by Alpha Estates | Aug 5, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
If you are looking to purchase a property on the Costa del Sol and your budget is around 100.000 euros, you came to the right place.
We assume that you were doing some research, you probably know already that this is a fourth year of strong growth of real estate market on the Costa del Sol. Every day it is getting more and more difficult to find a bargain property on the Costa del Sol and if your budget for the purchase is around 100.000 euros you probably have noticed already how challenging it is to find a good option. There are so many factors to take into account when choosing the right property in the right area for yourself and only really experienced estate agent may help to guide through this process.
Our property specialists at Alpha Estates Marbella have compiled below the list of best bargain buys on the Costa del Sol for the budget around 100.000 euros.
1. True Andalucian feel of Casares Pueblo – Bargain new studios and apartments from 66.000 euros
Small new development of Andalusian style studios and apartments located in the heart of Casares Pueblo – spanish white washed village. The apartments are located 50 metres from one of the main squares of the village, selection of grocery stores, restaurants & bars are practically on your doorstep. Nearby there is a municipal swimming pool, gym, as well as, free covered parking. All apartments have access to a communal terrace for relaxing or sun bathing. This is an ideal place for those searching for the authentic “Real Spain” yet only a fifteen minute drive to beaches, Duquesa marina and world class golf courses like Valderrama and Finca Cortesin.
Prices start at 66.000 euros for studio apartment
Main features: walking distance to amenities, open mountain views, access to swimming pool, communal covered parking area, private terraces in selected units.
2. Beach living in Manilva – New key ready apartments within walking distance to the beach from 109.600 euros
Located further west the coast, this new development of already built modern apartments represents fantastic value for a money! Spot on location within walking distance to the beach and beach bar where you can enjoy dinner with your family and friends, king size communal pool, and modern fresh apartments with private terraces – truly this development has combined all criteria to become the bestseller on the Costa del Sol.
Prices start at 109.600 euros for 2 bedroom apartment with terrace.
Main features of this development: walking distance to the beach, sea views in selected units, private terrace, fully equipped modern kitchen, underground parking, communal swimming pool, gated complex.
3. Rental investment in Benalmadena Costa
Studios and 1 bedroom apartments close to amenities are perfect as a first holiday home on the Costa del Sol and rental investment. We recommend the areas like Benalmadena Costa where you can get up to 7-8% ROI from short term rentals. Below is an example of renovated studio for sale in Benalmadena Costa for just 105.000 euros!
Located within walking distance to the beach and all amenities this studio for sale has an amazing rental potential. Within easy reach from Malaga Interational Airport, train station of Arroyo de La Miel, and just in front of Parque De La Paloma it is a place where many families would like to spend their vacation time on the Costa del Sol. Situated in a 9th floor, it offers a modern fully functional open-plan kitchen, a living area which includes air conditioning, two beds and a sofa/bed with access to a comfortable balcony with panoramic views. In front of the kitchen, it has fully fitted shower room next to a fitted wardrobe with a utility space. The complex is gated, it offers a 24 hours reception service and it is very well maintained. It also includes a large communal pool with beautiful gardens.
4. Frontline golf new off plan complex in Estepona – 1 bedroom off plan apartments available from 129.600 euros!
Located inside well established private golf community in Estepona West within few minute drive to Estepona town and its port. This golf resort features beautiful modern clubhouse with restaurant, golf shop and sauna. Manicured area with pedestrian walks, mountain views, driving range, 24 hours security, and extremely friendly international community – all this what makes this place so special.
Main features of this development: frontline golf, walking distance to clubhouse and driving range, off plan property, communal swimming pool, private terrace of 30 sq.m., underground parking, contemporary architecture, gated secure complex.
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Disclaimer: Alpha Estates Marbella gives notice that the particulars contained within this blog are prepared for the convenience of an intending purchaser and although they are believed to be correct at the time of publishing, their accuracy is not guaranteed and any error, omission or misdescription shall not be grounds on which compensation may be claimed neither do they constitute part of a contract. All the information provided by Alpha Estates Marbella has been sourced with the greatest posible care. Alpha Estates Marbella cannot be held responsible for any inaccuracy that was not made known to Alpha Estates Marbella.
by Alpha Estates | Aug 3, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
Spanish banks provide mortgages to residents and non-residents alike. Terms and conditions in both cases are similar. Residents who are looking at properties for sale in Marbella – or elsewhere in Spain – to use as their main home will generally be able to borrow up to 80% of the home value. Non-residents wanting to buy a villa or apartment on the Costa del Sol can expect (depending on credit worthiness) to borrow up to 70% of the bank-assessed value.
We highly recommend to our customers to get your mortgage PRE-approved prior to your visit to the Costa del Sol to purchase the property. Having your mortgage pre-approved with the bank helps you to plan your finances accordingly and gives you more negotiation power once you have found your dream home.
The following documentation is required to start a mortgage application process:
National Identity Document
Proof of income
a) In case you are salaried worker
2 last salary slips
2 last year income statements (P60)
Letter from the company. ( the letter from the company must indicate the type of your contract, seniority, annual salary and position of the employee.
b) In case you are self-employed worker
Accountant’s letter ( it must indicate the name of the company, sector in which it operates and registry details, confirmation of turnover and corporate profits of the last 2 years together with the salary, dividends and bonuses self-employed worker received)
Income statement for the past two years
`Annual accounts for the last two years
OTHER DOCUMENTS:
Proof of other source of income
Credit report
Bank statements for the past 6 months
Every bank has its own policies and procedures when it comes to obtaining the mortgage in Spain, but these documents will be required to start the application process. After considering these documents your bank may request additional information from the applicant. (typically this is a good sign).
So, what types of mortgages are available?
The majority of mortgages offered by Spanish lenders are variable rate repayment mortgages. This means a proportion of your monthly payment is used to repay the capital loaned, with the rest accounted for by interest payments. Interest is normally calculated by using the Euribor rate (European inter-bank offered rate) plus a percentage — for example Euribor + 2%. Rates vary according to lender, so it is worth your while to shop around. Fixed rate mortgages are also available, with interest rates set at a slightly higher level than current variable rates.
FAQs about obtaining mortgage on the Costa del Sol:
1. How long does it take to get a mortgage in Spain, from first contact to having the funds available, assuming I’ve already found a property to buy?
Typically around 4 to 6 weeks. Sometimes it may take longer if the holiday month of August falls in between, or if you have a complicated profile.
2. What is the debt-to-income ratio (interest payments as a % of net disposable income)?
Interest & capital payments should not exceed 30% of net disposable income.
3. If I already own a mortgage-free property in Spain, can I get an equity-release mortgage on it?
No
4. Can I get a fixed-rate mortgage in Spain?
Yes
5. Should I appoint a lawyer?
We strongly recommend that you appoint a lawyer. They will ensure that all the necessary checks are carried out on the property. If anything goes wrong, a lawyer’s job is to protect your interests.
Should you have any questions about obtaining a mortgage on the Costa del Sol, please get in touch with us. Alpha Estates Marbella team has many years of experience and is happy to advise you on the correct steps to take and contacts.
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Disclaimer: This blog is intended for information only and should not be viewed as a definitive guide. Legal procedures and costs may change.
by Alpha Estates | Jul 31, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
It is so easy to fall in love with Marbella, but how easy is it to purchase real estate on the Costa del Sol once you have found your dream home?
The answer is – it is pretty straightforward, but, as is the case of purchasing in a foreign country you need to be knowledgable of the local processes and culture. Here we give you an outline of the property buying process on the Costa del Sol.
1. Buying resale properties
The Reservation contract is used in Spain as a standard procedure to reserve the property. Typically it would set out the basic terms and conditions of the agreement between the seller and the buyer. This document should specify the following:
your full names
agreed selling price
address of the property
date to sign the Private Purchase Contract ( if applicable)
date to sign title deeds
special conditions ( as subject to a mortgage, subject to due diligence on both property and community, subject to the inventory being agreed between buyer and seller)
the deposit amount placed to reserve the property. At this point the property is officially off the market.
Typically the reservation deposit is 6,000 euros which is refundable should your lawyer find any issues during the due diligence checks made against the property that cannot be resolved. This deposit can be paid by credit card or bank transfer and shall be held in the client escrow account of your lawyer.
The whole process from signing the reservation contract to signing of title deeds and receiving the keys to your new home typically lasts between 4 to 8 weeks.
2. Buying an off plan property on the Costa del Sol
In case you decide to buy an off plan property on the Costa del Sol, the reservation processes may vary depending on the phase of the building permission and construction.
Typically it is as follows:
– An initial reservation deposit (between €6,000 – €10,000) is paid to remove the selected unit from the market. This may be paid directly to the developer, or held in your lawyers escrow account. This allows for searches to be made to ensure the development is legally sound. If not this is refundable.
– Once searches are completed, you will need to make the first down payment, and sign the private purchase contract. This is normally between 10% and 30% of the final price. Money paid will be covered by a bank guarantee/insurance policy provided by the developer.
– In some cases, stage payments may be due as milestones are reached in the construction.
– On completion, the builder will apply for the first occupation license. Once these have been granted (without them you will be unable to have utilities connected), a final payment will be due (usually 60-70% of the price). You will sign the deeds and show proof of payment before a notary.
3. Buying bank owned property ( bank repossessions)
In case you decide to purchase a bank repossession property on the Costa del Sol, the bank who owns the property have standard procedure which they follow. It may differ from the procedure of buying resale property, and sometimes may be confusing. Your lawyer will act on your behalf to communicate/ negotiate the terms with the bank who owns the property. At the end of the day, buying bank repossessed properties are worth it as in most of the cases they are sold below market prices.
Alpha Estates Marbella has a wealth of real estate experience on the Costa del Sol and we are dedicated to helping you find your dream home and giving you the knowledge, contacts and help to do so. Apart from that we always can recommend accredited lawyers that speak your language, as well as offer you a full real estate service from A to Z. We aim to establish easy going communication with our clients and our multilingual team speaks seven languages – English, Spanish, Swedish, Norwegian, French, Russian and Italian.
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