|
Spanish Resale Property
Any second hand property is known as "Resale Property in Spain".
Buying a property off plan can give you a good buy if you are in at the beginning but for me personally ,resale's are where the market is.
Why...
With a resale property in Spain you are able to see what you are buying. By this I mean that you can see the apartment, townhouse or villa with all its pros and cons.
You can see the views it has and whether this is likely to change in the near future.
I want to give you a quick story here...
After we purchased our apartment there was some snagging that still needed to be sorted out (and still does!) I kept chasing my Solicitor asking him to write to the developer informing him of his obligations etc.
On about the third call the Solicitor said to me " Gary, you think you have problems with a little bit of snagging! Most of the problems I am dealing with at the moment are to do with people paying for a sea view that isn't there anymore!"
The kind of problem he was referring to is the reason I purchased something already built.
For me there are five other key points that favour resale property in Spain...
-
You can see how the gardens are looking, how they have been maintained, How the pool is maintained and what the internal communal areas look like.
-
You can see how well the properties have aged, how do they look after being empty or lived in for a while, do all the appliances still work, are there any signs of damp, mould or leaking roofs.
-
You can investigate the running of the complex, find out exactly what the service charges are, what they will be in the near future and how many people are not paying their service charges. Bad Debts are the blight of all complexes.
-
You can speak to some of the neighbours and find out about the noise insulation and more importantly how they feel about the complex or area.
-
If you intend to let the property you can speak to other people who already do so and establish what occupancy they have had, how they found their tenants and what rents they have been receiving.
The best way to save money when buying a resale property in Spain...
Buying direct from the owners.
Of course its buyer beware but if you fine tune your search for a resale property in Spain down to just 2 or 3 complexes, roads or areas, then by this stage of the research you should be well versed on the values and availability.
By wandering around yourself you will see many of the owners selling privately via Se Vende signs. You could also check out the community notice board.
Why do so many people sell privately?
Because Estate Agents fees in Spain are typically between 5 and 12% (plus 17% IVA)!
In Marbella where the average 2 bedroom flat costs €250,000 that's an average commission payment of €25,000!!!
If you are clever and negotiate well you can save this amount of money or at least half of it straight away!
One final thought on resale property in Spain...
Many of the properties that are already built occupy the best locations and probably have an established holiday rental clientele, they also probably offer the best overall facilities and amenities for both permanent and temporary visitors.
Within this guide we also have advice and information on Buying property In Spain, Finding Property in Spain, Estate Agents in Spain, The Costs of Buying Property in Spain, Buying an Apartment in Spain, Buy to Let in Spain, New Developments In Spain, Off Plan Property Spain Property in Spain, Resale Property in Spain, Investment Property in Spain, Rental property In Spain, and Property Management in Spain
