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I Bought An Apartment In Torremolinos (Spain) | Was it a good investment?
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- เผยแพร่เมื่อ 13 พ.ค. 2024
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Hi all 👋🏼 my lovely neighbors chose to use their terrace at the same time.
I tried to limit the background noise - but didn't always manage.
Hope you find it useful still 🤗 🇪🇸
Looks like a great investment, and more importantly, a great place to live! My Husband and I just bought a home in the El Pinillo area, close to the Benalmadena line. We are expecting to close the sale late May or early June, and we will be moving late 2024 🙂We aren't too far from where you are, and we also like the idea of a quieter, but still walkable neighborhood where we aren't in the thick of the tourist area, but not so far from amenities that you can't walk or take the Cercanias train.
El Pinillo is a nice area for sure. Many quiet parts and good grocery shopping options. Enjoy 🇪🇸
Great advice. So many people vacation in an area, love the area, and think they can live there long term. But vacationing for a few weeks and living there full time, or even for several months, is quite different. The things you loved as a tourist may annoy you on a more permanent basis. I am not a huge fan of the Airbnb/vacation rental market, but it's a tool that every prospective buyer should use before making the leap into ownership.
Absolutely. The "honey moon" vacation fase fades away once you go from tourist to tenant for example.
I love the light colors in your place. Good choice!
Maybe all white is a bit boring - but overall I like it too :)
great info and what a wonderful calm way you presented it!!! so happy you are enjoying your home.
Thank you, glad you like the presenting style.
Good and informative video. Thanks for sharing, also actual costs etc. We were looking to move to Spain (from Germany) but ended up in Portugal instead. For now :-) Enjoy the apartment and the fine weather!
Portugal is also a good choice! Thank you and you too :)
You could make a killing putting it on airbnb during the summer months. May cover a large chunk of your mortgage for the rest of the year.
I do that actually! :)
@@FriiInfo That makes it an even better deal then. The growth in the value + the fact that you have the option to exploit airbnb makes this a no brainer. Pat yourself on the back for the amazing timing.
Nice apartment. I'm sure you'll find it to be a good investment. Thanks for posting.
You are Fantastic!
Thanks for the support 🤗
Thank you! Great to see another video from this channel. I am moving to the Malaga area for the first time this year, and have considered the Torremolinos area for rental. Never buy before you try! Great advice. Would you say TLR is OK for those with jobs where they need to talk all day, or would such individuals be better off with a private office?
For talking all day perhaps the coworking space isn't much useful. However, TLR also offers private offices while still having access to all the common areas. You could consider that :)
1. You don't seem to include real estate agent fees you must pay when you sell. Most estate agent charge 5%.
2. Another aspect is that you can rent out your apartment if you don't live there yourself.
3. Do you know if Danske bank only lends to Danes in Denmark? I live in Sweden (where we have Danske bank) and my experience is that Swedish banks do not lend for property purchases in Spain.
Hi Hans :)
Interesting points there!
1. True. I gave a conservative estimate though, so I sort of absorbed that hypothetical cost in there. However, personally, I would probably not use an agent and just do it myself if I were to sell it now.
2. During my decision process when buying the apartment, I made a spreadsheet with potential rental income estimates (for each place to compare). I actually do rent it out from time to time (on Airbnb for example). I was thinking to do a video about that experience, what do you think?
3. So in general banks cannot give mortgages to foreign property. There are some Danish banks that have local branches in Spain (Danske Bank - I am not sure - but "Nykredit" has one).
In my case, I got it through Nordea, but the mortage is held against my mom's house in Denmark.
Have a nice day 🌤️
0:43 is that Playamar? It reminded me a lot of Huelin.
Yup it is actually Playamar. Filmed in October of 2022 :)
Thanks for The info, it is very instructive. What real estate agency /website did you use to find the appartament?
Have a look at idealista.com. It's the most widely used in Spain. Both for buying/selling and rentals 🤗
Thank you 😊
New subscriber here, ❤ the video. I am cooming soin
Thank you so much! Hope you'll enjoy it here ☀️
I had hoped what else the apartment complex had, such as the garden, swimming pool, gym? and the cleaning of the central area, do you still pay for that separately?
Hi there!
Good point. So, to be honest, the building in general isn't that interesting. It's old, not super well maintained and I wouldn't exactly call it aesthetically pleasing.
There is a community pool (the one big upside), but it is not big enough given how many residents we are now (some previously commercial spaces have been converted into residential space, thus more people using the pool......) Also, the pool is only open some 3 months out of the year....
Right now, I pay 85€ per month in community fees. Which, given the general state of the building and the (lack of) facilities I think is a lot.
However, I wouldn't mind paying more if we could agree on improving the building in general. I don't know if the other owners would be interested - those types of projects can be difficult here.
Hope that provides the information you were requesting :)
@@FriiInfo Hi, yes thanks for your answer. The most important thing is, to have nice neighbors and living environment. Have a nice day☀Adios
Can I ask you what your job is? In your view, are economy and social life conditions in Torremolinos improving or is it getting worse in the last years?
Sure, I work with marketing on a freelance basis. I would say that the main change in Torremolinos is that they are cleaning up the center. It is still obvious in some parts that it's the type of place that peaked 50 years ago - but they are renovating the main square 👏🏼 and cute little cafes are popping up - a nice contrast to all the bars.
@@FriiInfo They're renovating the gayest area, or that's what I guess from what you're saying 🙂
You made 50 k nominal terms. In real terms, based on real price rise on food, energy, etc, you have either made really little or nothing in fact.
Not sure the math holds up there 😏 the price of real estate in this area has increased more than the general rate of inflation.
@FriiInfo against the general rate, yes. Many would agree that the real one is much higher.
How long take you to renovate the apartment, it was easy to find trades people (plumber, electrician..etc) or you give it all to contractors to do the job, thank you for replying
I moved in after 4 months of buying it. However, it wasn't completely done until after 8 months - partly because the pandemic got in the way.
It was a bit difficult to find a good contractor. I used two different guys, one of them I wasn't super happy with in the end, but the other one worked out great. I also did some of the light work myself.
Hope that answers your questions! :)