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There is now a real interest in buying distressed property within the Costa Del Sol region of Spain. Unsurprisingly, people who have been waiting with their cash reserves are thinking that this may be the right time to strike and bag themselves a genuine bargain on the Costas. Could this be so, or is it just a load of hype with all the best auction/repossessed stock being earmarked for sale for bank staff and their own families?Because of the sheer number of repossessions by the bank, there are some real gems out there, but the following advice should help you better understand the correct way of buying a cheap Spanish property.
Firstly always make sure you actually get inside the property before you make any decisions. This piece of advice seems so obvious and many of you reading this will think I am an idiot for mentioning it. All I would say to that is you would be surprised at what people do when they think they have unearthed a real bargain. Never, ever buy such a property on the strength of photos or the advice of a realtor. Arrange a viewing and always give as much notice as possible, 48 hours minimum I would suggest because some banks need this time to gain access.
Secondly, always make notes when you get inside the property, please view without rose-tinted spectacles on and really be mercenary in your approach. List every single point that will require work. Often when the bank actually puts up a property for sale that has been repossessed, the previous owner may have completely given up on things like maintainence or even worse ripped out the kitchen and fittings. All of these things can really mount up and at the end of the day, you will be paying for them on top of your purchase price.
Lastly, make sure the property really is a bargain. The only way to establish this effectively is by adequate market research and forging strong relationships with reputable property agencies within the area. It is important for you to remember that prices have risen out of control in the boom years, so a discount from peak sales prices are generally negated, as the property was way over value in the first place.
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