Bare Ownership Opportunity – An Investment deal in Hondon De Frailes, Alicante, Spain.
We have recently met a lovely lady who is selling her bare ownership property in Hondon de los Frailes.
Firstly, to clearly explain: the owner is not selling her property for you to live in.
What is Being Sold?
She is selling the property in a bare ownership deal whereby the investor takes over full ownership of the property, except that the owner reserves the right to live there until the time comes that she no longer can.
We’ve had clients contact us saying that they will move in with her or that their family will mind her as she gets older. No, that is not possible.
The owner is simply freeing up some cash from her home in Spain – she is wonderfully happy and healthy there and not moving anywhere for many years to come.
In exchange for this deal, the buyer will save 60% off the price of the property.
Spanish Solutions will deal with all the conveyancing and we’ve done a few of these deals already. Everything is perfectly legal and tax efficient for buyer and seller.
We think it is a better deal than buying a property with a view to renting it out to tourists.
For example, if the investor buys the one next door instead and rents it for 10 years, at 500€ per month. That 60,000 euro is subject to income tax, plus the various rules and regulations around renting a property long or short term in Spain. The investor will have to deal with damage, wear and tear. Also breakages, periods where the house is empty, agents, banks, transfers and all that hassle.
In this case, all of that is avoided.
The property is 10 mins walk from the town of Hondon de Frailes, sitting on a huge, private plot. The 2,000 metre plot is enclosed by a private wall. The views of the surrounding mountains are beautiful, especially as the winter sun was setting on them.
The home is a three-bedroom, two-bathroom villa. These are well-built properties and all legalities are in order.
The beauty of the property is the outside space. There is room for a football pitch back and front. You can certainly visualise a lot of socialising being done here. There are trees all around the garden, many producing delicious citrus surprises when you bite into them!
The swimming pool, to the front of the house, is large and perfect not just to entertain the kids, but the neighbours’ kids too.
There is a security gate, ample parking for a couple of double decker buses, not that you’ll see them here and a relaxed Spanish country-life feel in the air.
The town of Frailes is beautiful; A typical Spanish village and just a few minutes walk along the country lane.
There is a lot for the kids to do, parks, pitches, swings and slides and the parents and grandparents too will be well entertained in the local neighbourhood bars and cafes.
There are a number of restaurants, all offering good value in the central plaza of Frailes and surrounded by mountain views. Hondon de los Frailes, like many villages in the Hondon Valley, is famous for the farming of olives, almonds and grapes. You will find many vegetables on offer, including tomatoes, spring onions, artichokes and more.
The income generated from foreign investment in property in the region has enabled this small village to extend it’s services and infrastructure. The road network has recently been re-laid and the trip across the mountains is safe as well as spectacular.
The main Village Plaza is the focal point for most events. The fiestas are centered around here and the church too has been given a face lift.
The impression we got on visiting the village is of a relaxed, traditional Spanish cafe culture with emphasis on outdoor living.
Clearly the Town Hall is a strong influence for the good of the area. Locals tell us that they are proud to offer a mixture of tradition and modern events. Through their Spanish fiestas, religion and community events, like Three Kings, Semana Santa and more.
The village offers a range of activities and retail outlets: a flood-lit football area, communal swimming pool, cultural hall.
As for retail; most things you would need on a daily basis; pharmacy, bakery, doctor surgery, DIY shop, post office, property offices, pet shop, tobacco shop, town hall and a load more.
Alicante airport is a 35 minute drive away, offering flights (once Covid is over) all across Europe and further afield too. The city of Elche with its La Liga team, historic cathedral and bustling city centre is 25 minutes drive.
The area is a lovely one.
There is very little negative we can say about this deal.
The price is 72,000 euro.
If you are interested, you’ll need to view the property, in person or virtually. Maybe you are familiar with the type of property already, thus can avoid this delay. If you like it, get a deposit down on it. This 5,000 holding deposit can be paid to Spanish Solutions while we work out the finer details of this bare ownership opportunity and facilitate a little negotiation between you and the seller. We’ve got a month or so to get all the paperwork together and arrange the notary appointment. Just like a normal sale, you’ll buy it either via power of attorney, in person or at your local notary while the seller is simultaneously signing in our notary in La Zenia.
Spanish Solutions charge 900 for our conveyancing and we will take care of everything as we’ve done for 3,500 happy property buyers and over 9,000 clients in total since 2005. Please make contact with us if you are interested.