7 tips for buying a new home on the Costa del Sol

7 tips for buying a new home on the Costa del Sol

In this article, we show you 7 tips for buying a new home to make it an exciting experience to enjoy. This task can be stressful if it is not managed correctly. There are many illusions and money at stake.

1. What do you need your home to have?

Preparing a list of needs is vital to finding the right home. Every buyer has his or her own needs. There will be people who need a terrace and others who do not. Families with children will want more space than a single person, etc.

You must differentiate between your own needs:

• Your basic needs: such as the number of rooms and the location of the house.
• Other needs: such as a garage, a garden.

When you have made this list, you can focus on the houses that meet your requirements to make the right decision.

Here are some questions you can answer to discover your needs:

• Am I going to start a family in the short or medium term?
  In our opinion, this is one of the most important questions to consider, as it will add up to a long list of needs. Such as size, rooms, garden, and swimming pool.
• What is the best location for me?
  If you need the property to be close to work and save money on commuting, a medical centre or services such as a supermarket, medical centre, gym, etc. Close to a school, park or simply close to your in-laws' house.
• What is my lifestyle?
  Perhaps you need the property to be located in the city centre to enjoy the hustle and bustle of the city. Or you may be looking for the peace and quiet of the countryside, to be close to the beach and nature. These are decisions that you should be clear about before moving forward.

Receiving the advice of a Real Estate agency is a plus in your search. At VIVA we help our clients to choose the right property, we are specialists in all areas of the Costa del Sol.

2. How much money do I have available?

Calculating the budget to buy a property is a tedious process and can be boring, but it is an essential process.

Any bank will do a feasibility study of the purchase. Each bank has its own requirements, but basically, it will take into account your income, your savings, what down payment you will have to make and the expenses you will have. 

These are listed below:

Expenses related to the purchase

We recommend that you make a list of all the expenses related to the purchase that you think you may have in order to get an idea of how much money you will need apart from the mortgage, such as notary fees, administration fees, taxes, etc.

VIVA will help you during the financing process by putting you in contact with our collaborators and mortgage specialists.

Expenses for adapting the property

Take into account the costs for reforms if necessary, as well as the purchase of furniture and electrical appliances, etc.

Monthly/annual fixed costs

It is also important that you consider the fixed monthly expenses, such as the mortgage payment, community fees and maintenance, annual taxes such as IBI tax (Real Estate tax in Spain), rubbish, etc... as well as other expenses, such as a personal loan.

Taking into account all of this, the money we can count on for food, clothes, travel, leisure, etc.

And lastly, make sure you have some savings to be able to deal with any possible unforeseen circumstances.

3. Get advice from a specialist Estate Agent in the area you are looking for.

Searching the internet can help, but getting advice from a trusted Real Estate agent with years of experience in the area and salespeople who speak your language is key to making a successful purchase. Reading reviews or opinions from other clients of a Real Estate agent can give you a clue as to the quality of service they offer.

At VIVA, we can help you find your home in the best areas, at the best prices and with the best conditions. We will be happy to accompany you throughout the buying process.

4. Visiting the properties

The time has come to see the properties you like. The organisation during this step is fundamental. This experience should be a positive one as you are choosing your future home or your next investment. Do not generate unnecessary stress caused by poor planning of the visits.

Here you have two options.

1. Contact the owners directly from the different property portals and organise the visits with all the work that this implies.
2. (Recommended) Relying on a Real Estate agency to do all this work for you.

VIVA offers you this and more! We adapt to your schedule and organise visits to the houses you have chosen.

Two recommendations:

• Visit all the houses you are interested in, otherwise, you might regret it in the future.

• Take some photos of the highlights/worst points of each property to remember them later on.

5. Time to choose!

Once you have visited the houses you like, prepare a comparative table to analyse their pros and cons. 

What should you take into account? Here are some questions to consider:

• How big are the rooms?
• What is the condition of the property? Furniture, walls, tiles, ceilings, floors, plumbing and electricity.
• Does it need renovation?
• Is it heated/air-conditioned?
• Does it have a parking space/garage?
• Are there services nearby such as supermarkets, schools, hospitals...?
• What is the orientation of the property?
• How old is the property?
• How much are the community fees?
• Does it have a lift?
• Does it have natural light?
• Exterior windows.
• Views to the sea, the mountains, urban, nature?
• And everything you want to add.

From VIVA, we recommend that you select the 3 best properties from the comparative table. Focusing on just a few properties will make everything clearer.

6. Keep yourself informed

Keeping up to date with property and financial news can be useful in certain aspects; it will be good to know about mortgages in different entities, or if the economic situation is favourable in the medium/long term... One thing is for sure, if you are waiting for the right moment to buy, you will always find some impediment that will make you hesitate. 

There's always an ideal time to buy, if you are decided to buy

If you already have everything clear and the accounts work out for you... go ahead, everything will follow. At VIVA we are up to date with the latest economic and fiscal news, and we will be able to help you make the best decisions.

7. Make your offer

Have you found the home of your dreams and maybe it's a little out of your budget? Don't give anything away.

Behind every property for sale, there is a different reason and a different economic situation. It is possible that the seller will stick to the asking amount. There is the possibility that he is in a hurry to sell and will lower his asking price.

Our property experts can know the situation and the reasons for the sale, this information is very valuable when negotiating the price.

Be bold, don't be shy and make an offer, but be realistic!

• If you have found your ideal home, congratulations! Enjoy your new home under the sun!
• On the other hand,  if they haven't accepted your conditions, don't give up! There are many more opportunities waiting for you at VIVA!

Request your property selection

And you, are you ready to start looking for your new home? 

Contact us so that we can give you a hand, without any obligation, just tell us what you are looking for and we will help you, no obligation!

Request your property selection

Photo by Glenn Carstens-Peters on StockSnap