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Hello Everyone, I was a regular for a while on the forum, as I fought to get my deposit back from Lorca. I'm pleased to say that I was successful and I have since been building a small portfolio in the UK. I still dream of having a little 'getaway' in Spain and was hoping you could advise on the best way to search for a property. Off plan is a definite no=no!! I would consider an already built-new build right through to something needing refurbishment (but it must have water and electricity on site)
Could anyone advise on the best websites to look at or agents to approach? I'm not tied to a particular location or coast as I'm willing to consider coast or inland. Its just somewhere to use as a holiday home for family and friends, so rental prospects aren't important.
The big restriction is price - I would prefer something under 100000 euros if poss, but would consider something more expensive if it fits the bill. The amount of Spanish property being advertised is quite overwhelming, and whilst I know the ropes in the UK, I need help to ensure I don't make any mistakes in Spain!
Thanks guys.
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Dixie
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 Hi Dixie,
Well how great is that to hear you got your deposit back, really pleased for you.
Plus you have not given up buying in Spain and it has not put you of.
Can you tell us which area you have been looking at, someone then will be able to help you.
Pat
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Welcome back, Dixie. Glad to hear you got your deposit back. Where and what type of property are you looking for?
I know you said you are looking for a holiday place so you would really be better off looking for somewhere where everything is laid on....fully furnished, no expensive upgrades like larger hot water boilers, no landscaping of garden areas, all lights fitted etc plus close to places you can go. There are lots of bargains in your price range at the moment. I'm sure you'll find what you're looking for and in your price range. Enjoy your search and I can recommend a few places to look if you indicate which area you are looking at.
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Have a browse on kyero.com and idealista.com, they both cover all of Spain so you can easily compare what you can get for your budget in different areas.
Since you "know the ropes" in the UK, the best advice I can give for Spain is, don't do anything you wouldn't do in the UK! Too many people make the mistake of presuming the usual rules (especially those of common sense) do not apply.
Although you are not buying as an investment as such, circumstances can change, so think about your exit strategy, by which I mean, when buying, it's a good idea to have half a mind on selling. Always remember there a far more Spaniards, and therefore Spanish buyers, than foreigners in Spain, so try to avoid buying in a purpose built Brit enclave. This is just my personal opinion, and I'm aware I may get slagged off for it (I don't give a ****!) I'm sure there are plenty of positive aspects of the "Eldorado" type urbanisations (God knows, Spain can drive you nuts at times and even I sometimes wish I was living in a bubble) but you'll probably get more out of your Spanish experience by sticking to more established areas.
Use an independent lawyer, preferably one who comes personally recommended.
Use this forum to the full, to ask specifics as you go along.
Good luck!
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"Get your facts first, then you can distort them as you please"
Mark Twain
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How about a 2 bed duplex in Almeria between Aguilas and Mojacar for 109.000 € built a few years ago...this is an indication of some of the distressed sales about.....you can get something very nice for less even a ready now on Polaris World
it is a buyers market so you need to go over to Spain to have a look...best deals are done face to face with the seller knowing that the buyer is serious and can pay quickly!
Quite a few people who post on EOS can help you acheive this
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Thanks everyone for your speedy and helpful replies. I have taken a look at idealista.com - there are thousands of properties! I shall come over to Spain to look at individual properties, but I need to narrow down my search first. Too much choice is as bad as too little choice. Here's where my thinking is at so far: If anyone can advise on specific areas/developments that might fit the bill I would be grateful.
All utilities need to be connected. Whilst wishing to avoid the 'english pub/fish and chips' areas, my Spanish is not good, so I would like somewhere where I can use English whilst improving my Spanish. May need someone to keep an eye on the place, so nothing too remote. No garden-otherwise will need to employ someone to cut the grass! Price (under 100000euros) is the driver. Two beds would be good, but one will do. Preferably within an hour's drive of an airport . (What is public transport like in Spain? I've never used it.) Local shops would be a plus. At all costs avoid anywhere close to a nightclub or lager louts! Prefer a comfortably warm climate rather than blistering heat.
I'm budgeting for around 10-13% buying costs. Is that about right?
All recommendations of areas, properties, lawyers or agents will be most welcome!
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Dixie
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Thanks for sharing this post.
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How about climate?? Would that narrow down the search??
We can only visit Spain from November to Easter so we wanted an area that had a warm ,dry climate during the winter.
After internet research we narrowed down the area to the coastline between Mazarron and Mojacar.
Inland is too cold in the winter.
Jo
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Hi Dixie,
Just wanted to let you know that I also have been looking for property in Spain. I have been over twice now and have found a lovely development in Estepona, Alcazaba Hills. I have also seen some property inland but I think I want to ne closer to the coast.
I have not purchased and did ask for advice in another post but to no avail. Please give me some imput on areas and possible deals you know of. I have looked at so many properties online but keep going back to the one in Estepona.
If anyone else out there can let me know of any deals or advise on the what I have been looking at so far.
Thanks.
DAVO
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Some legal information for your purchase:
http://www.eyeonspain.com/blogs/costaluz/2433/legal-tip-163-a-guide-for-successful-house-buying-part-v.aspx
Legal tip 163. A guide for successful house-buying. Part V
14 October 2009 @ 12:38
You can see related information in number I, II, III and IV of this serie ( maybe a good reading for getting slept )
Necessary documents for mortgage application
- Personal information: Passport number or residency card. If you are married the Bank will ask you about the financial agreements of your marriage. This is because in some cases, in order to constitute the mortgage loan, the consent of the two married people is needed.
- Financial information:
If you are an employee: recent pay slips, tax returns and wealth tax.
If you are self-employed: Income and Wealth Statements. Proof of income and past income tax instalments payments and VAT.
- Information on the property to be mortgaged:
1) if you are buying direct from the owners: photocopy of the deed of sale
2) Purchase from developer: photocopy of the sales contract
3) If you want to build your own house: land deed, license and Work project.
What information the financial institution needs to give to me?
A) Information booklet: which will provide the basics of the loan: term, interest rate, fees, commissions and all charges that will be borne by the customer. This booklet, which is regulated by the Order of transparency of financial conditions of mortgage loans, dated 1994, will allow you to compare different offers.
Once you choose the one you want, ask the financial entity to issue a “Binding Offer” (oferta vinculante) .The entity will analyze your request and will respond at short notice, after verifying the situation of the property in the Land Registry and completing the appraisal of it.
B) Binding offer: is a document that will run at least for ten days, and will specify in detail all elements of the loan:
1. Amount and way of delivery of loan
2. Repayment: number of instalments, frequency of payment, amount and payment date of the first and last instalment, commission for partial early repayment
3. Interest: nominal, if it is fixed or variable, and in the second case, how, when and depending on which index will be changed and the reference index that will be applied.
4. Commissions, opening fee and commission for -early redemption in whole or in part, this latter only applies if happens.
5. Other costs that are borne by the borrower: property valuation, notary and registration fees, etc...
6. TAE
It is important to examine binding offer because its content is what will be written in the mortgage deed
( to be continued)
Autumn in Asturias, by Caliaetu at Flickr.com
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Very pleased to read Dixie that you got your deposit back. At least there is one honorable developer in Spain.
Just to keep you informed Lorca Resorts started the development and golf course about March of this year .2009. At the moment there are 5 shells of small apartment blocks,understand the 1,000,000 + euro properties are on hold, but the golf course is galloping ahead and in parts has been seeded and landscaped. However think you were wise to pull out.
Have to say that the Lorca/Aguilas triangle this is a wonderful area of Spain. Unfortunately though I don't think there is much in your budget because we don't have the crowded in developments other regions have been subjected to. Properties here are invariably non development but detached individual builds on large plots of a minimum of 5,000 sq.m .
There is however one development in Purias. Los Olivos. All the properties and infrastructure are completed. The plot sizes I would think are about 200/250. Certainly so no room for a pool. Might be worth looking into. Have no idea of the name of developer or agent but should appear in a search engine.
I would like to correct former posters who believe Lorca to be a small town. It is in fact a large Spanish city with virtually all amenities available and a castle. Aguilas,although smaller, is similar.
Although Lorca City is 30km from the coastal resort of Aguilas it doesn't appear to be inland because the dual-carriageway and other access routes are brilliant and one can easily be on the beach within 20 minutes of hassle free driving.
For anyone desiring to reside ,in all honestly more on a permanent basis, in Spanish Spain then this is an area which should be investigated. Last head count there were over 2,000 foreigners, mostly Brits, in residence here so many facilities available for us as well now.
Would just like to add that there doesn't appear to be any "illegal" builds here which was part of the problem why Lorca resorts was delayed for many years. Lorca council have to cross every"t" and dot every "i" before a brick is laid and when completed anything not according to plan or to the correct measurement is questioned.
Don't know if this was always the case but certainly is now.
Wherever you decide Dixie wish you many happy years in Spain.
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The area where I live, Manilva, has lots of offers now as many people really need to sell, so there are quite a few bargains. The area offers vilag, country and beach locations, the weather of course is great as in all of the Costa del Sol.
You could try approaaching banks for properties as they have lots of repossesions at low prices, the agents in the area would be able to let you know about those as well. there's Crownleaf properties and Manilva properties that seem to have a good selection from Manilva to Estepona.
If you want to be nearer to the airport La Cala de Mijas is a great place, only half an hours drive to the airport, and Star la Cala is the best agent to go to there, in my opinion.
I would recommend Manilva Solicitors who have a web page and offices all along the coast, so they would be accesible to you were ever you bought. They all speak English too which helps.
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Hi Dixie
Are you certifiable? You have just had the bigest get out of jail card in your life. Pls take your money and run. Spain will be like Greece soon, you will lose 50% of your money and then another 50% as your Euros go to Pesetas. Even in the UK the press is now accepting that UK property will fall for the next 5 years. The world economy is on a knife edge, only propped up by the printing of money. Pls keep your money safe, you are going to need it when everything you need to buy goes up 50% and everything purchased with debt goes down 50%.
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Hi More
Yes great thanks and you - hope you well. Oops re the date, lets hope he did the right thing lol.
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Can't agree more with the person who thought anyone considering buying in Spain must be "certifiable". The euro will go down in the long term against sterling and even if you were to make 25% on your property (highly doubtful - in fact the prices will probably keep falling) you'd end up losing money (and serious money) in sterling terms. And if Spain gets into real trouble (it probably is already but no one wants to mention the unmentionable) God knows what the repercussions will be. Also if you find a "bargain" the tax office won't accept the low price as it takes about 6 or 7 % of the purchase price in tax. And you'll never win against the tax office. If you challenge them, they'll just keep adding 10% to the original demand. I've been through it all - they just end up making your life a misery. Remember - the tax office is always the winner, you the loser. Don't buy in Spain !!!
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Simply. Go in your back garden. Empty the bin.
Insert all your cash into bin
Add petrol
Find a match
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Hi TJ222 I followed your credit crutch thread and you were very ahead of the curve in 2007..... Can I ask some advice? No worries if you don't want to give it!!! I currently have a small house in Spain, in an area where remarkab ly properties are still selling, although obviously at much lower levels and valuations than in the past (near Gibraltar). This seems to me to be a good time to trade up - if I can sell my house (a big if but i bought it many years ago and it has little mortgage) then I can get a house triple the size with a euro mortgage (I think). But I earn in Sterling. If euro collapses, or Spain goes back to the peseta, do I care since my mortgage payments and the value of my loan would collapse also? You might of course say sell your house, convert your cash to sterling an d wait three years! As a quality of life thing, to go from a small rented flat in Gib to a nice villa does sound tempting. What would you do? Many thanks!!
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Hi pjy
I am glad you are in such a good position, clearly there is a reason why your type and location of property is still selling, i wonder why that is? If you bought a much larger property elsewhere it seems you might lose these aspects, ie not be able to sell at anything reasonable in the future. I think you would need to be sure that you were going to hold it for the foreseeable future and ensure that you got it at the right price. I remember when I first started the thread, people were telling me that it didn;t matter if the value went down or they couldn't sell because it was their home. Unfortunatley life is very uncertain in this respect and being able to sell is important. I now hear stories all the time about people having to move from Spain through work ,or lack of, or illness or family and are stuck in a nightmare of their own making.
Additionally i think anyone wanting to buy now in a market in which property is unsellable, should ask themselves why? The problem in Spain is not that the market has gone away for property, its that reality is gone. The papers keep telling me asking prices are only down 10% or some such nonsense, but what has asking prices to do with it. If I put my old mars bar up for sale on Ebay for 10quid, I imagine it would be there for ever. I could claim however that my asking price has not gone down, and complain that there is no market for Mars bars!!!!
The truth is that the market is still there for property, what is missing is realistic prices and the ability of people to match them. I know of friends who put their house up for sale in a very desirable area, but wanted the purchase price plus expenses. A single buyer emerged but didn't want to pay the ask. If you overpay for anything, its not then the fault of a new buyer in the future after the boom, if they do not want to overpay to relieve you of your problem.
Establishing good value after a boom is hard because you need to establish a reference point. If property went up 2 or 3 times in a boom, its not good value to get 30% off. A better measure is to establish what it would rent for, and then work in a yield of say 5% to etablish a capital amount. This is how proffesionals do it. I warn you that if you do it this way, you will find the asking price is overvalued by 50% or more.
Having said all that, the situation in Spain is now so precarious that i would definately sell and wait. The banking system is past life support and is going to take down Spain as a sovereign state, much the same as happened in Ireland, another property bubble hotspot. Its hard to imagine the state the banks are in, but they have all the worst, most overvalued property that was ever bought, as this is the stuff that defaults first. People fight tooth and nail to keep their good stuff and anyway this is the property that still sells. When the banks need a rescue, the books will be looked at and the first condition will be to unload all these toxic two bed flats. Then the market will capitulate and everything will get dragged down. A lot of stuff will be unsellable at any price and good two bed flats will go for the price of a car. Its already happening now in the US.
Noone knows what will happen in a situation where a country leaves the Euro, the details of debts etc will be very messy and will take some time to muddle through. One thing is for sure a huge amout of wealth will be lost.
Given all this why take the chance? Property is only going one way for the next decade and thats down. Prices are now falling fast in the UK and there is supposed to be a shortage. In Spain there is so much excess supply that its going to take decades to unwind. Who in their right mind is going to buy in this situation, remeber price = supply and demand. There is next to no demand and a cool million empty homes and STILL BUILDING !!!!!!!!!!!!!!!
Keep your money in a strong currency and wait for the dust to settle. You will be shocked at what is going to happen. Hope this helps, sorry its a bit black, but thats the facts.
This message was last edited by TJ222 on 12/05/2011.
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Thanks so much for the advice TJ, it is really appreciated and you are probably right.
In the last few days events took their own course so I think it is now unlikely I will trade up in Spain.
I actually forgot to put in a key piece of information, that I just sold a house in the UK which released our equity. Mrs PJY found a flat she likes in Gib and wants to go for it. Things are still selling in Gib, although there is a slight oversupply of new flats, they are gradually filling up (you can see the lights slowly going on a Kings Wharf for example). The one she likes we could get a 5% rental return on (not that we want to rent it out).... Gib is somewhat of an enigma in that regard, even with the "train wreck" of a housing market 1km away.
At the moment we are haemorraging so much cash on rent that we can halve our housing costs by buying (maybe with a 2yr fix).
The economy here is still OK, growing more than the UK and new companies coming here all the time for the tax rate. Personal tax rates are also coming down.
Do you have any thoughts on Gib as a market?
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