Lord Edgingtons "Get Rich Slowly" Stocks and shares bonanza

[LostinSpace]

so, @Benito, what's the answer?

 

[chorleycake]

Call me sad… but this last month, I have enjoyed watching A Place in the Sun - where Channel 4 try and find a holiday property for people to buy. Usually Spain/Portugal.

It always surprises how cheap many of them are. But the program never discusses service charges, maintenance, taxes, obligations or legal packs. You just see the punters buying at the top end of their budgets.

I presume that the program-makers are not letting their punters burn, and off-screen, they give guidance on such things… though not certain.

What level of additional fees do buyers of such properties face on an ongoing basis? [incidentally, I did see that Spain was thinking of huge taxes to discourage foreign buyers]

Currently in Spain in our region of Almeria. Property tax is split.
As a general rule you pay 8% on the purchase price,this can be reduced to 3% if buying in an area that has suffered from depopulation and is being purchased as a permanent home.
Solicitor fees around 1,000 Euros
Notary fees around 700 Euros.
Then you have the minefield of of ensuring the property is legal, don't trust the seller or estate agent and in some cases the solicitor!
If buying on a complex then community charges will be payable quarterly and can be high if they have a pool, security, gardens etc.
Basura( rubbish removal) is payable every 3 months that is around 45 Euros but again can be reduced if the property is located over 1 km away from the bin deposits.
IBI (council tax ) is far cheaper, I have a detached 4 bedroom farm with 40,000 m2 land and pay less than 300 Euros per year.
In relation to the proposed Sanchez tax increase for foreigners to buy in Spain .. never going to happen, simply will not get passed too much opposition.

 

[Regardless]

Interesting to note that compared to November, about the time of Trump’s election, the FTSE100 is up 5%. Bit surprised to see that!

 

[jakehake]

Interesting to note that compared to November, about the time of Trump’s election, the FTSE100 is up 5%. Bit surprised to see that!

Thats more like a couple of days movement for most markets nowadays rather than a 6 month wait

 

[northender2]

Interesting to note that compared to November, about the time of Trump’s election, the FTSE100 is up 5%. Bit surprised to see that!

Very suprised to read that, looking at my investments, you'd think it was abotu 10% down, im obviously investing in the wrong places

 

[pnewortham]

The FTSE has re-gained some of its losses but the Dow Jones is still on a downward trajectory, so obvs it depends where your investments are.

 

[Regardless]

Very suprised to read that, looking at my investments, you'd think it was abotu 10% down, im obviously investing in the wrong places

“Wrong place” is really hard to define. .

A simplistic example… in the posts above we see that the FTSE100 has been the “right place” to be in recent months. But over a longer term, it’s been the “wrong place”. If you’d invested in FTSE100 trackers 5 years ago, it would be up 46% but the Dow Jones is up 64%.

You can’t really be chopping and changing.

 

[northender2]

“Wrong place” is really hard to define. .

A simplistic example… in the posts above we see that the FTSE100 has been the “right place” to be in recent months. But over a longer term, it’s been the “wrong place”. If you’d invested in FTSE100 trackers 5 years ago, it would be up 46% but the Dow Jones is up 64%.

You can’t really be chopping and changing.

Ive no need for the money at the moment, so its just going to sit there and ride out this storm until i need it when hopefully things will have improved. I always tell myself that ive not actually gained or lost a penny until i sell it, so the current drop means nothing until i need the money