 euros for my villa in 2005 - paid another 50,000 to cover tax and legal fees, landscaping, furniture, air conditioning etc and it is now worth no more than 185,000. But I couldn't give a damn if it's only worth 20 euros because I have no intention of ever selling it. So whether it is worth 1 euro or 1 million is totally irrelevant to me. (OK, yes. I would sell for a million but only because I could buy half of the Costa Blanca for that sort of money!)

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