Torrevieja’s property market has certainly seen its ups and downs, no more so than during the recent economic crisis that hit the country in 2008 on the back of the world financial crisis of 2007-08. Spain, along with other European countries officially went into recession at the start of 2009, causing bankruptcy and financial misery for a number of unfortunate individuals and major companies.
Buying Property In Torrevieja
Thankfully things seem to be settling down, and property owners that managed to weather the storm are now seeing the value of their homes getting back to more reasonable price estimates which has brought a huge sigh of relief to the local community. It’s now back to business for most estate and letting agents both in Torrevieja, neighbouring Orihuela Costa and Ciudad Quesada, if your looking for property in or around Quesada then we recommend Inmobiliaria.
The majority of people looking to buy a home in Torrevieja will already be familiar with the area and have an idea of what type of properties they are interested in and the residential neighbourhood that best serves their requirements. For those that don’t, Torrevieja alone has around a dozen residential areas, so when making the huge decision of buying a new home in a new country, it’s imperative you do some research on sites like Torrevieja Property.
Ask A Friend
If you have friends or relatives already living in the area it makes life a bit easier, as they can act as your ‘eyes on the ground’ for potential properties that may come on the market. If not, get yourself out here, book a hotel, hire a car and get a feel for all the different residential areas and the homes they offer. Alternately, the Facebook social forums and buy & sell groups are a handy medium to browse both private and estate agent listings, as well as to inquire about important issues such as jobs, schools and nurseries in the areas you’re interested in.
Use An Agent
Torrevieja and neighbouring Orihuela Costa boast an excellent choice of estate and letting agents who, for a commission fee can make life a whole lot easier when buying a property. Again, do some research when choosing the services of an estate agent, as with many things in this world, one bad apple can tend to spoil the cart. Generally, the majority of reputable agents in Torrevieja have been around for a while and know their stuff when it comes to buying and selling properties. Also, the area is small enough that if an agent is unscrupulous, or way over pricing themselves on their commissions, it will soon become local knowledge.
For most private buyers, sellers and renters the biggest bonus of using an agent is their local knowledge, not only in the areas and properties on the market, but also in the extremely important aspect of understanding the Spanish dialect, and above all the intricacies of property law and all the daunting ‘red tape’ that comes with buying a property in Spain.
Long Term Letting
For many, their first step on the property ladder is to long term let. This can be beneficial in many ways, especially for those new to the area who are still trying to find their feet. With the language barrier being a problem for most people hoping to lay down roots in Torrevieja, the job market is somewhat restricted, and also the reason a lot of people moving out here have plans to run their own business. Starting a new business in Spain can be a gamble, and the last thing you want is to have spent a hefty amount of money buying a new home, only to find your business doesn’t take off. This is why long term rental is initially the sensible thing to do.
Agent Or Private
Again, there are pros and cons in choosing to rent privately or seek the services of a letting agent. The pros of renting privately is simple, you avoid the agent’s commission. The pros of using an agent can have multiple benefits, the biggest being you always have someone on hand should problems arise with the property you’re renting. The reason I say this is, many home owners renting out property long term don’t actually live in the country and aren’t always available should your boiler pack up or you are refused entry to the communal swimming pool because the owner hasn’t paid the community fees. When using an agent, these type of things are usually down to them to sort out, and that’s why it may be best to pay that commission fee.