5 things to remember when buying cheap properties


It is still possible to find good opportunities in the property market in Moraira.  Here is a list of points to keep in mind when buying cheap properties.

Being ready is the key to success. 


1.- Use the services of a reputable estate agent.

The estate agent is the first person to see and get to know the property, and who will inform you about the opportunity.

It is important that your agent is honest and describes the pros and cons of the property, so that you can get the full picture.

If you are not in the area, there are ways to visit the property virtually, also floor plans, street view, etc... can be provided.


2.- Act quickly but safely

It is well known that cheap properties sell fast, and you need to be prepared to act quickly, but at the same time safely. To do this I recommend that you contact a reputable lawyer beforehand.

If you have already had prior contact with your lawyer, it will speed up the process, as he or she is already aware of your intentions to buy a house.

That way, by simply calling your lawyer, he will get to work immediately.

If you are convinced to buy the house, do not hesitate and reserve it, but always with guarantees, i.e. make sure you include the following points in the reservation contract:

The money will be returned in full in the following cases:

 1- In case of an unsatisfactory survey.
 2- If there are problems or planning infringements
 3- In case parts of the property cannot be declared in the title deed.

If you include these 3 points, you will be covered and you can get your money back, if the cheap house has problems.


Before signing the reservation contract, send a copy to your lawyer and do not sign it until you have his or her approval.

 

3.- Property survey

When you book the property on the cheap, be sure to include the following clause in the contract:

This contract is subject to the satisfactory result of a property survey carried out by a technical architect of my choice.

In this way, you will ensure that the property has no structural damage or hidden defects, which can be very costly to repair.

The survey should also include the current state of the electrical, plumbing and heating system.

Our recommendation is to use an independent architect, who has nothing to do with either the owner of the house or the real estate agency, to ensure that he or she is impartial.

 

It is also recommended, if possible, to have had prior contact with the architect who will carry out the home inspection. That way you already know the cost of the survey in advance and there are no surprises.

 


4.- Find out the cost of the refurbishment

Often cheap properties mean that they are in poor condition, so renovations will be necessary. 

It is important to have a rough idea of the cost of the renovation.

The same architect who carried out the survey can give you an approximate price for the renovation, or you can contact a local builder, preferably one who has been recommended to you by a relative or friend who lives in the area.

 


5.- Do legal research

Make sure your lawyer contacts Moraira Town Hall and requests the following certificates:

- Certificate of town planning infractions: This is to find out if the property is built according to the regulations or if there are parts of the house that have been built outside of the ordinance.

- Urbanistic report: This is to find out if there are any urbanistic actions in the area where the property is located.

There have been cases, where the house is within an urban development, and has had to pay its proportional part of this development.

Other important points are:

- Make sure that all parts of the property (swimming pool, terraces, etc...) are declared in the title deeds or are going to be declared before buying the cheap house.

 

From Brassa Homes® - Estate Agents in the Moraira area, we hope this guide has been useful to you, and we are at your disposal for any clarification or questions you may have.


Please note this is only a guide and doesn’t form part of any contract.

 

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