Hi All,
I'm getting my feet wet with Valencia, and wanted some opinions from people with experience there. My wife and I are looking to buy an apartment in Valencia. Initially, we would use it as an income property, renting either long term or shorter. Later, we will use as a residence.
We are city people, so living in the outlying areas would not be ideal. We enjoy walking out of our apartment and being n the thick of things. Russafa seems like a possible destination, but I'd love to hear input on other areas where walking to services and dining would be possible.
We have a budget of 250K to 300K Euro, with a minimum of two bedrooms.
Any opinions are welcome. Our understanding is that real estate is still reasonable in Valencia. Please correct that if my assumption is incorrect. Also, if anyone is aware of a reputable real estate agent, please advise.
Thank you so much for any insight you might feel would be helpful.
All the best,
Tom
Need Help for Apartment Purchase
My son has an apartment in a coastal town Six years ago he tried to sell but had no luck. At that time we had a friend who had just sold his studio apartment which was too far from amenities. He had a very limited income. My son decided to let him stay rent free in his apartment in the hope that the property might pick up. It has not
My son decided it was safer to do what he did rather than to let the property. After paying all the taxes and the hassle of letting, with the additional risk of damage, theft etc the small net income was not worth the risk
In my opinion, despite real estate agents doing their best to talk the market up, I do not see it
As you will gather I would not follow the course you are considering
You will also need to study the taxes, inheritance laws etc. I believe as a non EU resident you will be required to pay 24% on the gross rental income and if you use an agent you may also have ITV tax ( similar to USA sales tax) too.
NB My son is a qualified accountant and an EU Citizen so would get I believe 50% of rental income free and could claim all expenses connected with any rental and would pay 19% tax on the balance. As I said he does not consider even in his much more advantagrous circumstances it is worth letting nor that the time is yet right to try and sell
Johncar,
Thanks for the information. We are just getting our bearings, so this is helpful. Perhaps we should not rent, but hold the apartment until we are ready to use it ourselves. Do you feel the market is still cold? Is there appreciation potential?
Sorry I thought I made it clear when i said I would not follow your course
To put it more bluntly ‘I would not touch it with a barge pole' !
I am no property expert but I have lived in 30 years. I have another son, Laos a qualified accountant, who has Ben working with a girl friend who has been in the real estate market for many years. My son now considers the market shows little signs of improving.
There are also many properties being held in a government bank which commercial banks had lost money on. It is a way of fighting off the irrecoverable bank debts. Those properties probably be released on market at some time unless the government demolish them Of released it will no nothing to correct the market
Thanks Johncar,
We are looking elsewhere. Good things to know.
Tom
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