Repossessed property in Torrevieja, Spain
Acquiring a repossessed property in Torrevieja can be an excellent opportunity for those who want to buy a home in this area of Spain. This is possible because a lender recovers a portion of a pending mortgage loan after the owner has breached its payment obligations.
The lender is usually willing to sell the property at a discount, mainly to recover their money, but also to remove housing from their property portfolio.
Advantages and disadvantages of buying this type of properties
Buying a repossessed property in Torrevieja can be an investment of great profitability given that it is acquired for a lower price than what is available in the market (with the benefits that this entails) On the other hand, it can also be purchased to be sold later at a higher price and in this way get a positive ROI with the sale.
The low price of the acquisition translates into low monthly maintenance costs, which is a great help to cover monthly expenses in case the house is to be rented.
In this kind of operations not all are advantages, sometimes we can get to find that the properties have been very neglected by their owners. In this case, not only must be aware of the cost of the purchase but also the refurbishment that might be needed. Also, if the previous owner has not complied with his payment obligations with the bank, it is possible that he did not perform a monthly maintenance of the house, which translates into more expenses.
Before taking the step to buy this kind of housing it is necessary to be sure of all the aspects that are part of that transaction. For that reason, it is highly advisable to have the specialized advice of a professional firm to help buyers decide whether the purchase is a good business or not.