Gecko Towers:
Today, we start a part work of stripped down, practical advice and a simplified guide to buying a property in Marbella.
Our first stop on this journey is the reason why, the motivation to buy – what can you hope to achieve from a well-selected and carefully chosen purchase?
A Property Purchase as an investment. The definition of an “investment”, as established by various protective financial services statutes may differ to the idea of a buyer of a holiday home or property for relocation. Northern Europeans have a tendency to see each property purchase as an investment and with careful thought and some planning it may well tick that box. However, it’s clear that the attractiveness of an investment may well be in the eye of the beholder!
An “investment” in an overseas property should at least deliver some kind of return in the medium to long term. We often hear the excellent expression “to wash its face”. This means the possibly of some rental income – subject to the usual local restrictions and considerations – to assist with the mortgage and community fee payments. This may be from a “friends and family” type arrangement or a more commercial AirBnB type structure. Additionally, history has shown us that we may well expect to see, over a period, some attractive capital growth.
Above all, your “overseas” property, which may be used – partly for holiday, partly for escape – throughout the year and should, at a minimum, deliver:
A. The excellent combination of maximum amenity in terms of bedrooms, living room, a great wet/bathroom, a well-fitted kitchen and a sunny terrace with, as much as possible, the minimum of maintenance.
B. A great location, not too far from the main coast road, the beach and local shops, where scores of friends and family can frustrate the hell out of each other one of the many local golf courses.
C. A air conditioned on-site and well-equipped gym, now seems essential.
D. A local sports club where usually passive people can virtually come to blows on the tennis or padel court while re-enacting sparks flying at Wimbledon.
E. The chance to drink a little too much of a lovely €6 “tempranillo” red wine or to fill your fridge with delicious €1 beer from Aldi or similar supermarkets.
F. A range of lovely local restaurants from where you can get a taxi home for less than €25.
G. Above all it should be a place where the risk of a mild sunburn from a variety of locations around the property, is a palpable reality!
If all investment decisions were this easy…….
On the famous other hand…there are pitfalls to buying a property anywhere. It can be all too easy to feel rushed into purchasing a property, especially when faced with plans for that dream villa in Marbella or an off-plan apartment in Elviria or Estepona. However, purchasing a property in Spain can be as safe as purchasing a property in your home country, provided you engage early the essential services of a highly-experienced, local and communicative and bi-lingual Spanish lawyer – called an Abogado.
The Spanish legal system operates, usually, very differently from your home system and the only way to avoid frustration, misunderstanding or even fraud is to secure the crucial services of a legal expert and permit them to fully do the job, for which you will be paying.
Over the coming days – so subscribe to avoid missing out – our guides will summarize the main stages involved in the purchase of a property in the Marbella region and should be of great assistance in illuminating the purchasing procedure and attendant issues that should be born in mine.
Enjoy your journey – it will be worth it!
Should you be interested in discussing the process involved in buying a property in the Marbella region, we would be delighted to assist you. Please contact me to discuss your precise requirements.
Please note that our posts are for general interest. There is no substitute for proper advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal, tax or financial advice. All details have been reasonably fact-checked and all efforts have been taken to ensure that facts are accurate as at the date of publication.
My details: Mark FR Wilkins, during usual business hours on +34 600 343 917 or e-mail me at mark@therightsgroup.com
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