Cheap Property in Spain - Read This Before You Decide

2009-10-21T09:45:00.000-07:00

There is now a particular interest from people all over Europe in buying discounted/repossessed Spanish real estate. You only have to check the Google Adwords tool and evaluate the number of potental purchasers typing in the phrase "cheap property Spain" to see that there are over 3600 searches per month. This is entirely understandable because people who have been biding their time waiting to pick up a bargain on the Costas now feel like this is the moment to strike. The Spanish Housing Ministry, in their most recent figures, now point to a partial stabilisation of declining prices (possibly a little optimistic) and there is also no shortage of supposed deals on offer.

There are some points that any possible buyer looking to obtain a repossessed or auction property should remember before they start their search. The first thing to remember is that when a bank actually repossesses a property, there has been a long chain of generally awful events for the owner and because of this their property can often be poorly maintained or even damaged before they are asked to leave. Occasionally full kitchens and bathrooms have been ripped out of a property and although this isn´t common it can and does happen. Therefore you need to always view the properties you are interested in, in person.

When you visit make sure you make notes on every aspect of the property that needs putting right. Never buy something with just verbal descriptions or photos, this may seem obvious but I can assure you that some clients don´t. Often buyers can get so caught up in the notional bargain that they think they are getting, they sometimes throw caution to the wind. Give the bank/agent plenty of notice that you wish to view the property. Sometimes they will need a minimum of 48 hours notice to gain access and if you are only visiting for a short time to survey your chosen properties this may lead to problems.

How sure are you that the property you have seen advertised is a bargain? Don´t forget, many properties were massively overpriced during the boom times, so even if you see a 40% discount now, this is not a true reflecion of its present market value. The only way you can build up a picture of prices is by doing a lot of research and asking current owners in your target development about price history. Check out all the popular property portals and make sure you view Spanish versions too. Build up a good relationship with several reputable estate agents in the area and then aggregate all the information you have gained. You will then arrive at a decision at to whether the property you are interested in is a genuine cheap property in Spain.

Author: mark goodwin

Article Source: http://www.articlealley.com/article_1192686_33.html

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http://www.firstpropertychoice.com/portfolio.aspx?portkey=135

Real State

2009-10-21T09:41:00.000-07:00

Cheap Property in Spain - Read This Before You Decide

There is now a particular interest from people all over Europe in buying discounted/repossessed Spanish real estate. ..... Author: mark goodwin

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Cheap Property in Spain - Read This Before You Decide

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