Any info / advice for a novice / newby please x

joanne2006 Member

2POSTS

12 years ago

Hi All, my husband and I currently live in the UK. My husband works 200 miles away from where we live so we have been considering a move to the Alicante area for some time as he has lots of time off and it would be just as easy for him to get a flight to Alicante than it is to drive 200 miles home in the UK. We are not millionaires (far from it) but we are comfortable (ish). We are currently downsizing in UK so we can free up some cash. We had many different ideas but one that I came up with when I was looking at property websites was to buy a very very cheap flat in Alicante and rent it to students and go from there really. The idea (and it is only an idea at the mo) would be to buy a cheap 3 bed, make the necessary improvements and rent each of the 3 rooms out to students (I am aware that there are a lot of students in Alicante therefore I am guessing that the demand for student accommodation is fairly high). I have done some rough calculations and based on my research and calculations I think that I could make it work and in just a few years the apartment would have paid for itself and I could live full time in Spain without relying too much on having to find permanent regular employment myself (my husband would still be working in the UK and spending his time off at home in Alicante). I have worked out that we would be able to afford a modest place either in Alicante or Torrevieja as well as the student apartment eventually. I am just wondering if anyone could firstly give me any advice, anything at all about ex-pat living in Alicante, and secondly if anyone knows anything about student life in Alicante, i.e. whether there is in fact, much demand for student accommodation, average rent costs if anyone has any inside info about that and more importantly info on costs such as general bills such as ours in UK (council tax, which I am led to believe is known as SUMA, Community fee, and utility bills etc. ). Thank you in anticipation.

p.s. sorry this message is a bit long-winded!!!

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lumberman Active member

62POSTS

12 years ago

I would have interest in some of those answers as well if you get them. I'm an American business developer and looking to invest in Spain for investment, perhaps student housing, as well as a place to potentially live. Not really sure if the student potential in the area. also looking for a place on Mallorca. If you are looking to buy, I might suggest you also view my newest site that caters to investors. Perhaps I can help the process as well. ItalianRenovations.com
Don't let the name fool you, it started as Italy but is expanding to other countries. Hope to chat !

Steven

JB80 Active member

95POSTS

12 years ago

If you have to rely on a rental income to make it work then it is going to be tricky, if you already have an income then you could try it and not lose out on much.
I know there are a number of places including the uni & erasmus specializing in student housing and offering it quite cheap too, plus there is the added consideration that given the situation in Spain at the moment many students would be saving their cash altogether and living with family, plus the family unit regardless tend to stick together anyway.

While you may be able to buy on the cheap here right now you would also have to rent on the cheap as well, 3 bed flats can be rented for under 300 euros a month here.
It probably would be better to not limit yourself to students.
Still anythings possible, some places go unrented for 2 years and others get picked up in days, I wouldn't be going into the real estate market though at this point in time. But that's just me.