There are buyers that need help to understand the market and pick the opportunities. That is fine. To give support and advice to get the right property is what we do. If your budget is tight, that is fine. It is normal that you want to buy a good property for you whatever is in your budget.
Depending on the location, you can get a decent apartment starting at €70k as a home buyer. As an investor you will be looking for property below that range, which is understable and reachable… but not for a holiday apartment.
When buying, the best negotiation starting point for you is to have a minimum understanding of the market and where prices are now. Otherwise, you are going to lose true bargains while dreaming about prices that do not exist.
Let me explain this: If you have a tight budget and you think that you can bring a property of €150k down to €90k … it will be a difficult task. It would be better to start looking for a mortgage or a property more suitable for your budget. Yes, there is a property crisis in Spain, and there are low cost properties… but it is not a dreamland where you can get a €150k property for €90k, unless there are special circumstances that overseas buyers usually cannot get by themselves.
In any case, you will be either:
1) a home buyer and/or investor
2) A potential buyer and/or investor who comes to Spain to understand the market and what you can achieve within a time frame and budget.
3) a holiday makers.
Home buyers know what they want and buy straight away when they spot the opportunity.
Potential buyers and investors who want to get a better understanding of the market and its opportunities want support and they need to reach the right place. If this is your profile, this article will be of interest to guarantee a successful investment and/or avoid traps: READ THE ARTICLE
Purely holiday makers also (and occasionally) come to Spain just to waste professionals’ and owners’ time. They want to be taken every which way by car, filling holiday gaps by seeing apartments. These are just people on holiday pretending to be buyers.
The last case of this that we saw was in August. I had a chat with one of my favourite agents in Valencia. He said that at the beginning of the month a couple of clients come to Denia for viewings… they were even taken for lunch, and after a couple of days they placed an offer of €320k for a house worth €360k … the offer was accepted because they came with the intention of buying quickly. And what happened? “We need to sell our house in the UK to be able to afford a house in Spain.” So they were not honest.. they were not real.
Yesterday, a buyer contacted The Spanish Brick to ask for information and advice about what he can buy in an exact location within his budget. He said openly: “I am not buying now because I need to sell first my house in England. Hopefully starting 2014”. What a difference between this buyer and the Denia couple !!!
CONCLUSION: If you are not ready to buy and you come to Spain to explore the market, that sounds good but just tell it. Pretending that you are a quick buyer placing offers and pulling out, it is likely that the people you meet with will not want to work with you anymore. If these professionals are good, it is likely that you will close a door to finding property bargains that suit what you need but are not there for you anymore. And believe me… bargains are not easily attainable.
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