Things to Consider Before Buying a Property in Marbella

June 22, 2011 - PRLog -- When you are seriously considering buying a property in Marbella there are a number questions you should have answers to before you sign the purchase agreement. Some are obvious, some not so.

Probably the first question you should ask of yourself is “Why do I want to buy in Spain?” Is it a passing whim, brought on by a wonderful Mediterranean holiday, or have you thought things through and come to a definite decision?

Having answered that, what sort of property do you want to buy? Is it to be a permanent home, a holiday home, an investment property or a combination of these? Are you looking for a detached villa in the hills or an apartment by the beach? You should take some time about this and actually write the answers down. Have a written list of the things that you want from the new property before you start looking. This will help you with your final decision when you have to compare the several attractive properties that your agent has shown you.

Which area of Marbella will you buy in? Probably the only way that you can answer this is to visit the city with the pure intention of viewing properties. Many property agencies run “Fly to buy” packages. They are very good value for money. Take one and see what the market has to offer. The agency may introduce you to a banker or legal advisor. Meet them, listen to their story, but don’t commit yourself.

Before you have viewed even one property, ask yourself how much you can reasonably afford, including the costs of purchase. Ask yourself how you will finance your purchase and take time to find what packages are available. Will you secure the loan on the Spanish property or on your home in Britain? Will you borrow from a Spanish bank or an English one?

Having met the agency which is handling the property that attracts you, ask yourself if you are comfortable with them and are you comfortable with the negotiator that you are dealing with? Be sure that the agency is properly accredited. At one time all agencies had to be registered, but that is not the case now.

You should remember that you need to have a certain amount of flexibility in dealing with the agent and the vendor. It is certainly a buyer’s market at the moment and you have the upper hand, but pushing things too far will lose you the property. Are you being reasonable? If you were the vendor, would you be happy to sell to the purchaser that you are?

Are you buying for yourself or for the benefit of someone else? Whilst it is a lovely thought that your family will come and visit you in the sun, how often will they come and are you buying an appropriate property so that you can accommodate people on the odd occasion?

If you fall in love with an old villa, be really hardnosed about the cost of renovation. Is it really practicable to renovate the place? Will you be over capitalising your property and the acid test, if you had to sell for some reason, would you get your money back?

Michael Liggan, Altavista Spain’s chief bargain property hunter had this to say: “There is a great deal to think about when buying a foreign property. It is well known by professionals that buying a property has far more to do with emotion than practicalities. Protect yourself from your own emotions as much as you can, then a summer’s dream probably won’t turn into a winter nightmare”.

For more information on buying a property in Spain, visit www.altavistaspain.com

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Alta Vista Spain is a real estate company in Marbella on the Costa del Sol, Spain. Michael Liggan is a driving force and our chief property bargain hunter.