Travel

Property Bargain Hunting In Spain – What You Need To Know

Much of the international media has widely reported on the property crisis in Spain. Interestingly, despite this, the country remains a top travel destination not only for those seeking out the sun, but also for those looking for a better life. A growing trend in Spain is for people to buy cheap properties and if you know where to look, you are sure to find some amazing property deals.  Here’s what you need to look out for when buying a property in Spain to ensure that you get the best possible property bargain:

Check the listings

Keep your finger on the pulse by staying up to date with the local property findings available in papers and online. Make sure that you know ahead of time where you would like to buy your property, by doing this you will ensure that you are first to put in an offer should your dream property come up for sale.

Adding to this many private sellers chose to advertise their property sales in local papers as opposed to enlisting the services of a real estate company. Make sure that you know all the fact about the property and the seller before diving into your purchase, the last thing you want happening is to fall for a scam.

Choose the right time

One of the most important aspects of buying a property in Spain is to make sure that you time your purchases well. Entering the property market at the wrong time could mean that you lose money on your purchase. Watch the local markets carefully and once the perfect opportunity arises you will be ready to purchase your Spanish dream home.

Rent-to-buy

This is a great way to secure a property bargain in Spain. Many homeowners in Spain who are in need of the money will allow you to rent their properties with an option to buy them at a later stage. This will also give you a distinct advantage over other buyers in that you would already have put a great deal of money into the property by the time you get to sign the papers for the property.

Check out developers

Many property developers are under immense pressure to sell the properties they have invested so much in. This also makes it a great opportunity to pick up a bargain or two. In addition, you might find that you could negotiate on the sale price of the property.

Rent-to-buy

This is a great way to secure a property bargain in Spain. Many homeowners in Spain who are in need of the money will allow you to rent their properties with an option to buy them at a later stage. This will also give you a distinct advantage over other buyers in that you would already have put a great deal of money into the property by the time you get to sign the papers for the property.

Reduce your purchase price

A general rule of thumb to go by is to offer around 20% less for the property than the advertised price. You and the homeowner then have room to negotiate. You will also be setting yourself up to buy the property of your dreams at a real bargain. Always remember that the goal is not to leave the homeowner out of pocket but to rather ensure you get the best possible price for the property.

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James Steele

James Steele

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