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We are going on an inspection trip to look at proerties to buy. I have read numerous reports on what to buy. However, our price range is not that steep. We have about £100.000. A lot of people are saying that tourist builds i.e 2 bedrooms on a complex will not rent out well or sell well. These are the type of properties we originally thought about, around almeria, murcia.Has anyone got any ideas on this.
Also everyone suggests getting a good independant lawyer, we agree but how do you find one if you do not know any.Although this is a long term investment we need to get it right.
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You have to apply prudence irrespective of the price of the property the factor of location, infra structure, documentation will be a common factors.
If you cannot have a decent capital appreciation or rental in a tourist area, what chance have you got out in the woods. The tourist coming for a week or so wants facilities they are not buyers who wants a cortijo (cottage) out in the mountains with Olive trees to count all day long.
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Your requirements are very similar to ours Nick. A quick look through the Resources & Solutions area gave me the name of an independent solicitor. I emailed them on Saturday afternoon and had a very good response from them today.
Would be good if you could share your inspection trip experience with me and the company you used (via pm if need be) if you are going before July.
Mark
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Hi guys,No need to buy off plan ,There are literally scores of built properties to consider,would recommend buying direct from purchaser, many homes and flats displaying for sale signs,make plenty of offers,and an absolute gold plated must, get that independent lawyer never use one recommended by agent ,seller, or anyone connected with property,
Take your time ,settle on an area you like ,and talk to people living there to get the real low down on what an area is truly like.
The current slow down in the Spanish property market is going to continue for at least 2/3 yrs plus,
We have not seen the real start of it yet ,but bide your time and there will be deals to be had,The Spanish property market is not going anywhere fast in the foreseeable future ,except South -
I am worrying about you chaps going on ‘Inspection Trips’, & endorse everything Gary has said.
It really is worth going under your own steam & searching for/looking at properties you want to see without the pressure that many agents will put on you on an Inspection Trip, showing you only properties that are linked to those which will earn them a hefty commission. There are thousands of people who bought off-plan properties via extremely well-known agents but now discover their apartments are illegal, and in some cases have never even been built. They are facing a very long and hard battle to get their money back – some after 5 years are still fighting.
If you still decide to go on an Inspection Trip & purchase do NOT use the agent’s recommended lawyer. Get recommendations from people who have experience in this (loads of us on here). Make sure you have a Bank Guarantee which is Legal & in your favour (people have still been conned even with having a ‘BG’!). Even if you have a valid BG, the banks will not pay up easily and some have had to go to the expense of taking this to court also, which should not be necessary.
If the property is completed insist on seeing the Habitation Licence (don’t accept any verbal assurances) & get it checked out before you sign anything.
Remember, it is a buyer’s market & if anyone tries to pressure you into buying just walk away.
And, BEFORE you go, read the ‘Your Stories’ page on:
http://www.spanishpropertyscandalpetition.co.uk -
Hi Suzanne
I did take on board what you said in your email to me. I have also had several email discussions with the solicitor for Murcia mentioned on this website (I am assuming that because he is there, he has been used and “approved” before?) which has told me exactly what I need to do and how to go about it, even giving me his mobile phone number for if we need to speak to him on the visit :).
Still working out if it is practical to cancel or not, the expected weekly phone call last night did not materialise (do they read these forums and realise my username and email are similar?), so I couldn’t probe them too deeply.
As the flights are already booked, we wouldn’t have the time over the weekend to look out estate agents and go searching in the 3 day period we have, so we could use this as a fact finding mission.
Mark
P.S. Sorry to hijack your thread nickid
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Hello
You need to be extremely careful in Murcia as it is a hot-spot area. We were buying in this area off-plan in 2003 at Rural Residencial at Campos del Rio, a beautiful rural area and we were swindled. Please do not under any circumstances buy from this development which is owned by Mr Fenollar.
The city of Murcia is beautiful and has many interior designer shops. If you want quality buy something period – I wish I did back in 2003 but I am always making houses beautiful in England so I did not want the hassle abroad.
Looking back on the situation had I spoken the language and not relied on these estate agents in Spain (Swedish) I would have been able to find my own property. Had I used Spanish estate agents in the centre of Murcia, I am so confident I would not have been taken for a ride.
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Nickid – have a read of this thread on Polaris World before you go:
http://spanishpropertyinsight.com/forums/viewtopic.php?t=928&postdays=0&postorder=asc&highlight=polaris&start=0 -
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fDo not go on these unless you are strong enough to resist sales pressure from the agents. Even though we travelled to Spain at our own expense and contacted several agents while there we ended up finding the agents lost interest at the first hint that you were not committed to buying on this trip.
They ask you what you are looking for and show you things that don’t fit this at all or are too expensive. And don’t believe the “Prices from” heading, everything is more expensive.
They hate you to know the facts about buying in Spain and they try to fudge when you ask difficult questions they don’t want to answer. Do your research before you go!
I cannot say all agents are the same, just all the ones I had experience of, maybe somebody on this forum will not agree with me, these are only my personal experiences a few years ago.
Yes, get an independent solicitor but you can still make a bad choice, even with a British solicitor as we found out and had to find a spanish solicitor to take over.
Best advice I can give is: Don’t do anything in a hurry. If you feel happy with a decision to buy while on the trip, go home and think it over and if you still feel happy then is the time to make the decision, not under pressure.
After all would you buy in Britain after visiting a few properties over a three day period without taking time to think about it – I doubt it.
If you wouldn’t buy in Britain unless you felt you had considered your decision at length why buy abroad in haste – do not leave your common sense at the airport. Most of us are buying with hard-earned cash we cannot afford to lose.
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@nickid wrote:
….. so we will have two people showing us
While they are doing that, remember – you will only hear what they want you to hear.
And watch out for a favourite con “If you sign before you go back, I can get you a special discount that is a one-time-only offer”.
I once heard a group of REA lads in a Marbella bar laughing how “that one always gets ’em”.Take your time and wish you Happy Hunting!
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