Tips for buying a ruin in Spain

Spanish ruin

Buying a property for renovation purposes in a beautiful part of the world is a dream which unite many people interested in purchasing property abroad. Whether the favoured destination is Murcia in Spain, Tuscany in Italy or Normandy in France, the vision consists of finding a competitively-priced undiscovered renovation project with great potential.

Several estate agents and developers have found that buyers seem to be increasingly looking towards renovation projects, especially in Spain, as an interesting alternative to purchasing homes on large developments.

Of course the inherent appeal of investing in an affordable ruin is the added benefit of being able to gradually work on the redevelopment as and when funds become available. This option is ideal for those people who may struggle to get sufficient funds together to buy in any other way and who like the idea of purchasing cheap property in a weak market and adding value in the form of renovation work.

So if you're looking for a restoration project in Spain, here is some useful advice to keep in mind when searching for the best ruin which offers the most scope for redevelopment within your budget...

Ask yourself why you're purchasing the property

Let any decisions you make about your purchase be guided by the reasons you have for buying the property in the first place. For example, if you're purchasing property in Spain to live in, you will be more concerned with whether the property caters for the practical aspects of everyday living than whether the house has room for a pool which is often a key requirement in the case of rental properties and holiday homes.

You will also need to think about such factors as the accessibility of the property you're considering purchasing; whether or not essential services and amenities are nearby, including electricity and water supplies; and ultimately, you need to find out whether you will be able to obtain planning permission to carry out the renovation work.

Find a good solicitor

Get a reputable solicitor involved to help you investigate the right of the vendor to sell and whether the property is being sold free of any debts or claims against it. The land title needs to be carefully researched to make sure you're purchasing what you think you are, that land boundaries are identified and that there's no chance anyone can impound the property or lay claims to it in the future, or stop you from developing it.

Assess your financial situation

Before proceeding; make sure you take a realistic look over your finances. You will need to be able to afford the property as well as the buying fees, and then afford to have the redevelopment work carried out.

Obtain quotes from builders which include professional fees, final finish and any charges you will have to pay for planning permission, building regulations, and so on. Make sure you have a healthy contingency budget in place just in case there are any unforeseen expenses.

Be realistic about timeframe

Remember to be realistic about how long the project will take. Don't forget that it could take months to get the permissions you need to begin and to secure the services of the builder you want to do the work. Numerous factors, such as public holidays and the weather will affect build time, so don't set yourself unrealistic goals.

Plan ahead

Finally, after you have transformed your Spanish ruin, you will need to decide what you are going to do with it. For example, if you want to rent it out, you will need to promote it; if you want to retire to Spain and live in your newly renovated home, you may need to sell your UK property; if you want to resell your redeveloped property for a profit, you may need to ask yourself whether you can afford to potentially ride out any period of economic downturn which Spain may be experiencing. Always have an exit strategy in mind which is both flexible and viable.

For more information, visit www.casasdelorca.net

Information courtesy of AB Property Marketing Ltd., and Casas de Lorca

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