Real Estate Buying in Spain- TV and the reality

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Buying in Spain- TV and the reality
Buying a property and moving to Spain is a dream come for many people, however cheap television programmes that are repeated for many years do not give an acurate view of todays market.

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TV programmes fuel many people with the dream of a better life than the one they have. The problem is, these programmes are cheap to make and are repeated time and time again.

When Mr Dreamer sees a 6 bed roomed town house, or a small country house, both for sale at 150,000 euro’s he neglects to notice that the programme he is watching was made 3 or 4 years ago, house prices have been rising at 10% a year in some areas, that same house today will cost him 200,000 euro’s, and this is taking into account the present economic crisis.

Bargains are still out there, especially in our neck of the woods of Inland Valencia, as supply far outstrips demand. Many of the budget country properties are family summer houses and will require a new kitchen and bathroom, (not mentioned on the TV) so you may have to be a dab hand at DIY or hire a local builder at a reasonable rate.

Doing your homework is essential; have a realistic budget and work within it. Cost very carefully your materials and labour and also set a reasonable time scale.

Mr Dreamer can have his life in the sun, but if he’s been brainwashed by cheap TV house makeover programmes (everything magnolia) Mr Dreamer will soon become Mr Disillusioned.

Inspection trips are essential. Do not buy in an area because you saw it on television and fell in love with it. This is not the fault of the TV Company but of your heart ruling your head. You must get a feel for an area; try to build geographical, economical and cultural awareness. Research as much as you can: use your local library, use the Internet and talk to people on your inspection trips.

Don’t be short-sighted; think of the long-term implications of buying that remote villa in the country. If you’re at retiring age now, will you still want to be driving around country lanes when you are 70? Do you and your partner both drive? What will happen if the only driver is taken ill? You may be a couple with a young family, driving to and from that villa in the country will soon become a chore when taking the children to and from school 4 times a day. You may think it is great for the children to have some land to play in, but this can also be isolating, their friends from school will find it difficult to see them. Remember; there is a very thin line between a dream and a nightmare.

Budget correctly. If your top limit is 300,000€ you cannot look at properties at this price. Without going into too much detail, all Spanish properties are subject to 7% government tax, and there will be other fees incurred. You should allow around 10-12% of the purchase price to cover your costs. Therefore if your maximum budget is 300,000€ you should not be looking at properties over 270.00€

Always employ the services of a local Spanish lawyer (abogado), someone who knows the area in which you are purchasing. Don’t be put off if he/she does not speak English as employing someone with local knowledge and contacts is a must. Your estate agent should be able to help with interpreting or knows someone that can.