Purchase Considerations

Please forget what you have seen on the T.V. homes abroad programs. If these prices and bargains exist in this part of the world then we have missed them! You can realistically expect property prices in this area to be about 25-30% lower than S.E. England. In terms of budget please allow 9 or 10% on top of the purchase price for taxes & buying costs. Mortgages are readily available and the current rate is about 4.25%, so it may well merit consideration. In terms of timing the market, the current coincidence of low interest rates and the bottom of the Spanish property cycle, would indicate that right now might just be a very shrewd time to be buying into this market.

If you are intending to rent out your property and remain based in the U.K. bear in mind the convenience of shops & other local facilities. You are unlikely to find much storage for personal items by way of a loft, garden shed or large cupboards. A villa may have a garage or an underbuild store room (a ground level basement type room under an elevated villa); otherwise consider upsizing for an additional bedroom which can be left locked during letting periods, the additional cost will be minimal. If you are looking for a permanent home (now or for relocation in the future), be aware that properties built for permanent use often have larger rooms, better storage and more conveniences for long-term residential use.

Do you want to be located close to a town and its conveniences or the peace and quiet of a more secluded location? These kinds of issues are always a compromise and one needs to have a clear idea of one’s priorities. I use the word ‘Villa’ as a general term but there are many choices and options. Most buyers opt for a resale or a turn-key villa (newly-built but to be completed and landscaped by the developer, to your preferences). You could purchase a plot and commission the villa of your dreams, maybe purchase a finca (older farmhouse, usually with a large plot) to extend or refurbish. The other options are an apartment – new or resale, a bungalow (confusingly, in Spain this often describes a linked villa of two floors) or a town house. Older, traditional town houses can be relatively grand affairs lurking behind a modest façade with superb shaded courtyard gardens, sometimes with a pool, and often with a roof terrace.

Most of us have bought in Spain to be in the sunshine. Within a couple of months the smarter ones are scuttling around, trying to find some shade! When judging properties in Spain it is not always relevant to apply the same parameters as you would in the U.K. Areas of shade are as important as the amount of sunshine a property is exposed to. Even swimming in a sunny pool can be a little uncomfortable if you cannot be in the shade for part of the day. We personally spend at least half the year eating ‘Al fresco’ – using one of several terraces or balconies at our disposal, according to the time of day and month of the year. This is the kind of lifestyle that needs to be borne in mind, though it may be academic when looking for U.K. property!