Thanks for the add 😊

Hi Kevin, welcome to the forum. 

Ask as many questions as you like the forum is a great source of information. 

Good luck.

Kevin

Hi Kevin and welcome!

Kind regards, 

Kim

Hi all

A mate of mine was saying you are much better to buy a house privately to cut out middlemen costs, and there are lots of places coming on the market all the time. 

We are looking for a finca 10000m2 + with outbuildings walking distance to a small village and not far to drive for supermarket etc. 

Any advice / thoughts appreciated

Thanks

Kevin

Hi Kevin,

The only "middlemen" you'll cut out is the estate agent, but as the buyer, you don't pay those costs anyway, they're the vendors' liability.  

As the buyer, your costs will be, in addition to the price of the property itself, ITP (property transfer tax) calculated at 10% of the property's value, lawyer, notary and land registry fees. The only other cost would be for a survey report, which is mandatory if you're applying for a mortgage, but optional if you're paying cash.

Probably best to ask your mate specifically where he thinks you can cut out costs as the buyer.  If he's suggesting paying a vendor a chunk of cash "under the table", that's tax evasion.  If you get caught, the best case scenario is likely to be an additional tax the Hacienda can apply, called Complementary Tax, where they believe the declared purchase price is less than the property's actual worth - and the tax office has up to 4 years to claim it from the buyer.

Kind regards, 

Kim

Hi Kim - thanks

I wasn't thinking about anything underhand. 

I am only learning the ropes I suppose. Also, my mate was saying you could probably pick up a better deal by driving round and looking.

Any feedback or ideas most welcome 🙂

Thanks again

Kevin

Sorry, Kevin, I wasn't suggesting you would, but others - especially vendors - could engineer that without you even realising it.  It happened to friends of ours earlier this year and they didn't discover it until the day of completion, when their lawyer took them through the contract and it showed the purchase price as €5k less than they actually paid 😳  Which reminds me, always use an independent lawyer, NEVER one introduced by the an estate agent or the vendor - you want them working solely for you.

I'm sure you can find out, by word of mouth, about property for sale direct from the vendor, but you need to do your research, otherwise you won't know whether the price is good - I'd recommend looking at www.kyero.com to get a feel for asking prices.  No point congratulating yourself on paying €200k for a €250k property, if it was only worth €200k in the first place 😉

Buying a property with 10,000 sq m land suggests that you're looking for a country property and that amount of land is good because it means it's likely to be a legal build.  Illegal builds are rife in Spain and while they can be bought and sold, there are usually restrictions on them, such as not being allowed to develop them any further.  We wanted to buy one in Catral, with 5,000 sq m, but we weren't allowed to build a garage and outside kitchen.  There are also restrictions on property built on different land classifications: Rustic v Rural v Urban.

I'd suggest doing your research and asking more questions on the forum as things occur to you.  A more precise steer on what you're looking for, location and ballpark budget may help with recommendations.  For example, I know there's a member on here who has been trying to sell his place in Crevillente - he may contact you direct if it's still for sale.

Good luck!

Best wishes, 

Kim

Thanks Kim really appreciated. You seem very knowledgeable 🙏

I will have a look tonight when I am home from work 

You're welcome Kevin.  That's the great thing about this forum, it has the greatest membership on the Costa Blanca, so it's really vibrant with a huge range of experience amongst the members.  We've all been in your position at one time or another, so don't hesitate to post any queries or concerns you have.

Good luck!

Kim

Hi Kevin

Kim gives you some advice, “mates” often think they know but unless they are actually living and doing in the place you want to move to I’d carry on doing what you are doing and gathering data to make a sound judgement.

I am an agent, one of those guys your mate suggests you cut out. I work with Remax, the largest Estate Agency in the World and with over 2,200 in Spain possibly the largest Real Estate Group in Spain.

I sign the Remax Code of Conduct and Ethics so you can be assured my ethical and morale standards are right up there.

I would love the opportunity to work with you and your wife in finding a suitable property anywhere in either Valencia or Murcia provinces. If you would agree to working with me I would spend sometime having a video call with you and your partner to establish your exact needs, and then start helping you find shat you are looking for.

This would cost you nothing because when you buy through me, my fees are paid by the seller.

If you would like to explore some options with me, let me know and we can make something happen.

Stu Roberts