Buying Spanish Properties
A few more buying tips for Spanish properties
- Location. We all know the one about the 3 most important things to look for in a nice property, location ........... but just what does location mean?
Firstly, there is the all important general location (eg Marbella, Madrid, Salobrena or a small Spanish inland village.) which I cover in detail in the "where to buy?" section in our buyer's guide for Spanish Properties.
There is little point in buying a wonderful property in what for you turns out to be the wrong place.
Then there are
- views,
- tranquility,
- privacy,
- ease of access,
- aspect,
- exposure and
- the "Monopoly" factor.
All of these things are combined in the word "location" and contribute to the market value of any property that you are considering. The first 4 are fairly easy to assess although tranquility needs perhaps more than one visit to be sure that there are not noisy neighbours around at times other than the time of your first inspection.
Aspect and exposure are more complicated. Where we live there is plenty of sun at all times of the year and there are fairly strong breezes from time to time particularly in the winter months. Depending on whether the requirement is for a summer holiday home, a winter home or a full time home there are some significant advantages and disadvantages to the various combinations of aspect and exposure that can be found here. It would take too long to go into all of the pros and cons here but if you wish to contact Salobrena Villas to ask specifically about this we can provide guidance.
The Monopoly factor is also not always obvious. When preparing to leave the UK permanently in 1987 the agent valuing our home commented that it was a shame that we were not just 100 meters or so to the west as this would have given us a Cooden address rather than a Bexhill on Sea one. (and meant an additional 5 to 10% on the value!) In almost every area much the same thing applies and it is simply a reflection of the desirability of a particular locality that might have more to do with image and status than any quantifiable physical characteristics.
Interestingly a property that is not so well located and probably therefore cheaper to buy might well command the same level of rent for holiday lettings as one which is in a particularly good location. For holiday renting investment purposes it is most important how well the property photographs as holiday decisions are usually made from photographs rather than inspections of properties.
- Size is not everything. Generally in a particular location in the UK a 4 bedroom house will have more value than a 3 bedroom house which in turn will have more value than a 2 bedroom house. Things are not so simple here as the majority of buyers are not looking for family homes but more a comfortable place to spend some time in or perhaps retire to. The most desirable properties will have both good indoor living accommodation and ample outdoor living space preferably well connected with the indoor living area. As so much time can be spent living outside there is not quite the same requirement for space inside and fairly small properties can command high prices if they are really well located and have excellent outdoor living facilities.
- Buying a new property off plan. If the promoter/developer has done this before he should be able to provide you with contact details of many former happy buyers. If he can't or won't why risk it?
- Local Lawyer. With paper work becoming more complicated in Spanish property purchases it is best to use a lawyer. However, due to the Spanish system of transfer it is best to use a local one who should know at least some of the answers to your "searches" questions. Depending on your relationship with and knowledge of the estate agent the lawyer does not have to be the one recommended by them.
- Don't rush into buying. Take your time and avoid agents who try and pressure you into signing and paying a deposit before you are completely sure you are doing the right thing.
- Ask the vendors why they are selling and see if the answer rings true.
And finally if the deal you are being offered seems to be too good to be true it almost certainly is!
Return to our introduction about procedures and costs for Spanish Property Sales
Spanish Property Buyers Guide 1
Spanish Property Sales - Purchase Costs
Spanish Property Sales - Procedures