Buying Property in Spain
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Buying Houses in Spain
Why now could be a good time to grab a cheap villa in Spain
Spain was up until recently Europe's Hottest property market, especially for people looking for second or holiday home in the sun. Buying a villa or flat in the Costa del Sol seemed to be what everyone was doing, there was a time when you could not turn on the TV with out finding a program about Brits moving abroad to a life of sun in Marbella, Granada or some other place on one of the Costas. The problem with all this modern day gold rush was that it inflated the house prices to a point that some peoples holiday homes were costing more than their nine to five day homes back in the UK!
Cheap Houses in Spain?
But wait, good news could be on the horizon, the recent reports of corruption, illegally built homes and sub standard workmanship on newly built properties and competition from “new” places to buy a house like Bulgaria, Portugal, Romania, Greece and Cyprus has frightened many investors away. So not long ago two bedroom apartments on the Costa del Sol with sea views would have cost you more than £200,000 are now selling for £170,000. Or rustic farm houses in Granada needing “some” work were being sold for up to £100,000 are now back to the prices that we saw in the nineties of a much more realistic £40 to £50 thousand pounds.
Is now a good time to buy a villa in Spain?
As house prices in Spain continue to fall surely you would be mad to buy a house in Spain now? Or would you? No downturn lasts for ever, the prices will eventually level off, it is just a matter of getting your timing right. Keep an eye on prices, read what the travel sections of papers are saying, get hold of estate agents in Spain and talk to them. The more information you gather, a better feeling you will get of how the property market in Spain is performing and the better chance you have of getting your timing just right and grabbing your self a deal that will turn out to be more than just a holiday home in the sun, but also a sound investment.
Tips for buying property in Spain
For the best deals on properties, go to fully registered independent estate agents not property developers, estate agents will have a larger selection of properties, especially from people who are looking to sell fast an may be open to cheeky offers well below the asking price.
Do your research, and don't rush into buying what seems like a bargain. The more research you do the better “feel” of the market at you will get for the area of Spain you are looking to buy into. House prices in Marbella, overlooking the harbor will always be much higher than rural fincas in Granada.
Don't skimp on legal costs, to make sure that you make the right decisions and that the land you are buying is actually legally for sale a good lawyer is really worth the money!
Get to know the area you want to buy in. That sounds obvious, you wouldn't buy a house in the UK in an area you had no knowledge of so why do it in Spain? You would be surprised how many people buy in Spain who have never even spent more than a few hours in the region that the house is for sale!
Many estate agents and property auction houses list the bank valuation of a property, this may not accurately reflect the current prices, again do your research and visit several agents.
If you do plan to buy a property at auction, you will need to arrange any financing before the auction. If your bid for a property is successful, you'll have to sign what is called a reservation contract and then pay a deposit which will then secure you the property. After that you will have six weeks to get all the legal searches and surveys done. Obviously if anything turns up in these searches that you are not happy with you can always pull out of the deal.
Research, research and research the property market in Spain
Do your research! I can't mention it enough times, the more research you do the better chance you have of not only getting yourself the best deal possible, but also of buying the right property in the right place to suit your particular needs.
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