Buyers Guide

A step-by-step guide for Costa Blanca property buyers

The buyer's problem in finding the right property, negotiating its purchase and closing the sale is much more difficult than in one's own country. As in most resort areas, everybody seems to be in the business, from the taxi driver to the hall porter in the Hotel. Property is everyone's favorite subject of conversation. And almost everyone has an opinion, many of which can easily confuse a potential buyer.

Where to start?

What's important to you?
One of the first things you have to do is decide where you want to live and what sort of property you are looking for. Think about which features are essential to you and which ones you could do without. A practical way of doing this is to think of every conceivable feature in a property and put them into three lists, 1, 2 and 3 - where 1 is for essential features and 3 is for "nice to have" features. Deciding these matters in advance will not only help you rate houses when viewing, but also help put your ideals into perspective when you come to make the big decision.

How much can you afford?
Think about what you can afford. Remember to take into account the other costs you will incur apart from a mortgages loan, ie the deposit on your new home, the cost of any surveys, your solicitor's fees, stamp duty as well as your normal outgoings. If it is a first home you may need to buy a lot of furniture and kitchen appliances at once. Also be realistic about your outgoings: it is easy to underrate how important a holiday is to you!

Location, location, location
Make enquiries at the local police station about the level of crime in the neighbourhood. Find out about the level of council tax and the location and quality of local amenities such as schools and public transport. The local council office will be able to offer you advice and details on these issues. Ask the estate agent how long the house or flat has been for sale. This may tell you something about the asking price or potential of the property. If possible try to view places in daylight and at night. If you like a property make at least two visits - and find out what fixtures and fittings will be left by the seller. Ask about the neighbours. Even hang about the street and get a feel for the local environment for yourself. Can you really imagine yourself living here?

Look at comparables
The best rule for determining the value of a property is to take real sales prices of comparable properties recently sold. To enable you to do this your agent must have very good market knowledge. It will also help to have seen enough properties yourself to get a basic knowledge of the market.

Think ahead to the day you sell
A property bought today is an important part of one's assets. It is therefore advisable to take into account not just personal preferences but also general investment criteria, such as location, design factors, quality of finishes and facilities. Take into account not just personal preferences but also general investment criteria, such as location, design factors, quality of finishes and facilities

Negotiating the purchase
Your agent may not be as skillful in negotiating the price of your offer as he or she was in helping you find the property in the first place. Don't hesitate to seek out the Sales Director or Managing Director of the agency to help you negotiate your purchase. Experienced estate agents are generally better at handling the commercial elements of a sale (this is their job) than lawyers are, and will do their best to bring what are often opposing viewpoints (yours and the seller's) together in harmony, as any good negotiator should do. Your lawyer can always be consulted during the negotiation to ensure that the offer meets his or her legal criteria, and become actively involved in more complicated negotiations. In making an offer it is important to feel out the bottom price of a seller but at the same time qualify yourself as a serious bidder. Too low an offer will not engage the interest of the seller, and might prove counter productive.

Try to get all your negotiating points together at one time rather than negotiate piecemeal: this saves time and often, unpleasant surprises

Get it Sealed
Make your offer in writing if possible (of course, subject to contract), and include not only the price, but also the deposit amount, when you are prepared to pay it, when you are prepared to complete, what you understand to be included in the price (for example furniture and fittings if applicable), and an often neglected point, that all machinery equipment and installations should be in good working order.

In summary, finding and buying a property in Spain can be as simple, or as complicated a procedure as one wants to make of it.

Listen to your intuition! It is often one's best guide!