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Thinking of selling up!

  • 29-04-2007 10:10pm
    #1
    ChoKuRay
    Registered Users Posts: 117 ✭✭


    hi there,
    I have a modest apartment in Alicante and with all the recent news of impending property crash in Spain I'm wondering if it is time to off load. Here are the facts:

    * now worth 15% than purchase price 2 yrs ago
    * constantly rented out and have had no problems so far
    * loads of new development under construction in the area at
    present.

    Any advice?


Comments

  • #2
    SouperComputer
    Registered Users, Registered Users 2 Posts: 6,949 ✭✭✭SouperComputer


    * now worth 15% than purchase price 2 yrs ago

    Well, I cant really speak about Spain, but here's a couple of questions you can ask yourself.

    1) Will it be easy to sell at this price?
    2) Have you considered interest paid on the mortgage, taxes and other expenses into this 15%?
    3) Have you compensated for inflation with regards to the value of the property.
    4) Have you considered what it will cost you to sell the property, again in comparison to your 15%

    Tot this all up and see with what you are left with.


  • #3
    ChoKuRay
    Registered Users Posts: 117 ✭✭ChoKuRay


    hi there Soupercomputer,

    Thanks for the advice. I really should sit down and calculate what would be left. No hasty decisions as of yet though. It really should be easy to off laod when the time is right as there is amajor golf club metres away from the apartment.

    thanks again


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    TBH, if its not costing you any money I wouldnt sell up just yet. A holiday home in a sunny location like Spain is always nice to have.


  • #5
    ChoKuRay
    Registered Users Posts: 117 ✭✭ChoKuRay


    stepbar wrote:
    TBH, if its not costing you any money I wouldnt sell up just yet. A holiday home in a sunny location like Spain is always nice to have.

    Stepbar, you could be right! Maybe a hasty decision now could be a disaster. It really is sweet so far so I will hold on a bit longer. Maybe even get an auld holiday in the summer.


  • #6
    Diarmuid
    Registered Users, Registered Users 2 Posts: 3,981 ✭✭✭Diarmuid


    orla keogh wrote:
    Stepbar, you could be right! Maybe a hasty decision now could be a disaster. It really is sweet so far so I will hold on a bit longer. Maybe even get an auld holiday in the summer.

    So in the current conditions the apartment has gained 7% per annum. Are you paying a mortgage for the full amount?


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