| complete guide to buying in spain |
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Page 1 of 6 BUYING A PROPERTY IN SPAIN?CHOOSING THE RIGHT PROPERTY You know the famous saying about the three most important things when it comes to buying a property - location, location and location! Yes, we all know it but it's extraordinary how many foreigners buying in Spain miss this fundamental point. Carried away on a wave of sun, sangria and a pushy sales pitch from a local estate agent, too many people rush in to buying their "dream home" only to find it's in a completely inappropriate location for their needs.Research your chosen area fully, if you have children check out the local schools, if you cant drive see where the nearest public transport runs from.Spend some time in the area (not just two weeks on holiday). The golden rule is: DON'T make an offer after your first viewing of a property. Make copious notes, take photographs if possible, then go away and think about it with a cool head. However much you want the property, think hard about whether there are any drawbacks. Will you be able to have a phone line installed (don't take the agent's word for it!) Is it near to shops, bars, restaurants and other facilities you may regard as essential? Does it have letting potential? What's the area like out of season? Jot down all the questions which come to mind and go back to visit the property. Put your questions to the estate agent, the owner and preferably someone completely independent. Find a friendly local bar where some of the regulars might be able to give you a better picture of what it's like to live in the area. Ideally you should make two or three visits to your chosen area at different times of the year. Some Spanish "urbanizaciones", where large numbers of foreigners have their holiday homes, become virtual ghost towns in the winter months. If you're planning to live there all year, you may find yourself feeling a bit isolated from October to April. Take your time deciding to take the plunge. Remember, you're buying in a foreign country, where the culture and laws are very different to those of most north European countries, it's much easier to come a cropper. Remember: only fools rush in! BUYING FOR INVESTMENT PURPOSES If you're buying a Spanish property as an investment, rather than as a permanent home, you'll probably be looking for a villa or apartment with good rental potential. After all, you may as well enjoy the income from it while you sit back and watch your capital grow. Many owners make a very decent living solely from letting their holiday homes. Go as upmarket as you can afford,dont skimp on fixtures and furnishings, check out local amenities,decide which bracket of the rental market you want to appeal to.Keep decor neutral and in the style of the property and extra comforts such as satellite tv,private pool, air conditioning etc. can all add value to the rental price. Keep the property well maintained as a tired looking property is less likely to rent.Dont over price your property,if you are asking a high fee make sure the property lives up to it. The same applies even if you're buying a small studio apartment. Furnish and equip it well and pay attention to small details - a welcome pack with helpful information, a bottle of wine in the fridge and some Body Shop goodies in the bathroom all make a huge impression on people (especially women!). Miserly owners who try to cut costs only succeed in shooting themselves in the foot. If you rent a lovely three-bedroomed villa with a private pool you would be horrified to find saucepans with broken handles and a motley collection of mugs and glasses. Location, as highlighted in the last tip, is everything especially when it comes to holiday letting. A private or communal swimming pool is essential for successful letting as is easy access to the beach, shops and nightlife. Your holiday let will also need to be within easy reach of an international airport with regular charter flights. Sure, you can go for a lovely little mountain hideaway in the back of beyond and aim for the more "discerning" holidaymaker...but you won't make your fortune that way! |
