Episode 15: Kal who bought in Fuengirola, Malaga

16th April 2018
Podcast host

Guest

Kal

Host

Beth Davison

Podcast location

Relocated from

Temperley

To

Fuengirola, Malaga

Episode 15: Kal who bought in Fuengirola, Malaga

 

This week we are joined by Kal, a property developer and business owner from Temperley, who purchased a three bedroom apartment in Fuengirola, Malaga. He purchased the property off-plan for it to be ready to move in by 2020. The family-friendly location means it will be a new holiday base for his wife and two young sons – where they hope to spend a year away there soon.

Show Notes

  • [1:23] What inspired Kal to buy in Spain
  • [3:09] The first time he saw the property
  • [4:31] How Kal’s UK property development experience helped him buy in Spain
  • [6:21] The building timescales
  • [9:36] The purpose of the apartment
  • [11:06] What the area is like for children
  • [13:38] Kal’s budget
  • [14:04] Why he bought off-plan
  • [16:44] Cal’s advice on buying in Spain

Links:

Kyero.com

Más por Menos

Read Full Transcript

Intro

Welcome to the Kyero.com Spanish Property podcast where we interview people who recently purchased a home in Spain.

They tell us what worked, what didn’t and what they’d do differently next time.

I’m Beth Davison and today I’m speaking with Kal, originally from Temperley, who is in the process of buying an apartment in Fuengirola, Malaga.

As a property developer, Kal was in a good position in understanding the process of buying abroad, and just wait until you hear how he found his dream plot while on holiday, just by driving by the right place at the right time.

Kal is working with estate agent Mas Por Menos to find his dream home in Spain.  

Check out the show notes at kyero.com/podcast to find links and resources mentioned in this episode

Body of Transcript

Kal:  My name is Kal. I do property developing in the UK. I’ve also got my own business in restaurants. I bought my property – it was the Panorama with Kronos Homes. The development is just off the coast of Fuengirola. The exact location is just at the bottom of Riveria del Higueron, which is a really beautiful location.

Beth:  Great stuff. When did it all first start for you? Let’s go back right to the beginning of this journey. When was the first thought to buy in Spain?

Kal:  The first thought to buy in Spain was probably in 2005. I really love Spain. I’ve been there quite a few times. Had looked to start with in a place called Murcia, which I think is pronounced Murcia, in Spain. I had a look around there. It was really nice, but it was just very quiet.

In 2012/2013 we started to visit Marbella and we really liked Marbella. So, me and my wife had a look around. We stayed at the Doubletree Hilton, at the Riviera del Higueron and we really loved that location.

We had a look around there, but the properties there were very expensive. I think there was the Med 1 development on the left-hand side (I’m not sure what it’s called). There were some beautiful apartments and we were kind of out priced there.

When we visited back in 2017 we saw Panorama with Kronos Homes. There was just literally a pub there. We drove past and they were just setting it up so we knocked on and we said, “Have you got any apartments for sale?”

We were introduced to Veronica, who was really lovely. I think she’s part of the Kronos team, or possibly one of the representatives selling the plots. She explained everything and asked us to come back and make an appointment the following day, which we did. That’s how it started.

Beth:  Fantastic. As in the first time that you saw it, it was just driving past? You hadn’t seen it online?

Kal:  Literally, nothing at all. Obviously, we were staying at the Doubletree Hilton. We stayed there quite a few times. There was just this amazing pub there and you could just see from where it was positioned - the view. So, no, it was just there and we were actually knocking on the door trying to see if somebody was in.

Veronica came out and she just literally was setting up. She was so polite. She was so nice. They didn’t have hardly any information. Straight away, that evening, she said, “Look, when I get back I’ll speak to the developers and I’ll get some emails sent to you.”

She sent me all the information as promised. Then we went back to see her the following day. She showed us the site. She showed us the pictures and what it was going to be so that we had a vision of what the development would be. We just fell in love with the development.

That was the journey, yes.

Beth:  Yeah, that’s such a nice way to do it, actually. So, by that point had you already researched the process of what it would be like to buy abroad? Did you already know your budget and those kinds of things?

Kal:  Obviously, always the budget is on the left side. We spent a little bit more than what we actually intended to spend but that’s purely because we got a bigger sized apartment. I was very familiar with how it works in Spain. Obviously, I was looking at buying in Murcia back in 2005 and I knew the process. Obviously, because it’s something that I do in the UK I bought property in the UK it wasn’t dissimilar to buying in Spain.

Beth:  Did you find, because of your profession, that you didn’t actually need that much external help, or were you still actually asking lots of questions to people along the way?

Kal:  I‘ve never bought off plan. Well, I have bought off plan in the UK, but never with a two year or three year build plan. I’ve bought off plan where it’s going to be ready in three months kind of thing. So, you exchange contracts pretty much straight away.

So, probably yes, that has helped, but the way it’s explained, and anybody who has bought in the UK will totally understand how to buy in Spain. It’s similar. You would use a solicitor in England; you would use a solicitor in Spain. Like having an agent in England; you have an agent in Spain, so it’s very, very similar.

What really struck me about the development was how professional Kronos Homes was, and how Veronica was with all the details and the information that they had. They weren’t pushy at all. They really, really, were passionate about what they have to offer.

They had other developments that they told us to go and have a look at and we did. We went to Benalmadena where they’ve got a development there that they started building. There was another development there in Estepona, but that’s not started yet, but we had a look around.

Beth:  So, what was the build plan, when you first met Veronica? What was the timescale she gave you?

Kal:  The timescale she gave us, she said it’s 2019 that the builds would be built, but looking more realistically at 2020. They’re going to try for 2019, but expectations are 2020, which was perfect for us because obviously it gives us time, then, to raise the funds and gives us time to get everything ready. Buying abroad, obviously, is a big thing.

Beth:  Totally, and you’re actually the first person that I spoke to who is still in the process. A lot of other people have already moved very recently or they’ve had their house for years.

So, at this point did you have to put a deposit down? Or are you still raising some of the funds.

Kal:  We put a deposit down. We put 6,000 reservation down, but I told her that when we get back to the UK we’ll send that and she said no problem. I gave her the date. We agreed the date, and she said I’ll take it off the market for you. So they were really kind in that manner because obviously the plot that we had was quite a nice plot.

When we got back to the UK we then sent the money over. She gave us an option of a few solicitors and a few banks where we could possibly open an account. We went back to Spain two months later and we went to see a solicitor, one that was recommended. This was a really nice solicitor, Santiago, in Marbella. Then I went and open a bank account with Sabadell, and that was pretty straight forward. So, we’re at the stage now of signing the contracts which is a ten per cent deposit and then we have to pay a further twenty per cent deposit. Obviously, that’s less the deposit that we paid.

Beth:  Yeah, fantastic. That’s great; this is a really exciting point in the journey. So do you have to out a lot now, to check on it, or are you just going to sit tight?

Kal:  No, we don’t have to go out a lot, but we love Spain, so it’s an excuse to come and have a look, but it’s not the trust factor. We trust the developer. We know it’s happening. We’ve been there.

You can just tell by the pod that they had, it was a very expensive pod that they put down just with nothing there and the flags and the site, so you could tell. So, we’re not worried about that in any way, shape or form. We come to Spain two or three times a year.

Obviously, it’s close to the UK – a two and a half or three hour flight. It’s a very, very good value for the money because we go to Malta as well, and the price in comparison – Malta to Spain – Spain is pretty much a third of the price compared to Malta. That’s not just on food or transportation, but that’s literally on everything else.

Beth:  Wow, OK, interesting.

Kal:  You get so much value for your money in Spain and it’s such a beautiful country as well.

Beth:  So, looking ahead, when it’s all done, 2019/2020, how do you envisage using the house? Are you going to pop over for the occasional weekend, are you going to move permanently? What are your thoughts on it?

Kal:  Our thoughts on it, obviously, my wife would like to furnish it similar to how our house in the UK is furnished until it’s furnished properly. We’ll probably go over there, have a look at it and then straight away order the furniture. We could probably stay at the Hilton Hotel for two weeks while we ordered everything in.

Once that’s in place, we’ll try and come over as much as we can because I’ve got two little boys, one’s six and one’s eight, so we’re restricted for timing, obviously with the schools. So, for school holidays that’s the idea because it’s very expensive when you come and stay in hotels. Plus you always have to take your luggage and it can be a little bit of headache just travelling with your luggage, unpacking. So, the thought process is that we have a base there. We can have our things there and whenever we decide to go we can just get a cheap flight and come over. We don’t really need to bring much because everything will be there.

My wife is thinking, as well, that possibly we have one year out where we take the kids over for one year just as an experience in our lifetime, while the kids are young - maybe when Adam reaches eleven or twelve, and Ian is nine and ten, that we would move there perhaps for one year just to see how it would be living in Spain and having my boys go to school there.

Beth:  Yeah, totally, it will be an amazing experience for them. What’s the area like for kids?

Kal:  Lovely, the majority of Spain – where we’ve been in Spain, all the coasts, all the costas are really nice. For kids there are so many facilities. There are football clubs and there are tennis clubs. It’s just the way of life in Spain. It’s totally fantastic.

It’s totally different to the UK. Where I live I’m pretty local to Manchester city centre, and we wouldn’t dream of taking our kids out… So, living in Manchester or near – we actually live in Altrincham, which is part of Cheshire, but Manchester is very close.

We wouldn’t dream of taking the kids out after nine o’clock, or even eight o’clock into the town centre. Whereas we could happily stroll down the promenade in Marbella, Fuengirola, or Malaga, or anywhere, nine, ten, eleven o’clock and it’s full of families and everybody is so friendly. The love for children is phenomenal in Spain. Wherever you go in Spain your kids are always welcome and greeted and that’s what we love about Spain.

Beth:  And kind of looked after, I suppose. There’s sort of a community element to it.

Kal:  Yeah, it is, and it’s very family oriented. There’s a lot of respect for people, for foreign nationals. It’s just a beautiful country and the Spanish people are really, really nice. They welcome the people from the UK, and I’m sure from other parts of the world to their phenomenal country.

Beth:  How many bedrooms is your place going to be, if you’re bringing the boys are there regularly, have you got room for guests as well? How big did you go?

Kal:  We’ve got a three bedroom. We didn’t go for the penthouse because that was quite expensive. We’ve got a three bedroom. It’s really big. We have beautiful views, uninterrupted sea views, so it’s on the second floor. It’s got a lounge, a kitchen. It’s got a guest bathroom. It’s got an ensuite, so it’s quite a big apartment. It’s bigger than what we anticipated to buy.

We would have probably have only bought half the size because that’s what we really needed. A two bedroom would have been fine, but, obviously, given where this position was and given that we were buying off plan as well, so we had that reduction in price because I definitely envision the price being so much more once this whole development is complete. So, buying off plan you’re definitely getting a very, very good discount. So, it was an opportunity for us not to miss.

Beth:  Do you mind me asking how much your budget was, in the end?

Kal:  Well, what we paid is we paid €363,000. Our budget was between £100,000 and £150,000. That’s what we said we’d spend in Spain.

Beth:  Okey dokey, so a little bit over.

Kal:  (Laughter) Just a little bit, yeah.

Beth:  But worth it, by the sounds of it. It’s really interesting that off plan will actually give you a reduction. I’ve never thought about it in that way.

Kal:  No, off plan, definitely, especially with what Spain has gone through and it’s been regulated now. There was the bubble.

There’s not much, if you look at Spain the coast is filling up. With the restrictions from the councils, there’s not going to be a lot of developments that will be on the forefront, on the sea, with the sea views. So, land there, obviously, will get more expensive going forward, so I feel we really bought at the right time and the best time possible.

Beth:  Are you seeing it as an investment, or do you not worry about it growing in value?

Kal:  No, everybody wants their property to grow in value. Everybody wants their bank account to grow in value. It’s just the nature of us as humans. I have not bought it for that. I know, confidently that it will go up. Would it bother me if it didn’t go up? Not that much, I’m not bothered if it goes up, but I definitely can see the value of this probably doubling over the next two to three years once it’s been built.

Beth:  Interesting. That’s going to be fascinating to see. That’s excellent.

Kal:  Because when we bought the same plot with the development that is further up the road, which is called Med 1, which is a lovely development as well. We’re probably talking one and half times the price as the plot that we’ve got. So, Kronos Homes has really, really, been competitive on this development. The build, itself, is such a sound structure. You can tell. I’ve asked about the materials, how they’re building it, and you can look at the design and it’s fantastic. They’re not cutting corners. It really is a state of the art development.

Beth:  It just sounds like perfect timing. Like it was a little bit like fate, you driving past it.

Kal:  It absolutely was, and how many times do you think, “Awe, I missed the boat on this development, or I missed the boat on that development. I wish I bought at the beginning when it was off plan when it was so much cheaper.” This one, like I said, we were going back maybe four days after and literally that pod just landed there and we were just knocking on the door and we were one of the first to have a look at the development.

Beth:  My final question is do you have any tips that you’ve got for people doing similar things? I’m guessing bravery would be a part of it, right? You have just thrown yourself in.

Kal:  Yeah, I have and I haven’t. In a certain sense you can’t sit back and think, “Well, I’ll wait, I’ll wait.” You’ll never lose out. There will always be other developments, of course. But as a tip, I would say just do your research on the developer. Have a look at the developer and definitely, definitely get a solicitor. That’s the main thing that you need to do, and obviously open a bank account and just be confident in the development.

If it says yes from day one, then I would definitely go for it because Spain is such a lovely country. I don’t think anybody would lose out going forward buying in Spain regardless of the prices they’ve had in the past.

Obviously, prices have gone up, but still the prices are so, so, cheap in comparison to other countries. If you look at France, Nice, or you look at Malta, what you will get in Spain is you’ll still pay half the money, today, in Spain. So, you’re still going to get good value for the money. It is one of the best coastlines, I would say, in the world.

Beth:  Yeah, Well, I completely agree. Good luck on the rest of your adventure. It sounds like it’s going to be quite the next couple of years. It’s going to be brilliant.

Kal:  Definitely, we’re really excited, obviously, so we can’t wait for it to be completed. We will still go and visit and have a look because we stay around there.

Beth:  Yeah, brilliant. You can just see it growing. Well, thank you so much for chatting to me today, that’s perfect.

Kal:  You’re very welcome.

Beth:  Good luck with it all, Kal.

Kal:  Alright, thank you so much. Have a lovely day.

Beth:  Cheers, bye.


Outtro

Thank you for listening and thanks to Kal for sharing his experiences and Mas Por Menos for their help to make this episode possible

I particularly liked the idea that Kal found his dream home through fate and, once it’s built, his two sons are going to have a whale of a time, perhaps even for a whole year

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This podcast is produced by Kyero.com and our mission is to connect you with estate agents and properties throughout Spain

Whether your dream home is a rustic farmhouse surrounded by olive groves or a lock-up-and-leave apartment on the seafront, you’ll find everything you need at Kyero.com

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And, whenever you’re ready, here are four ways we can help you:

 

  • Ask a question by emailing Beth@kyero.com.  We’ll try and answer them all in an upcoming Q&A episode
     
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  • Be our guest. If you’ve already purchased your home in Spain, we would love for you to share your story on the podcast.  Just email Beth@kyero.com and we’ll take it from there.

Tune in next week when I speak with Juliet and James originally from London.

They purchased an apartment in Barcelona and for them it was all about the hustle and bustle of the city. Oh, and loving the food of course!

I’m Beth Davison and you’ve been listening to the Kyero.com Spanish property podcast. I’ll see you next week!

 

 

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