Reply To: Los Naranjos de Marbella

#58234
Anonymous
Participant

Hi Gareth & Carol,

From what I hear there are no major problems with this development – a big plus nowadays – although you would always need to have a lawyer do the full due diligence before buying there, or anywhere for that matter.

It’s also quite good value for money considering its location just 10-15 minutes walk from Puerto Banus. When I say ‘good value’ I mean in comparison to the comparables in the wider market.

There will be a fair number of resales from investors on this development so a good opportunity to go in hard on the price. We are at the dawn of a great buyers’ market so be really pushy in the knowledge that there are lots of investors very keen to sell, and then of course the developer has units for sale too. You will not be spoilt for choice and there is likely to be a significant spread in prices for very similar properties so make sure you get lots of comparisons.

Another important aspect which it is high time more people became aware of is the agency commission (I’ll do a full briefing on this as soon as get a moment). For years now many Costa del Sol agents have been gouging clients on the commission, charging of 7.5% or more (the highest I’ve heard is a 35% commission). In this increasingly competitive market only a fool will allow an estate agent to earn a commission of more than 5%. There are hundreds of agents out there all clamouring for your business and all selling much the same property so time to get tough on commission. Insist that the agent tells you their commission, and don’t accept anything more than 5%.

Mark