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Advice on buying resales
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09-01-2012, 12:30 PM
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Fouttysotlalf
Join Date
Oct 2005
Posts
549
Senior Member
I'm writing this assuming you do not already own in Spain so, without a shadow of a doubt - do it, we wished we did it alot sooner than we did.
Don't get caught up in the sunshine & Sangria and buy the first thing you see. I'm sure you won't but you'll be suprised by how many people get carried away with abit of sun and a beach.
Buy as you would your family home. Get a good solicitor, check and double check everything remembering that debts can be carried to you. You'll need an NIE number.
Reasearch the best financing options, which banks offer the best rates and terms. Do a comparison between financing through existing property vs loan in Spain.
Have a good look at the area / urbanisation at all times of day. If position is everything, check orientation, sun, views, neighbours. The main toursit season is on the decline now so you won't know just how much busier it'll be around you. Ask [like you have here].
Throughly check the property when you view - look at the build, if it's terraced or an apartment be mindful of acoustics, look for structural faults, damp, security, bla bla bla. Check to see if there are any new developments scheduled to start locally.
Ask why they are selling too......
Negotiate HARD it can take along time to sell a resale given the market conditions so someone may snap your hand off. You can buy "privately" which saves you abit of money but there may be additional risks associated.
If you plan on renting it out, consider the type of audience you'll be targeting and their requirements. DO NOT bank on funds from rental financing it though - this is a dangerous strategy.
Do some reaseach, see loads of properties, check & double check.
It may seem abit nerve wrecking but it's not as long as you have the right people to help you.
Hope to welcome you as a homeowner soon.
Good Luck
Richard.
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