Spanish property which are in plenty for sale now, can make your dreams come true (but it can also turn into a nightmare if you are not careful). Buying the wrong property (next to noisy neighbours), a high maintenance building or a property that loses its value and cannot be let out, is the worst case scenario – but one that can be avoided with planning and research. The good news is that there are still great bargains to be found, sea views and fabulous towns and villages to live in. Local Agents can assist as a to buying bargain properties for sale.
The Spanish light is fantastic, the food plentiful, succulent and cheap. Its one of the best places to live – so don’t hold back, the opportunity won’t be there for ever!
However, don’t be rushed into a purchase either! Understanding the costs and commitment of your real estate is crucial. Getting the right local agents is vital to your purchase.
Here are our 9 top tips for successful buying in Spain:
Do you homework first! Ring up local Agents. Don’t go to Spain without knowing how the buying system works. You’ll need to know how much you can borrow or spend and preferably have a mortgage agreed in principle.
Don’t buy the first real estate properties for sale that you see! Even if you fall in love with a property right away, make 3 or 4 or 5 visits (if possible) before you buy. Visit at night and in the morning for nightlife and traffic. Try to imagine what the house would be like at the height of the summer! Ask an agent if not sure.
As a first guide, look to buy in Spring – certainly before July when the hoards of properties for sale arrive – or after the summer rush.
Look for the new hot spots via Agents! Costa del Sol is expensive! Look at Costa de la Luz, The coast around Murcia and the Northern Atlantic coast have some fantastic properties.
Be prepared to buy off plan if an agent so suggests – even if it means a wait. At least you can secure your buying price at today’s exchange rate and prices. If buying in a traditionally Real Estate Spanish area (ie Barcelona, Madrid, Valencia) it might be worth renting as a guide for a while first – as these areas are unlikely to see massive growth and you might as well take your time to get to know the area.
Towns on the coast dominated by German Real Estate owners (eg Denia in Costa Blanca or Neja Coasta del Sol) may be a little cheaper, as the German property market has not performed strongly in the past 10 years, and hence the prices have not moved forward as fast as Real Estate areas dominated by the Irish or Dutch. Remember the first advice, always refer to an agent before making a decision.
Understand the full costs of buying and maintaining your property before you sign anything. Your agent will be able to guide you whether you deal with it yourself or through an agent.
Use an English speaking lawyer to guide you and check your purchase contract.
More and more people are enjoying Spain as Europe’s ‘Californian Coast’ – and the migration of ‘sun poor’ Europeans is getting faster every year. But the costs of buying in Spain will continue to rise in the years ahead, so now is the time to get on with your purchase of properties for sale.
Here are 3 reasons why you should get a move on according most Agents:
Prices will continue to rise – Spain is still cheap relative to most north European cities – the euro makes it easy to see the ‘cheapness’ of Spanish property and also removes the currency risk for many European buyers.
Communications – more and more working people are based in Spain, either commuting back to northern Europe or running their businesses via the Internet or by phone. Working in Spain is no longer the sole preserve of the English as a Foreign Language teachers.
Currency – the Pound won’t be strong for ever – so now is a great time to buy if you are transferring cash or deposits from sterling to euros. So, in summary, if you are thinking about a dream home in Spain, now is the time to move fast. However, its important to do your research and get it right