Tuesday, October 13, 2009
How do I know if I have Found A Bargain Property on The Costa Del Sol
This question is the source of much current debate, with several sets of figures being produced, some of which are contradictorary. With a fall of 7.7% in the last quarter it shows that the prices are still moving south. Will this continue indefinitely over the coming months?
As a property company owner on the Costa Del Sol it is difficult to give accurate predictions, particularly when the property valuation system seems to lack any kind of real science. Compared to England where you can easily ascertain true transaction values of property within almost any street, things are not so cut and dry here in the Costa Del Sol. The actual valuation process consisted of an agent asking the vendor how much they wanted to achieve, then adding on 5-10% on top of the figure to cover his commission.
Bank valuations seemed to also lack any kind of continuity and I have seen massive dis-partity in totals between two banks. This of course doesn´t help you, the prospective purchaser, but what I am trying to convey is it is of great importance that you do exhaustive reasearch when you are searching for a property. You need to spend time on the web trawling through like for like properties and you will start to build up a picture of the true value of what you are looking for.
It is important to build a good relationship with several estate agents and get them to send new listings to you on a regular basis, this may include bank repos, auction property and just plain motivated vendors. You will have to do some legwork if you are planning a to purchase a cheap property in Spain but when you do come to buy, you will do so with your eyes wide open.