Hi, I was hoping someone could give me some advice on this apartment in Fethiye and how Fethiye is expected to grow over time.

I have been given the following info if someone could give it the once over for me please?

The block has only 6 apartments in it, 2 duplex's and 4 normal. They were built to a very high standard by a smaller builder, rather than the type who put them up all over the town. The builders daughter is living in one of the duplex's they are so good and having viewed about 50 apartments for their own daughter, the estate agents themselves have bought one of the other apartments. There is a small pool for all apartments to share and parking areas. There is no monthly maintenance charge and with the estate agent living there she has said we will employ a local chap to tidy the garden every so often and the pool is expected to cost £30 a month ish between the 6 apartments. She can also pay water etc bills for me when she is paying her own.
I don't know the name of the area but it isn't the new lot up on the hill as you come into town from Hisaronu area. I'll try to describe where it is: you go down into the town from that way and it's on the right (i think you turn near a cemetery?) The apartment block is at the very back and everything around it is already built so there shouldn't be any new building blocking views etc. The block backs onto government forest land which will not be built on, the back balcony's look out straight onto this and the view is lovely. The other ones look over the town. The area is supposed to have a small shopping area being built in it and a canal running through it?
The build quality is supposed to be high and I haven't seen any other 4 beds all with en-suites. All this said I still need it to pay for itself. If it is the most fantastic apartment in the world and I can't rent it it won't matter! The price they are asking is £69,000. I think it may be possible to get it for around 65 but I don't know. We'd have to get it through releasing equity from the house so the mortgage repayments on that would be about £480 a month. My husband can do a website for it and advertise it at work, but it's still a risk whether we get it rented or not. We would need several weeks rent at £400 a week to carry us through the winter if it wasn't occupied.

Does it sound at all viable to you?

Many thanks
Karen

Bob/Sheila please introduce yourself in the new members thread before posting elsewhere - it's both a rule and a courtesy.

Thanks.

[quote user="bobandsheila" post="99408"]Hi, I was hoping someone could give me some advice on this apartment in Fethiye and how Fethiye is expected to grow over time.
I have been given the following info if someone could give it the once over for me please?
The block has only 6 apartments in it, 2 duplex's and 4 normal. blah, blah, blah. We'd have to get it through releasing equity from the house so the mortgage repayments on that would be about £480 a month. My husband can do a website for it and advertise it at work, but it's still a risk whether we get it rented or not. We would need several weeks rent at £400 a week to carry us through the winter if it wasn't occupied.

Does it sound at all viable to you? [/quote]

In a word; No.
In several words; In my honest & professional opinion (and it's not often you'd get both at once), you'd be daft to put your home at risk relying on winter rental income. Yes, Fethiye is nice and yes, it is expected that property value will increase mid-long term. However there are hundreds of other people doing exactly the same as you for exactly the same reasons in exactly the same area.
That do you?

Bodrum Chic is correct. There are many apartments and villas available for rent in Fethiye. Any rental income should be regarded as a nice little extra and certainly not part of an income plan.

If I am correct in thinking where your proposed property is. It is not in an area with easy holiday access to the marina or beach etc.

Also be wary of builders and owners promises.

Sorry to be a pessimist.