Find a property in marbella: Buying your Property.
Like in all exclusive tourist destinations, there are always plenty of businesses and salespeople in Marbella who are eager to give their opinions about the best way to be successful when buying or selling a property. Often times these inexperienced firms do little to help the future home buyer, while typically they only serve to confuse the delicate process of finding the right home, negotiating the purchase price, and signing the deed when the sale is finalized. Essentially, the buying of a property should be relatively straightforward as long as you take the right steps.
To start with the first thing you must decide is the amount of your investment, if you wish to ask for a mortgage and calculate the annual budget for the necessary maintenance of your property, community fees, local taxes, home insurance policies, etc. Sometimes the buyer doesn´t consider the maintenance expenses the property is going to incur and ends up in trouble financially instead of making the most of their second residence or investment opportunity. The homebuyer’s financial means and income will ultimately determine the type of property and its location. There are properties for sale in Marbella that can meet the needs of most income brackets, but it is important to thoroughly know the market. If you decide you need financing, it is important to calculate the amount of money needed for the mortgage while keeping in mind that Spanish banks typically require you to designate one third of your income to meet the payments. Additionally, since most banks will only loan 60 to 80 percent of the property’s appraised value, the buyer will need to make a down payment for the remaining balance and cover closing costs and legal fees. In short, if you wish to finance your new home in Marbella, we can help you investigate mortgage options, and compare the interest rates and conditions offered by the different banks before you begin searching for a property.
What kind of property are you looking for in Marbella? Once your budget and financing has been considered, you will need to determine your needs. Is it going to be your main residence, a retirement or holiday home, or will it be an investment rental property? Keep in mind that the property must count with a series of qualities that satisfy your needs and those of your family or, in the case of an investment property, for future tenants or buyers. It’s okay to consider your personal taste, but don’t forget about your real needs too. You must also choose carefully the location of your property. This is as important as the kind of property you are looking for because it will determine its long-term value, it´s appreciation in the future and whether the facilities and services are enough to cover your needs with regards to transportation, shopping, schools, beaches, golf courses etc. Nor should you disregard the possibility that the property you are buying will be a part of your assets and maybe one day you will wish to sell it. For these reasons, it is vitally important to pay special attention to the location, facilities and services the area provides.
Allegra Realty, a skilled real estate agency that has been established in Marbella for many years, understands your needs we can help you not only to save time, but we will walk by your side until you find the perfect property. Our networking and legal facilities, extensive experience and knowhow will turn the purchase of your new home into a joyful experience that avoids unpleasant surprises along the way.
Our knowledge of the Marbella real estate market, our cumulative experience, professional skills, and above all, our honesty, will make the difference when you decide to choose a real estate agency to help you buy a home.
Trading in Buying.
When you finally find the property you wish to buy in Marbella, we recommend you make an offer for it and start negotiating the Price of the property. According to the type of property you desire, there will be more or less possibilities of negotiation. If it is a new property direct from the developer then negotiation will be almost non-existent. If it is a new development still under construction, you might be able to negotiate payment terms that could save you money or free up your finances in the short term. Of course, the best possibilities for negotiation are normally to be found in the pre-owned property market.
Things you must consider when you negotiate a real estate purchase in Marbella:
– There will be always more possibilities with properties that have been on the market for longer. You must know that under normal conditions and with adequate sale prices, a property in Marbella is generally on the market from 6 months to a year.
– Compare the prices of properties with similar characteristics, including: square meters, qualities, age, and location. With this information you will easily see if the property you are interested in has the appropriate price. Good market research will help you to decide how much to offer.
– A property that needs refurbishments can very often provide great opportunities for negotiation. However, do not forget that unless the final price of the property justifies it, to buy and refurbish is not always the best option. Nevertheless, if you decide to go the route of refurbishing an older home, never negotiate until you have a dependable estimate for the costs involved..
– Find out why the owner is selling the property. The more information you can gather, the more prepared you will be when negotiating. It is also helpful to find out if the seller has rejected other offers, how much buyers were willing to pay and when. This kind of information could be used to leverage the seller into reconsidering their stance if they have previously missed out on serious offers. At some point the seller will have to come down if they are serious about selling their property. Identifying these opportunities requires having sound market intelligence and access to as much information about the seller as possible.
– Avoid making a very low offer. This might make the seller think you are not a serious buyer. As a result there is a risk that they might feel insulted and as such, you might not ever get a reply. Nevertheless, find a fair balance and make an offer bellow your maximum limit. This will provide you a certain advantage in the negotiation by being able to increase the quantity of your offer in case the previous ones are denied. If the seller makes a counter offer that is within your predetermined limit, do not rush to give them an answer. Take a couple of days to consider the offer and then decide if it is the right moment to close the deal.
Allegra Realty can help you in all areas of negotiating the purchase of your home in Marbella. Negotiation is an essential part of our work, evidenced by the amount of deals we close for homebuyers each year.
When making an offer to the seller, make a formal written offer indicating not only the total amount you are willing to pay, but also the date when you will be able to sign the initial closing contract, how much you will prepay as a partial down payment (usually 10 percent of the sale price), and the date when you wish to complete the purchase and sign over the deed. Your offer will be considered more seriously this way and you will have a better possibility of receiving a positive answer.
When your offer is accepted you will then proceed to formalize the purchase according to the terms you agreed to. Of course, for you to feel safer, we can also hire the service of specialized real estate lawyers that can represent you in the purchase and who speak your native language in the case of foreign homebuyers. Also, at this stage we will verify that the home is free of liens or debts with the property register. Signing a closing contract that outlines the terms both parties will adhere to follows the debt discovery procedure. If all is in order, a notary will prepare the new public deed and a date will be agreed to finalize the sale.
Finally, we can’t stress enough the importance of being patient during the negotiation process. Typically, most agreements are reached after several offers and counter offers. Negotiating and reaching a good agreement is possible with dependable advice and a solid strategy. If executed properly, this can mean substantial bargains in buying a home in Marbella.