graymel

Looking at the property prices in Spain, what was your experience when buying ?
Did you get any reduction on the (asking price) of your purchased property,what reduction in price would expect if you purchased now ?
Has anyone bought a bank owned property if so was it an easy process.??
What advice would you give to anyone about to buy in Spain now.

lyric030250

Rent

Albir_Tom

Rent for a good 12 months before considering to buy to see if the lifestyle is for you, you don't want to have money stuck in property in a country you don't want to be in.

If you do eventually decide it's for you and want to buy then my advise is be as cheeky as you can when it comes to putting in offers because there are a lot of people desperate to sell, I also believe there are auctions for bank repossessions in places but not sure of names and exact places but I'd say that's a good route to go down as banks will only want to claw back the mortgage debt and not any equity that's in the property because that's isn't there problem, so in so many words you will be buying a house for the price of a mortgage debt. So if some body paid 100,000€ for a house and put 30k equity into it and have now had it repossessed you could probably aquire that property from the bank for 70k.

Bonus.

jogger

When I eventually go to buy, 2016 I think I'd be looking at getting 20% minimum off the asking price, as it is a buyers market............

Albir_Tom

I'd defo agree with that. Maybe even more. But there would come a point where I would feel a bit guilty knowing people have worked hard all there lives for it and are now having to sell at cut throat prices, so a compromise never hurt anybody, obviously not going to pay what they maybe paid 15 years ago but won't abuse people's vulnerability, then everybody can stay happy.

jogger

I agree especially not abusing others vulnerability, however when you bring in the possible benefits the seller would get from today's current exchange rate (expat seller of course) then that would soften the blow for them and my conscience...........of course there are those that bought and sold with today's rates or there abouts but you have to draw the line somewhere.

Fred James

It depends on the asking price.

Some people are asking sensible prices and will sell quickly. You won't get 20% off those prices.

Rosemary

I would not bet on it if I were you. Although we bought before the latest crisis our house had been on the market for almost two years so we did try to beat them down but they dug their heals in and we did not get a single euro off. One thing to remember is that very often the housing stock that is for sale are inherited houses so the families can set a price and stick to it even if it means a house being on the market for some time.

If you find the house that you really want is being sold by a foreigner who wishes to return to their own country that is another matter, you may get lucky.

Rosemary

Albir_Tom

^^^^ agreed. I'm talking along the lines of foreign sellers who have found there selves in trouble financially and need to draw any collateral back they can. Obviously if it's a Spanish seller and the house was inherited then obviously you would hold out for top money but on the other hand you will find most Spanish people own 2 or 3 properties have collateral round them but are skint so that's another route of getting lucky. A friend of mine has just bought a villa in calpe that was on the market for 300k he went straight in with an offer of 242k and they accepted straight away I.e 20% mas o menos.

Albir_Tom

Anybody else noticed when renting a property from a Spanish owner if they don't get offered the rent they are asking for they would rather leave the property empty rather than knocking a few quid off. Barmy.

jogger

I hear what you're saying and if it was a sensible price and you thought this was the only house for you then it would be a matter of biting the bullet and paying maybe ( although I doubt it ) the full asking price. However I think there are some who feel their houses ate not touched by the dramatic fall in the housing market and no matter what some people think the reality is, it is a buyers market.

Porth

Our experience of Spain is that banks are holding out See Solvia es.

We were in Javea last year and rented and which we now recommend as a vehicle for deciding where you wish to live.

Again coming back in February having now negotiated a great rental deal.

However there was a ruin opposite us owned by the now Sabadell bank. They tarted it up and have just offered it to us at 288000 euros. No thanks.

If you think the process in Spain is barmy. Go to France and where we lived for many many years. Think Burgundy and think the wonderful white wines.

Some are only two to three acres why. French inheritance cannot disinherit children. So ten acres divided by five sons! Also French families never can agree upon values housing wise that is why you so many wrecks in the countryside.

whitelinen

This is usually because the owner continues to pays IBI and basura and not the tenant therefore there is a limit to any reduction.

johnnyone

It's not just the price but also the location that's important.

With purchase tax and other costs going up towards 15% (Valencia)if you choose a location that's not for you and wish to relocate you are sitting on a fair loss that is unlikely to balanced out by an increase in property prices in the short term.

Unless you are absolutely sure of the location rent first.

A yardstick when looking at prices is the Euro/m2 rate. There can be large discrepancies and even a discount may not bring that rate down to similar properties that have not been discounted.

Albir_Tom

I know yes but surely when nobody will rent it you would be greatful to claw anything back per month.

I find it astonishing they could want 550€ per month you could offer 500€ and they decline everytime.