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Villas Costa del Sol Spain Property Sale in Spain
The property market in Spain is experiencing a slump and consequently this means that for the ‘buyer’ there is serious bargains to be had.
Properties are being reduced by 50% which in some situations means a reduction in purchase price of 200,000 Euros.
Never before has Spain become so appealing for those with an ambition to own a dream property in the sun.
It has been suggested that over the last few years in Spain the property market has been overvalued; adding an extra bite to those who have recently bought in the last few years and are now trying to sell. Soaring prices over the last few years in Spain, has left the wealthy, who have been buying a second home in Spain, now seriously out of pocket. Yet had they chosen to wait until 2008 they could have snapped up some of the best property bargains in Europe.
Many have predicted that the slump may last for a couple of years and then return to the levels in 2006.
Economists have been warning of a potential housing market slump for many years, but prices remained stable during 2006 and into the early part of 2007. But now the slump is real… as house owners’ are having to slash their property prices to gain a sale.
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25 More Tips on Buying Property and Moving to Spain
Rule 1 & 2… Don’t make assumptions and don’t pass over small details.
DISCLAIMER: The Information provided is intended to give anyone looking to purchase a property in Spain a brief guide on how the process works. The laws in Spain can and do change on a regular basis so we always advise that you seek suitable professional advice.
26. Children and School. I’m pretty sure you cannot register a child in school prior to having a Spanish address. No different to schools in the UK, here they give priority to children who live close to the school. If they only have 10 places then they will fill up from the local area first.
27. International schools have their obvious advantages because they are both modern and have up to the date technical equipment. Some have a computer terminal on every child’s desk. The schools in the campo generally don’t have these facilities; this is because the government fund the schools on the quantity of children. Although the advantage of smaller classes are a better one to one teaching.
28. In certain provinces, it is strange that children need to be re-registered every school year. It is not a formality as in the UK, although the re-register is a relatively simple process the lack of the Spanish language will hinder your progress.
29. Renting before you buy is always a good option, but don’t forget the rent is dead money; by that I mean non-recoverable. I have spoke to many people about the renting option and they have been looking around the internet for prices per month to rent. Generally those prices you see will always be above average as anyone advertising their property must accommodate the advertising expense within their rental charge.
30. If you are renting, include such viewing within one of your prior visits. There are many rental agents, English and Spanish; but be aware the Spanish have a habit of charging for acquiring you some accommodation. I’ve heard of anything between 250 – 500 Euros as a commission.
31. If you have become familiar with your estate agent who is searching for a house for you, they can be a good point of contact for rental property too. If they don’t service your needs while you look then they’ll loose your custom.
32. However, as you look for property, looking for your own rental property can also save you money. Visiting the area a couple of months before you move and picking up a local English newspaper is a good source of varying rental properties.
33. Be aware however that renting is no easy thing to organise. As in the UK, and I mention this because those who’ve owned their own house can tend to forget, that their will be a bond… which is generally one months rent, plus they will want one months rent in advance.
34. If you recall the bond is to cover any breakages or damage. From my various conversations, Spanish property owners seem to always find some reason not repay your bond. This is not every occasion however, but nonetheless it is prudent to comment and write down anything that can be blamed on you 6 months down the line. Broken chair leg or damaged lamp, faulty electrical equipment, stains on bed covers or carpets, broken ornaments… I think you get the gist.
35. Finding work! This seems to be a casual throw away phrase when you’re back in the UK. But 50% of people return back to the UK within 2 years because they can’t find enough permanent work.
36. Okay we all say we can do anything… but the Moroccan’s and other North Africans come and take the lower paid jobs working the fields. The hotel jobs are often taken by Rumanian cum Russians who all come to live here during the summer months. For every English bar there are 10 Spanish bars. This means that often there can be 10 English men or women fighting for one job when it becomes available in an English bar. The Spanish bars will employ but you’ll need an average command of the Spanish language.
37. Supermarket jobs are pretty much a good bet, but again you’ll need average command of the Spanish language. But you’ll only get these in the summer months when the tourism trade picks up.
38. 9 till 5? Having a job nine until five is unlikely. During the hotter summer months the Spanish break off for the siesta at 2pm and start again from 5 or 6 till 8pm. Us UK people are used to this time frame, but this other culture we’re entering into has a completely different emphasis on the day.
39. Word of mouth and Networking. Networking with a capital ‘N’. Everything you’ll ever need to know will be found out through networking. Talking to other British and attempting to communicate with the Spanish. You can find jobs, you can find cheaper places to rent, you can find doctors, chemists, dentists, emergency doctors… the list is endless. If you are bit quiet and don’t mix very well, you’ll struggle finding out new things and places that are important.
40. Generally speaking the other British will help. But one tip to remember, repay them with gratitude and you’ll have a good source for further enquiries in the future. Some of my own best networking has been done in the bars and cafes. A shame… but true.
41. Most people send one of their family down in the car as they move to Spain. Here is my experience in this short paragraph… A trip down to the port 3 hours… Avoid if possible any busy areas during the rush hours. Leave plenty of time to find the port, and in case of any temporary problems, flat tyres and the sort, be prepared. I kept in contact by mobile with the other half of my family during the moment up to here, but you loose your signal once you’re out at sea. So your other half begins to worry… Prepare them for a loss of signal… If you are ferrying to Northern Spain you’ll loose your signal for a day and a half. As you leave the port area, keep calm! Otherwise you’ll miss your turn and stay in the port area for an hour. The Mediterranean costa’s can be anything between 8 to 15 hours drive. This is one hell of a drive if you’re not used to it. If you intend to drive through France then expect the journey to take two days, or three comfortably, stopping over for generous rest periods.
42. Ferrying Over to Northern Spain. I was checking for the prices 6 months in advance and was intending to come to Spain in June. June of course is the early stages of the summer tourism boom so the prices were pretty expensive. But patience was the key. It was about April time, and I guess it must have something to do with the economics of the ferry business, but the prices came down two thirds. I’ll never know how long that lasted because I jumped in and booked.
43. Back to a few more tips on buying property. The weather. Please we all know the weather is so much better than the UK, and one of the main reasons we’re buying property, but what do you really know? I’ll describe the two extremes… The heat in summer can be dangerous. Falling asleep sunbathing is a no no! You’ll be in hospital with severe sun stroke. Other than that there are no hard and fast rules, you’ll have your own system of ideas in place, my only word to add to that is be ‘cautious’. The heat in winter seems glorious when you’re visiting… because you’re used to the biting cold back in the UK. But when you live here the coldness will surprise you. By mid day the temperatures are reasonable, but as the day goes dark the coldness sets in. So don’t throw away your fleeces! You’ll need some form of heating in your house, gas bottled fires seems to be the most economical.
44. Now you’ll wonder why I mentioned weather in buying property? Property facing north maybe fine in the summer when the sun is high in the sky, but you’ll need as much winter sun as possible to keep your house warm. So buy if possible with the main rooms in the house facing south.
45. Rain. When it rains in Spain it really does rain. Very heavy down pours. In the UK there are plenty of drainage systems in place. So much so in fact we don’t even know they are there. Here in Spain they have few drainage principles in place. Avoid property at the bottom of a valley, although fine when the sun shines, can be flooded when it rains. This applies also to any property on a hill. Rain will flow wherever it chooses and little will stop it. Check for evidence that rain has a free flow across the front, rear and sides of your intended property.
46. Spain and Health and Safety. There is evidence that Spain is 40 years behind the UK in certain aspects of their culture. You don’t appreciate health and safety regulations that seem to throttle you back in the UK. Here in Spain their health and safety issues are almost non existent. The paths and roads; that are off the normal beaten track, are generally in a bad state of repair. If you expect such disrepair in these places then it won’t offend you as much.
47. Power cuts! They’re happening less often nowadays in the major resorts, but as often in the campo areas outside the major towns. Be prepared… As you will probably know, everything is manana (tomorrow). Some people can be cut off for days.
48. English TV. It is available out here as you probably have already investigated. But again as soon as there is any bad weather around the signal is lost. Manana, manana… same old story. There are a few more alternative sources of English TV coming onto the market, keep your options open.
49. Shoddy workmanship. Please we are all guilty of the occasional bodge job, but here in Spain there are quality workmen and women. Just as in the UK be aware of who you employ to do any work.
50. Property and Subsidence. More evident than in the UK. Property is knocked up pretty quick here and some of it doesn’t have the same strict standards that the UK has. One such problem is that of subsidence. New property can often never show any subsidence problems in the first year, but be particularly aware of cracks in walls and terraces. Be also aware of new tiling on the outside of properties and terraces as these can often hide subsidence deliberately.
51. Back to a general living in Spain tip…Drinking and Driving… they have zero tolerance here. You cannot drink and drive. If you are found with drink on your breath you car will be ceased; and you’ll have to pay up to 500 Euros to recover it.
Thank you
All-Villas-Spain
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Currency Exchange Agencies in the UK
Online Currency Agencies … better know as Currency Brokers have now taken over as the most used service when Buying Property Abroad.
Traditionally it was the High Street Bank that was used to transfer currency abroad. Their reputation was second to none and generation after generation used them to Transfer Money Abroad. However in our competitive world we have seen Building Societies command more of the banking market by issuing ‘bank accounts’; and also Currency Brokers who originally were formed to transfer large amounts of currency in moments for the Forex Trade Market, have now engulfed the transfer of large funds by being able to beat the processing costs of High Street Banks.
Currency Brokers as do High Street Banks buy their Foreign Currency at wholesale prices. But the one redeeming factor in the brokers favour is the percentage of profit added to each deal. The banks tend to add between 3% to 4%; whereas the Currency Broker will add up to 1%.
For the unsuspecting client this can be all confusing. When the High Street Banks are offering 0% commission why aren’t they the best option? There isn’t a simple explanation other than saying that over the past 4 decades a commission payment for the transfer of currency has been the normal process. The High Street Banks play heavily on this factor; as I may say do some Currency Brokers.
But … What we need to establish is what will our money get us when transferred? Forget the 0% commission or any other special offer … it is the bottom line that counts. If we have £100,000 what will we get?
For those who read this article and have their reservations about using a currency broker allow me to give you a few examples:
Currency Exchange Case Study - In September 2007 Jason and Helen wanted to buy an Apline ski home in Austria. The property was valued at £295,000. They hadn't gone to the bank as they had both heard that the banks weren't always the best choice. A broker will be fully aware of what the banks charge at what rates they work with: Barclays on this day was working with an exchange rate of €1.35 / £1; the broker on the other hand could get €1.38 / £1. Using Barclays, Jason and Helen would have received €398,250; whereas the broker actually secured him €407,100 which has a difference of €8,850 (£6,400).
Currency Exchange Case Study - In August 2007 there was Ellie from Southampton, she was buying a property in Almeria, Spain. Her transfer was for a villa at £325,000; a superb 5 bedroom villa with sea views. Her bank had frightened her with the exchange rate, so she decided to look elsewhere; fortunately she came to a Currency Broker’s website. She was offered an exchange rate of €1.39 / £1; we were able to offer €1.41 / £1. This meant had she continued with the bank Ellie would have realized €451,750 - however fortunately the broker service could manage €458,250; saving Jayne €6,500 (£4,600)
Currency Exchange Case Study - Paul and Debbie from Bootle in Cheshire had taken 9 months to purchase a villa in Pescara in the Abruzzo region of Italy for €650,000; January 2008. Sadly when a house purchase takes so long there can be fluctuations in the currency rate, and on this occasion it wasn't in Paul and Debbie’s favour. So it became even more important to save on the currency exchange. Had they gone to a bank they would have paid €8,100 more than what they paid a Currency Broker. They successfully managed to save them £6,090.
I hope that showing these examples have helped in your understanding. Do not be afraid to get a quote from an Online Currency Broker; they can provide testimonials should you be concerned.
Each and every step of the process is done through a traditional bank; and account is setup for each transaction and such transaction history can be supplied should you need it.
Online Currency Brokers can save you up to £15,000 on some transactions. If you look after the pennies the Currency Broker will look after the £’s…
Mr. P. Booker Senior Currency Expert and Columnist. To get a free no obligation Currency Broker Quotation for Exchanging Your Currency… Please visit http://www.pounds-to-euros.com/
Online Spanish Property | Spanish Property for Sale | Spanish Mortgages | Currency Advice - Pounds to Euros Luxury Villas in SpainLuxury Villas in MajorcaLuxury Villas in TenerifeLuxury Villas in Costa | Luxury Villas in Almeria and MurciaLuxury Property Valencia | Pounds to Euros Quotes | Luxury Property in Mallorca
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