Investing in Spanish property

[SilentBob]

This may seem like a silly question, but I have never done anything like this before and would be interested to hear forum members opinions :
- I live, work and am resident in Spain and have been for 4 years, so like to think that I am settled here. I have never bought a property here as I rent a piso instead. However, I have recently inherited a reasonable amount of money and I am hoping that this, together with my savings, will be enough for me to buy a Townhouse outright.
Any advice or tips anyone can offer me here ?

[Robster]

No matter how good a deal you think you may find, NEVER cut corners with making sure that you get the best possible legal advice. It pays in the long run.

[BigPete]

The `Market Value´of a property, and what you eventually pay for it will not only differ, but differ quite a lot from area to area. It also depends on how much exactly we are talking about here.

[AJC]

I fully appreciate that the amount that a property will eventually sell for depends on the vendor´s desperation to sell, but common opinion is that property values still have around 8% to fall before they have reached their peak. Also - as prices are not expected to turn around until at least the end of 2013 my advise would be to wait a few months yet to see how things pan out before rushing into anything.

[MrGrumpy]

You could do a lot worse that speak the Bank Manager in the area where you wish to buy property in. Ask to see their property portfolio of distressed properties and makes sure you negotiate a good deal. Banks are desperate to offload their properties at the moment.

[NowayJose]

And don't forget the golden rule : Don't pay anywhere close the asking price at the moment!

[MitchTheBuilder]

With you mentioning a Townhouse - I would always seek the opinion of a surveyor here because things are not always as straight forward as they often seem, and you can get caught out.

[SilentBob]

With you mentioning a Townhouse - I would always seek the opinion of a surveyor here because things are not always as straight forward as they often seem, and you can get caught out.

I appreciate the Heads Up Mitch, I had actually looked at a few TownHouses - I would be grateful if you could be a bit more specific about the potential problems I should look out for ...

[MitchTheBuilder]

The main one is that you need to check the exact age of the property on the Escritura - some regions & municipalities require townhouses over a certain age to have a full structural reform before they can be lived in again. This can mean building work that can in some cases end up costing more than what the property was purchased for, and why it is common to see so many empty townhouses around. In short, don't just assume that what you think is a 'bargain property' really is just that.