Property - Spanish Style
Thursday, 8 May 2008
At this time of year, when the forecast for a long, hot Summer in Ireland is bleak, the thought can't help but cross your mind about how much nicer it might be to pack up and move abroad. But where would you even start? Liz is here to tell us!
A couple of weeks ago, Liz and Sheana visited an Irish family in Malaga who have re-located to Marbella with their four children. They chatted about the highs and lows of re-locating a family to Spain. Today we will see this VT package.
Off the back in studio, Liz will be talking about the Do's and Don'ts for any Irish family thinking of buying a property in Spain.
At the end, we would like to quickly talk about a house from the 'Help sell my House' strand in February that is since sale agreed thanks to Liz' wonderful words of wisdom!
Liz's Do's and Don'ts.. for anyone thinking of buying a property in Spain
It's a buyers market right now (especially in the Costa del Sol) and there's plenty of bargains to be had, so if you're serious about doing a deal, Do.. have your finance in place...no point looking with no dosh, you're wasting everyone's time!
Do...view a number of properties in one day (up to 9) this will give you a real feel for the market and you'll soon realise what's value and what isn't!..there is nothing worse than purchasing a property as a weekend retreat or holiday home in haste (because it's good value!) and then suddenly realising ...'Do I really want to be here?' Visit and spend some time there first!
Do...research, research, research! Make sure that where you buy is where you really love no matter what the season and that you haven't just been seduced by the summer action! 'Cos when the holiday makers go home..the action goes with them! (Or hire me to do the research for you.)
If you've got smallies (kids) Do...make sure there's loads for them to do and especially that there's other kids around..we don't want to hear those awful words a few days into the summer hols.'I'm bored Mum'!
Do make sure that you have a good English speaking solicitor that you like. Either use one that friends have recommended and used successfully or contact me and I can help with a trusted lead.
Don't...think of this new venture as an investment...really think of it as a holiday home and as something to look forward to for family breaks. We may not see the same price increases in property that we have for the past 10 years both at home and away, so don't bank on huge returns.
Don't... forget to take all costs into consideration. You'll probably have a budget but remember to factor in maintenance on the property while you're not there, potential rental income when you're not using the property and importantly the travel costs of getting there. Are you flying, training or driving..all these costs can amount to substantial figures..so make sure you're not biting off more than you can chew!
Don't ...think you're safe from the tax man! Any rental income on your new holiday home is liable for tax and any less taxing accountant will be happy to talk you through it!
Don't run with the asking price of the property. There is lots of room for negotiation and if you're not a natural sales person or negotiator, get someone else to do it for you, either a solicitor or me...you are then emotionally removed from the situation and it is far less stressful.
And finally, Don't buy a holiday home in Spain that's over an hours drive from the airport if you or your kids get air or car sick! Not a great start to the hols!
For more information on where the Afternoon Show filmed, plus many other attractions visit www.spain.info