Small Budget for property purchase

Really depends what you want, there are certainly properties out there within this price, remember there are fees and taxes of around 13% on top of the purchase price.

Quick search brought back the following, see link below.

https://www.kyero.com/en/torrevieja-apartments-for-sale-0l1822g1?max_price=50000&sort=price_asc

As Robert says, there are properties in this price class. If you opt for a small town house, don't buy anything that faces North. It will be expensive to heat in the winter. 

There are also standing charges for water and electricity. These are fairly expensive, even when the house is empty. Then there are Non Residents Taxes and Rates on top of that. Then add bank charges on top of that, some banks are extortionate.

 But don't give up your dream. 

Check these links while you think about it. They are on La Marina, about 20 km north of Torrevieja. 

https://smartpropertiesinspain.com/

https://www.barclaysproperties.com/

Thank you so much for all your advice 

Kenneth Can i ask if putting in an offer for a property what percentage would  be considered acceptable do you think to give under the asking price in these area's??  Is there any wiggle room 

We bought through someone we know, so that was a fixed price. It's up to you how much under the asking price you will offer. But don't worry, they can only say no, and will come with a counter offer. 

Your buying costs on top of the purchase price in this area are 10% of the property value in tax and you realistically need to allow €2500 to €3000 to cover conveyancing, notary and first year's tax r5etuern as a non-resident.  You can save yourself a little by applying for your NIE in advance via the Spanish Consulate in London or Edinburgh (obviously post covid restrictions) if either is within easy reach of where you live rather than paying for it to be done for you in Spain.  So if €40,000 needs to include all your costs you are looking at spending less than €34,000 on the property itself.  There are decent studio apartments available in town within that price or you may be lucky and find a one bed that needs to be shown a little TLC that you could improve over time to suit your own tastes.  Once covid restrictions permit, visit and view a few to see if what is available is what you would like to buy.  

It is possible, we did it a couple of years ago for a 2 bed traditional townhouse near Gandia. If you are on Facebook add your chosen location into the marketplace and you’ll find many locals list their houses on there, they tend to be the less expensive ones too. Good luck! 

Thank you so much you have given me some hope.  That is an excellent idea with Facebook.  Did it take you long to find your place and wondering if you have any advice 

We actually got ours through an agent but it was quite easy as they actually owned the property. I’d say you have to ring agents as they get a lot of emails, they take you more seriously when you phone them. Then book a flight and see as many as you can.

Our budget was the same as yours and we get out to it as often as possible until we can retire, but it only costs us £1000 a year to own abroad for all the bills, bank charges, house insurance, utilities, non residence tax and the lawyer cost for annual bits and pieces. House cost not included. 

Because it was a low budget we don’t worry about it too much being left for long periods of time, but we have a neighbour with a key to check.

As others have advised expect to need 3-4 k on top of the purchase price for fees and have that money ready when you go to see properties and get an English speaking lawyer who can be your power of attorney and do all your legal stuff while you’re back in the UK.

Go for it 😊