7-bed villa in Olocau village, Valencia province
Then: £222k Now: £183k
Why buy? – seriously spacious, own pool and tennis court, beauty spot location
(
www.valencia-property.com)
The difference in price between two similar properties may seem unjustified, but paying an extra 40k for walking distance to amenities or 16k more for a new-build
in perfect condition may be more than worth it
and-leave” property, ideal for your own use and to rent out with almost no maintenance. He advises taking a look at bank stock, because, he says, “the big advantage of buying through a bank is you can get up to 100 per cent fi nance, a real plus in today’s mortgage desert”. Bank properties aren’t easy
to access, but most agents have a selection of the best bank repossessions in their area. The advantage of using an agent in this instance is that they’ve done the donkey work of shortlisting the good deals. An alternative is to go into any bank and ask for a list of repossessions. Staff may speak English, and some banks on the Costas have brochures in English. However, a bank won’t provide a worthwhile shortlist, and it’s diffi cult to tell from a brochure if a property merits a visit. When considering new-builds
offered by banks, ignore the price tag at fi rst and concentrate on the location. Be cautious about
developments in the middle of nowhere — ask yourself if you really want to drive everywhere for everything. Be sceptical of promised golf courses, high-speed train links, theme parks… remind yourself that, with Spain in a recession, these are unlikely to happen for several years. And be wary of “ghost” developments, with few other buyers – ask yourself why no one else has bought. Finally, remember to compare
like with like. Weigh up prices, but also bring location, quality of construction and standard of maintenance into the equation. The difference in price between
two similar properties may seem unjustifi ed, but paying an extra €50,000 (£40,000) for walking distance to amenities, or €20,000 (£16,000) more for a new-build in perfect condition, may be more than worth it. And don’t forget to think long-term, for the boxes you tick today will be ticked in the next stage of your property’s lifetime – when you come to sell.”
ESSENTIAL GUIDE TO BARGAIN HUNTING
• Choose the right location for purchase (and resale later on).
• Don’t be swayed by price alone.
• Avoid developments with unfi nished phases or amenities.
• Don’t consider developments with less than 50 per cent of properties sold.
• Check the agent’s reputation – most of the cowboys have vanished, but not all.
• Don’t hum and ha over a bargain for too long, as you may lose it.
• Use an independent lawyer as soon as your offer is accepted.
• Don’t forget to have your deposit and fi nance ready.
2-bed apartment in Valle Romano resort, Estepona, Costa del Sol
Then: £190k Now: £134k
Why buy? – frontline golf, great sea views, high-quality fi nishings, established resort (
www.valleromano.es)
...about Spanish property tax or want to know how to get an NIE number? Check out our newly updated guide to buying in Spain at:
www.aplaceinthesun.com/guides/spain
Got questions...
aplaceinthesun.com 63
BAILOUT BARGAINS
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