Researching Buying Your Property in Spain
Once you have identified your needs retirement home, holiday home, investment. Then armed with your requirements i.e. villa with three bedrooms near coast etc. You also need to have decide on location and this will require some research.
This is a major investment so ‘plan to succeed’ because if you fail to plan properly you will fail. The first thing is talk to people who have ‘done it been there and got the tee shirt’, like myself who was seduced by the idea of a holiday, home saw all the property shows and eventually thought well “everyone’s doing it”. So I went on a cheap inspection tour and bought a house that was far too expensive for my needs on a cheap Spanish mortgage. There were three mistakes in that one sentence which a couple of years later nearly ruined me. I paid too much for the house as the agents all had to get a cut, the website got 5% for my name and I believe the estate agent in Spain got 17% for the inspection tour. It took 2 1/2 years off plan and by the time I completed it was only six months before interest rates doubled, the renal market died and the property market crashed. So I speak from bitter experience.
When doing research the internet is your friend and your enemy. Forums and information direct from owners is good information and enticements from people trying to capture your name (as a buyer this site does not capture your name you contact the owner direct) is bad. You need to know:
What state is the market in?
What locations are too pricy?
Where are there dodgy developments with ongoing legal issues, e.g. Marbella
What areas have been decimated by the property crash and are ghost towns out of high season, do not visit in high season!!!!