C
Coneyisland
New Member
Hello all current members, I am new here and I have joined for a reason. I am, or was, a property owner in Morocco at Jawhara Smir.
To position this for you, I have enjoyed Morocco and its friendly people for 7 years. Did I make money on the sale of my property on the 22nd May 2012? - not a cent! I didn't lose on my original purchase price either (other than accounting for inflation) as I received back an almost identical sum that I invested.
So what went wrong? The sale had increased my value from the original £53k to £74k and I decided to sell. I had a quote from the agent which at 8% I thought was a bit steep but ran with it anyway. I agreed the CGT should be paid and I expected an amout back of approx £63k, but I received £53k. The whole sale was stuffed full of additional fees and taxes not mentioned within previous correspondance.
So, you can learn from my lesson: We all ask how much it costs to buy and what am I likely to make BUT the one additional question I would ask when buying an investment property in Morocco (or anywhere really) is "how much will it cost me to sell". Key critical if you are making an investment as opposed to a lifestyle choice.
Best regards
To position this for you, I have enjoyed Morocco and its friendly people for 7 years. Did I make money on the sale of my property on the 22nd May 2012? - not a cent! I didn't lose on my original purchase price either (other than accounting for inflation) as I received back an almost identical sum that I invested.
So what went wrong? The sale had increased my value from the original £53k to £74k and I decided to sell. I had a quote from the agent which at 8% I thought was a bit steep but ran with it anyway. I agreed the CGT should be paid and I expected an amout back of approx £63k, but I received £53k. The whole sale was stuffed full of additional fees and taxes not mentioned within previous correspondance.
So, you can learn from my lesson: We all ask how much it costs to buy and what am I likely to make BUT the one additional question I would ask when buying an investment property in Morocco (or anywhere really) is "how much will it cost me to sell". Key critical if you are making an investment as opposed to a lifestyle choice.
Best regards
