Ribera Golf |
Development Report:
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Description
The unique chance to undertake such a special project exists in "La Unión", founded centuries before Christ and one of the most important towns since Roman times. The town exudes architectonical splendour and will now be restored using special funds from private companies (European institutions, for example). It is just a short drive away from the international resorts of La Manga Golf, the shores of Mar Menor and from the harbour city of Cartagena. Portman Golf, which has a few golf projects of its own, plus the five existing ones, will provide La Unión with an excellent golfing environment
Points to note |
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Location |
Map |
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Apartments |
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| Prices From: | €144,000 | Prices To: |
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| Reservation Fee: |
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Build Size: | Various | |
| Mortgage Available: Yes - Please Enquire regarding mortgage options | ||||
| Investment potential: Really good | ||||
| Completion Projections: September 2006. | ||||
Building specifications:
Reinforced concrete structure,
according to seismic law.
Double external closing
with hollow bricks, thermo insulation and cavity
wall.
Façade of the house covered with “Gotegran” (maintenance
free).
Dividing walls between homes are double bricked
and have acoustic insulation.
Balconies and roof solarium
have inclining concrete floors (with non-slip ceramic
tiles), thermal insulation and waterproofing
Metal
entrance door finished in white coating, with security
lock.
Internal wood features in natural colour with
brass iron fittings and door handles.
Built-in wardrobes
(with interior separating compartments) in all bedrooms,
with sliding door
Aluminium rolling blinds placed
in compact PVC box.
All windows and patio doors are double glazed (with
air chamber).
Iron bars on all ground floor windows.
Furnished kitchen
with white units and granite worktop, extractor fan
and electric boiler (75 litres in 2 bedroom apartments
and 100 litres in 3 bedroom apartments).
White bathroom
fittings from ROCA (model Victoria); taps from ROCA
or similar.
Top quality ceramic wall and floor tiles.
Outside
floor tiled with top quality rustic “Gres” finish.
Buena Vista plaster hung throughout entire house.
Coved
ceilings.
Plastic paint (matt finish) on walls and ceilings.
TV
aerial, TV sockets and FM radio in all bedrooms; telephone
points in living room and master bedroom; wiring in
all bedrooms.
Vanity unit and fitted mirror in bathroom.
Preinstalled
air conditioning in every room.
Optional underground
parking spaces available.
Communal swimming pool and
green areas (both in the pool area and at the back
of the apartments).
Substantial public green areas next
to the urbanization.
Images & Plans:
(Click on any of the images to enlarge)
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2 bedrooms penthouse |
Financials
Reservation Fee: €3,000.00 - Required immediately to reserve unit and freeze price
Deposit:30 % one month after the initial reservation on signing of PPC (Private purchase Contract).
Completion:70%
* All prices are subject to IVA @ 7%. See case study.
Mortgage Example
On a Ribera Golf unit at a cost of €144,000 after paying the required 30% initial deposit investors will look to mortgage the remaining 70%. This results in a total mortgage value of €100,800 + 7% IVA = €107,856.
Interest Only Mortgage Option (30 years)
€107,856 could be placed (Subject to status) on an interest only mortgage at an example rate of 3.68% resulting in monthly payments of €330,76.
Capital Repayment Mortgage
Alternatively the remaining €107,856 could be placed (Subject to status) on a capital repayment mortgage over 30 years at an example rate of 3.68% resulting in monthly repayments of €495,22.
* Potentially mortgage repayments
can be off-set against property rental.
* Repayments shown are monthly
* LTV based on assumption that final valuation
on completion will be at least 5% more than the
purchase price
* On LTV´s where we have quoted balance
due, an amount up to 80% is available
* All loans are subject to status and age at the
time of application
* Your home may be repossessed if you do not
keep up repayments on your mortgage
** Please note that above information is intended for example purposes. For current accurate mortgage information please contact
Case study
Why is the Ribera Golf
resort a good investment?
* 2 Bed apartment from only €164,500
* Only 30% Required on Private Purchase Contract.
* Close to Golf Courses.
* Many facilities in the nearer surroundings.
* Near to the 2 international airports.
* 100m distance to the Mar Menor, Mediterranean
and Golf.
With potential rental from
Golf, beach and tipycal Spanish living lovers
extending the rental window to much of the year
and in addition to the amount of in-house facilities
this is sure to be a popular investment, generating
good capital growth and rental demand. Investors
will be interested in the excellent property prices.
Investor Protection:
* Building license in position
* Bank guarantee in position
Example Case Study:
- Investor X decides to purchase a 2 bed apartment on the Ribera Golf development for €144,000.
- Initially he pays €3000 to reserve his prefered unit and to freeze the price. After around 30 days he signs the purchase contract (PPC) and is required to pay 30% of the value of the property. This amounts to €40,200(€43,200 - €3000 deposit already paid)
- The investor is also required to pay 7% IVA on the €43,200 (which amounts to €3024) making a total required payment of €46,224.
- On completion of the property the remaining 70% + IVA of the value of the property is due and investor X seeks a mortgage over 30 years to repay this.
- Investor X decides to operate a "buy to let" policy and utilises the on site management company to manage the rental of his property while also advertising at local golf clubs to ensure he enjoys a high occupancy level and corresponding income stream.
* Please note that above
information is intended for example purposes
only. For more information regarding mortgage
options see example in Financials section of
this investors report or for current details
speak with your IPIN advisor or contact
More information:
