BE REALISTIC WITH YOUR BUDGET

I know that on a previous post I told you that it is paramount that you research the area first and start looking at properties online after, but now I am going to tell you to do the opposite. And it is not because I have totally lost it, it is all due to you being conscious of what can you get for your budget on the area that you would like to buy.

It is very important that you are realistic about what can you actually do with your budget. How many times have you been watching A Place in the Sun on telly, and they are showing an amazing property right on the town where you would like to buy, with a zillion rooms, and a gazillion bathrooms, with private pool and garden, 5 minutes’ walk from the beach and amenities. All for a stupidly low amount of money. And you find yourself thinking: I can buy that! I have exactly that budget! How lucky am I?!

But you fail to realize that the program was recorded in 2013, when prices were rock bottom in Spain and the £££ was really strong comparing with €€€. Circumstances have changed a lot, and so have the market, which means that nowadays it is more difficult to find bargains, and although you are still able to make a cheeky offer, it will not be so easily accepted as before.

Once someone asked me if I could help them find a townhouse or villa with 4 bedrooms, private garden, no more than 5 minutes’ walk from the beach, pet friendly, in Marbella and their budget was 100.000€. After a quick peak at the market I had to inform them than a townhouse with those characteristics had a starting price of 225.000€, and that was most definitely not 5 minutes’ from the beach.

So, what I would like for you to do now is the following:

•  Go to any of the property search engines that you can find online (fotocasa, idealista, etc).
• Type the name of your favourite spot, and then on the “extras” area add all that you can from your wish list: number of bedrooms, bathrooms, garden, swimming pool, how close to the beach and amenities, etc.
• Click search.

If the search comes back as “0 properties found” it means that you have some of the following options:

• You might need to up your budget.
• You might need to lower your expectations. I don’t mean you need to make compromises, because that will mean that renouncing to something you will gain something else. In this case you need to review your wish list altogether.
• You might need to change your search to another area of Spain where prices are still low.
• You might need to wait a few years.

Once you have found an area where you can afford to buy, then STOP looking online at properties and START visiting that area. This way you will avoid a lot of disappointment, and potentially some money on visiting trips to areas you are not going to be able to afford.