REAL ESTATE COSTA DEL SOL
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Like most transactions that involve
a sizeable sum of money, buying a property of any kind can be either
amazingly simple or agonisingly complicated. Understanding the process,
as well as the roles played by the many people who might potentially
be involved in a property transaction, will not only make things run
smoother, but it will also help you to make the right decisions. There
are so many options out there that it might be a mistake to see too
much, you might end up more confused than when you started looking.
To avoid this problem, choose a professional and reputable estate
agent who will have the expertise to successfully assess your requirements
and who will only show you properties that are of real interest to
you.
- BUYING A PROPERTY
As in all countries, the buying or selling of a property in Spain
follows rules, regulations and procedures that are highly specific
to this country, engrained not only in its legal and commercial
practice but also in the local culture. Things have come a long
way since the early days of the holiday home boom, when red tape,
delays and confusion reigned supreme, yet for foreigners buying
here for the first time, coming to grips with a new language while
dealing with the unfamiliar processes can still be a bit confusing.
The first step to buying a property is orientating yourself. Becoming
familiar with the prospective area and what you can get for your
money is very important. Naturally there is no substitute for
visiting it yourself, but to save yourself many days and miles
of driving around unnecessarily it is wise to make use of the
handy magazines and websites that can allow you to zoom in on
the areas, price categories, property types and service providers
that fit your requirements. In most cases, the most important
of all the service providers you will need in the course of a
property transaction is an estate agent. Analysing magazines and
websites, along with word of mouth, will help you pick a professional
and reputable estate agency, who will not only have the right
kind of properties on his books, but also be reliable and provide
a full range of support services.
In addition to showing you the kind of homes that suit your budget
and lifestyle, a good agent will also provide invaluable information
about the respective characteristics and investment value of different
areas and property developments. When you have found the right
property, your agent will make an offer on your behalf.
The lawyer will formalise the agreement, which will set price,
deposit and completion dates. He will also check that the home's
documentation is in order and that there are no outstanding fees,
taxes and debts up to the official date of purchase.
Once the above has been cleared, you will have to pay the holding
deposit which will ensure that the property is taken off the market
and reserved for you.
On the set date, buyer and seller come together to sign the tide
deed and pay the balance of the purchase price. The notary witnesses
all the documentation related to the transfer of ownership, so
it is important that they mention the property to be free of outstanding
charges or tenants. Both the lawyer-gestor and estate agent can
continue to provide invaluable services, from importing your car,
taking out insurance and getting your local residence papers sorted
out, to removals, interior decoration and landscaping.
- SELLING A PROPERTY
Again it is important to find a serious, reputable estate agent
to represent you. Although exclusivity is seldom granted to one
agent, this might be a good option in the case of more expensive
properties, as it enables the agent in question to invest in the
suitable forms of marketing. From the point where an interested
buyer makes an offer it is important to appoint a lawyer to represent
you in the process mentioned above.
- PROPERTY RENTALS
If you're looking to rent a property short-term you will have
a world of choice, except at the height of the summer season,
when rental rates soar and you may even have trouble finding anything
unless you have booked well in advance. Finding a longterm let,
however, is another story altogether. Most property owners on
the Costa del Sol prefer the lucrative holiday rental market,
which allows them several months' usage themselves, to lower-yielding
longterm lets. Some people, however, like the security of income
this provides, so if you look hard enough there are still places
to be found.
Those who have a property to let, regardless of whether it is
an apartment, villa, town house or country cottage, will have
a very good chance of making money out of it. Some sales people
convince prospective buyers that they will be earning fortunes
through rentals. The rental market, however, has its seasonal
fluctuations, and whereas you will be able to name your price
in summer, you may struggle to fill the home the whole year round.
Moreover, there is competition, so set your targets realistically
and make sure the rental price is attractive to all parties involved.
- INVESTING IN A PROPERTY
What to buy if you're looking to invest in a property depends
firstly on your priorities. If you are buying a home to live in
but want it to be a good investment, follow your own preferences
but stay wise to the longer-term potential of both the property
itself and the area you are buying in. In this case it is good
to look out for up-andcoming areas that will outpace other areas
in value over the longer term.
The investment potential of a property is then not only represented
by the immediate desirability of the property and area, but also
by the actual urbanisation and its rental potential. A specialised
estate agent or financial advisor will be able to tell you which
developments are most in favour and offering the best returns.
Newly constructed properties offer the most upward potential over
the shorter term and if you can find a good off-plan development
to invest in, so much the better.
Your financial advisor will be able to advise you on the most
effective way in which to structure the purchase and/or financing.
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