Tips for Buying a Property on the Costa del Sol

1. Research Thoroughly

Understand the Market: Familiarize yourself with the current market trends and prices in different areas of the Costa del Sol.

Identify Your Needs: Clearly define what you’re looking for in a property – location, size, type (apartment, villa, etc.), proximity to amenities, etc.

2. Set a Budget

Consider All Costs: Include the purchase price, taxes, legal fees, notary fees, and potential renovation costs in your budget.

Get Pre-Approved: If you're taking out a mortgage, get pre-approved by our partners from Habeno to know your borrowing limits.

3. Choose the Right Location

Coastal vs Inland: Decide if you prefer the vibrant coastal areas or the quieter inland towns.

Proximity to Amenities: Consider proximity to schools, hospitals, shopping centers, and public transport.

4. Engage a Local Real Estate Agent

Movengo collaborates with the most reputable Real Estate Agencies on the market, who can provide insights into the market and help you find properties that ideally meet your criteria. They also can assist with price negotiations and ensure you get the best deal.

5. Legal and Financial Advice

Hire a Lawyer: Ensure you have a qualified lawyer to handle legal matters, review contracts, and ensure there are no legal issues with the property.

Understand Taxes: Be aware of property taxes, transfer taxes, and ongoing costs like community fees.

6. Visit the Property

Multiple Visits: Visit the property multiple times, ideally at different times of the day, to get a complete sense of the area.

Inspect Thoroughly: Conduct a thorough inspection to check for any potential issues.

7. Check Property Credentials

Legal Status: Verify that the property has all the necessary legal approvals and clear titles.

Planning Permissions: Ensure that any extensions or renovations have the required planning permissions.

8. Understand the Buying Process

Reservation Agreement: This involves a small deposit to reserve the property while due diligence is carried out.

Private Purchase Contract: After the reservation, this contract is signed, and a larger deposit (usually 10%) is paid.

Completion: The final stage involves signing the deeds before a notary and paying the remaining amount.

9. Plan for Additional Costs

Maintenance and Repairs: Factor in the cost of maintaining and repairing the property.

Community Fees: Be aware of any community fees if the property is part of an urbanization or complex.

10. Long-Term Considerations

Resale Value: Consider the property's potential resale value.

Rental Potential: If you plan to rent out the property, research the rental market and demand in the area.

By following these tips, you can make a well-informed decision when buying a property on the Costa del Sol, ensuring a smooth and successful purchase. Check out our listings and find your dream property with us.