# Just Bought a Villa on the Costa del Sol - my experience



## Wibs (Apr 1, 2015)

Hi,

having sold a property my wife and I were looking for somewhere to park our money with the prospect of a reasonable return in the mid to long-term. We had toyed with the idea of a holiday home before, and had looked at several potential countries. It was the sale of the property that re-focussed our attention.

After a lot of research we decided that Spain was the place. The market had been at rock-bottom for over a year, but estate agents were reporting an increase in viewings, and this was backed-up by rightmove analytics.

As we live near Stansted Airport it was the locations in Spain that could be reached from that airport that eventually led us to Malaga, and an exploration of the Costa del Sol.

Our budget was 200K -250K euros.

Rightmove gave us a list of properties in our price bracket, filtered by our other requirements (at least 2 bedrooms, pool or shared pool, detached house/villa). Eventually we came up with a list of 6 villas that we wanted to see, and booked a long weekend in Malaga and went out there just before Easter, and while the fares were still 30 euro each way with RyanAir.

Our first problem was in contacting the agents listed beside each property. I told them that I was coming to see 6 properties, 3 on Saturday, 3 on Sunday, and that I was likely to buy one of them, and that I was a cash buyer, and could they suggest an appointment time.

Two of the agents wanted nothing to do with this, told me I was doing it all wrong, and that if I did not appoint them to be my exclusive agent to find me a property, then they were not interested. Another agent grumbled along the same lines, but said they would show me the villa against their name (in Rightmove). The other three agents all gave me appointments with no fuss, and I gave them the details of the two properties that I could not get appointments for, and they arranged those appointments too.

We looked at lovely high-spec villas in Tropical Hills, and La Cala Golf resort (unsold since new, after 5 years). What let these properties down (for us) was their location. You needed a car to get to anywhere, and there were no facilities withing walking distance (supermarkets, other shops, bars, doctors etc). 

We saw a couple of established villas in residential areas, but the online photographs gave them an air of space that did not match up with reality.

One agent (Remax) could not find the villa they wanted to show us, and we decided that Estepona was too far out anyway. We had grown to like the Benalmadena/Fuengirola/La Cala area anyway, and all within a 20-30min drive to Malaga airport.

The 6th property was to be the one shown by the agent who grumbled, and at the last minute refused to show us the property, so we went back to the last agent and asked if they could show us the property, and they found the owner, and arranged a viewing, all at short notice, on the Monday morning (we were leaving on the 3pm flight). The agency was Alamo. As it turned out the villa was not suitable either, but the agent said as she knew us better now, and had a good idea of our requirements she had a property in mind that might suit us.

We quickly moved on to the 'mystery house' and it was love at first sight. It was situated in El Faro about 2km west of Fuengirola, but unlike Benalmadena and Fuengirola was more of a middle-class residential village atmosphere rather than a developed tourist destination.

Just before the financial crash these villa/bungalows were selling for 400K euros, but the price had tumbled during the crash and the one we were looking at had come down to 235K euros. We offered 200K and finally agreed on 215K, and the owners left everything as included in the sale, taking only personal possessions.

The villa had two bedrooms, but an enormous double garage could be converted into a further two bedrooms, sea views, and had a shared community pool across the road.

The Norwegian couple that owned it were in their seventies now, and wanted to return to Norway to spend more time with the grandchildren. They left for Norway 1 week later after we had paid the Retention Deposit of 6K euros.

I went back to El Faro last week to sign a power of attorney, sign the contract, and pay the 10% deposit (less the 6K already paid). The lawyer opened a bank account in my name, will arrange the transfer of all utilities into my name, the NIE, and all other matters relating to the sale.

The contract says the balance shall be paid before the 23rd June, so if we get the funds together earlier we can complete earlier.

I had a good chat with some of the neighbours (all, it appears are British), and they gave me some useful tips and information.

There is a large British supermarket 5 mins by car (Iceland-Waitrose), a huge Olympic sized outdoor pool a couple of minutes walk away (1 euro admission), and a couple of restaurants a minute's walk away. It is 7 minutes walk to the beach, and a small parade of shops/bars/cafes/tapas etc.

All in all a quite painless exercise.

Wibs


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## Isobella (Oct 16, 2014)

Congratulations you made a good choice and didn't get bullied by Agents trailing you around unsuitable properties. El Faro is ideal and has some good views.


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## Alcalaina (Aug 6, 2010)

Thank you for sharing your story. Your experience with uncooperative agents will be useful not just for other potential buyers but also for people trying to sell their homes.


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## Pesky Wesky (May 10, 2009)

What a great post!!


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## WeeScottie (Mar 17, 2015)

I hope you enjoy many happy holidays in your new house. It sounds lovely and what a bargain.


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## Cyberia (Apr 10, 2015)

Just a long weekend to look at and buy a place for upto €250,000 that you could spend the rest of your life in?

I would have wanted 2-4 weeks and started looking around agents and properties only after arrival.


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## Simon.J (May 1, 2015)

We are just starting on a similar journey but are going on a £99 trip with one agent, I wonder if this is very wrong or just a little wrong. Anyway it's booked for Tuesday so it's a done deal and it's only £99 after all.


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## Rabbitcat (Aug 31, 2014)

What do you get for the £99 Simon?


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## Simon.J (May 1, 2015)

Rabbitcat said:


> What do you get for the £99 Simon?


That covers flight from Bristol to Alicante (our preferred area) accommodation for three nights and being shown a list of properties while there. It also gets us picked up from the airport and driven back when finished. It seemed a good deal. 
We'll have a look anyway. Can't hurt can it?


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## Rabbitcat (Aug 31, 2014)

Go for it mate. At £99 you can't go wrong


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## Cyberia (Apr 10, 2015)

That £99 trip sounds like the old time share hard sales, where people are bullied into buying, so be careful.


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## Isobella (Oct 16, 2014)

I remember the crazy time when Agents were bussing people in. The Punters were never out of their sight, hard sell and just showed them what they the Agents wanted to sell...lambs to the slaughter.


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## Lolito (Aug 25, 2012)

Congratulations! You'll enjoy Spain no doubt. 

Mind you, for 215,000 here in this part, I could buy a mansion with a massive private pool! how expensive in Malaga!!


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## NHANORAK (May 3, 2015)

*Nice purchase*

Congratulations and thanks for sharing your interesting story.

We plan to spend 2 weeks looking at properties in the Costa Del Sol in a weeks time. Some of them are in El Faro, which does look a "value for money" area. Just hope you haven't bought one of the ones we have our eye on.


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## Wibs (Apr 1, 2015)

The photos of the Bungalow/Villa in El Faro we bought are here:

https://www.dropbox.com/sh/7xxphann1k6mo8w/AACZSLf239UlVUjB-4EgHG4na?dl=0

Can't wait for June and moving in 

Wibs


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## Tall Traveler (Apr 11, 2015)

My wife and I recently decided to look at vacation properties on the Costa del Sol and elected to buy a duplex in Puerto Banus with great views of the Mediterranean and mountains. A similar property in Florida would be 2 or 3 times more and California probably 4 times more so we are very pleased even though we paid a little more than the OP (who seems like he got a great deal).

I expect the Costa del Sol to get back to where it was in the next 5 years so now is a great time to invest in my opinion.


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## Leper (May 12, 2010)

Tall Traveler said:


> My wife and I recently decided to look at vacation properties on the Costa del Sol and elected to buy a duplex in Puerto Banus with great views of the Mediterranean and mountains. A similar property in Florida would be 2 or 3 times more and California probably 4 times more so we are very pleased even though we paid a little more than the OP (who seems like he got a great deal).
> 
> I expect the Costa del Sol to get back to where it was in the next 5 years so now is a great time to invest in my opinion.


I wish you were right with all of my might
But, you are not making the right move
You want to sow, and have got plenty dough
And tend to believe believe the agents groove.

Before you do anything, I advise you to rent
And perhaps you will not lose all
People like you, are heaven sent,
Please keep your eye on the ball.

In five years time, Spain will still be the same
And you'll have a lot less to rue
Property is a game by those of no shame
They don't care who they screw.


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## NHANORAK (May 3, 2015)

Wibs, just looked at your photos and that's a great price for what you're getting. Things of that quality seem to be around the 265-315k at the moment. Hopefully we'll be joining you sometime later this summer as well.

May give Alamo a tinkle to see if they have similar bargains.


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## Roy C (Sep 29, 2012)

Wibs, that looks superb and thanks for sharing your experience, very helpful.

Simon j how did you get on?


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## Tammydog (Mar 7, 2015)

Looks lovely. We just spent 10days in Costa blanca area looking at properties along the coast,and slightly inland. Did see some stunning new builds with pools and a couple of older ones (agents get high commission on the new builds). We are coming back over to rent for around three months to start. To make sure of the areas. Due to some mobility problems with my husband we have to be on one floor and not a lot of steps. So actually not that easy in Spain unless you want to live in the middle of nowhere. Our budget is up to 250,000 so we hope to find something decent in a nice area when we're back over. This will be our only house as going for it full time for good. Hopefully.


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## Gazeebo (Jan 23, 2015)

Great post!

We have met with similar agents, but have now found a couple that we feel will be ok!

Friends of mine went on a £99 trip and found it quite an intensive sell, but they stuck to their guns and did not get pressured into buying a property with the company.

I agree £99, what can you lose? You just go and enjoy!


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## Roy C (Sep 29, 2012)

We're heading to A Place in the Sun Live now at Olympia just to have a look. Could be interesting but won't be signing anything.


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## Lynn R (Feb 21, 2014)

A couple we know who are househunting in this area have reported that some properties they saw advertised six months ago are still for sale - but the asking prices have increased! That used to happen all the time 10-12 years ago, that if a house had not sold, the following year the vendors would put the asking price up "because prices have gone up", but I would have thought it extremely premature for people to start increasing asking prices for properties that aren't even new to the market. Probably getting carried away by reports of growing numbers of sales.


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## Tammydog (Mar 7, 2015)

Yes I have been looking on line for about a year. I have certainly noticed quite a few increased prices. I assume a lot could be British sellers and they have no choice as the pound is high against the euro? But some are probably just trying to cash in or trying to get back what they paid 10 years ago. But we're going to rush in. But have to say that every new house we inspected there was at least 2/3 other couples looking around as well. Mainly Scandinavians and Dutch. And we did see many of them rushing into buy on inspection trips. Which was a surprise to us.


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## Tammydog (Mar 7, 2015)

Sorry should read we are NOT rushing in.


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## Tall Traveler (Apr 11, 2015)

Leper said:


> I wish you were right with all of my might
> But, you are not making the right move
> You want to sow, and have got plenty dough
> And tend to believe believe the agents groove.
> ...


Thanks for the advice written in a clever way but I believe Spain is poised to take off again. As I mentioned , the cost of similar type of property in the USA is much much more expensive and the cost of property taxes and maintenance would also be much higher. For me, this is an investment that I'm confident in but even if it doesn't appreciate like I hope/expect, it will be a nice vacation property for my wife and I and family to use. We can't spend more than 90 days/ year in Spain (unless we opt to get the Golden Investment Visa which I'm not inclined now to do) so this will mostly be used as a vacation rental.


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## xabiaxica (Jun 23, 2009)

Tall Traveler said:


> Thanks for the advice written in a clever way but I believe Spain is poised to take off again. As I mentioned , the cost of similar type of property in the USA is much much more expensive and the cost of property taxes and maintenance would also be much higher. For me, this is an investment that I'm confident in but even if it doesn't appreciate like I hope/expect, it will be a nice vacation property for my wife and I and family to use. We can't spend more than 90 days/ year in Spain (unless we opt to get the Golden Investment Visa which I'm not inclined now to do) so this will mostly be used as a vacation rental.


actually, you can spend 90 days in each 180 in Spain - so almost half the year...


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## Lolito (Aug 25, 2012)

Whoever thinks that whatever you buy now, in five years time will have gone up in value, is very wrong. I think (us) Spanish people mainly, have learnt our lessons, there is no way in hell, the property will go up to the point it was in 2007-2008, never again. If anything it will keep going down and settle 'down there' for years to come, if anything, they will go up very slightly, hardly noticeable, and I am talking 10-15 years minimum. 

The house we were renting until very recently, was 320,000 in 2008, now it is worth 160,000 but I don't think it will sell for anything more than 120,000 or 130,000. 

The same goes for my actual house that we bought a few months ago, initially it was worth 240,000 and we bought it for 87,000. 

Go figure!


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## Tall Traveler (Apr 11, 2015)

Lolito said:


> Whoever thinks that whatever you buy now, in five years time will have gone up in value, is very wrong. I think (us) Spanish people mainly, have learnt our lessons, there is no way in hell, the property will go up to the point it was in 2007-2008, never again. If anything it will keep going down and settle 'down there' for years to come, if anything, they will go up very slightly, hardly noticeable, and I am talking 10-15 years minimum.
> 
> The house we were renting until very recently, was 320,000 in 2008, now it is worth 160,000 but I don't think it will sell for anything more than 120,000 or 130,000.
> 
> ...


I heard the same sentiments from people in Phoenix after their housing market crashed. I bought 3 houses in 2010 at about 1/3 the peak price and now they've increased about 60% in value from when I bought them. You may be right but I'm still betting the price will go up.


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## Isobella (Oct 16, 2014)

Can't see prices increasing for a few years. Maybe a few places like some areas of Madrid etc. but on the Costas massive oversupply, will take years to sell. 

Many Spanish put their house price up every year. A neighbour from Segovia is wanting to rent her house on the Costa long term. She is asking €950 pm. I mentioned that there are 4 identical ones for rent at 750 and they haven't managed to rent. She shrugged and said hers was better, it isn't


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## Roy C (Sep 29, 2012)

Maybe people are putting their prices up because the pound is so strong which obviously would make a difference if they were going back to the UK or something. 

Interesting show, met two estate agents from Torre Del Mar no doubt the emails will be flying into the inbox.


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## Lynn R (Feb 21, 2014)

Roy C said:


> Maybe people are putting their prices up because the pound is so strong which obviously would make a difference if they were going back to the UK or something.
> 
> Interesting show, met two estate agents from Torre Del Mar no doubt the emails will be flying into the inbox.


The vendors who are increasing their asking prices around here are Spanish. I think it's because so many places in our immediate area have been sold recently - I know of 5 within the last 6 months which have changed hands, and another 2 sales in the process of going through.


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## Roy C (Sep 29, 2012)

So I think the idea of renting first might go out the window. I retire in March so We might have to buy before actually moving over, to beat the rise in prices.


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## Lynn R (Feb 21, 2014)

Roy C said:


> So I think the idea of renting first might go out the window. I retire in March so We might have to buy before actually moving over, to beat the rise in prices.


Just because they're asking more doesn't mean they're going to get more. The people I mentioned saw a house they liked the look of on an agent's website, but as there was a Se Vende sign as well, rang the number as they thought they might be able to get it cheaper as a private sale, as the owner wouldn't have to pay the agent's commission. The vendor quoted a price 10% higher than it was up for with the agent! They have now had an offer accepted at slightly below the asking price with the agent. So the vendor shouldn't have been greedy.


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## Pesky Wesky (May 10, 2009)

Roy C said:


> So I think the idea of renting first might go out the window. I retire in March so We might have to buy before actually moving over, to beat the rise in prices.


You have to do what is best for you, but I would find it very stressful to go to a foreign country and buy a house straight off without really knowing the lifestyle or area. When we bought our house it was after 4 years of living in Madrid and visiting friends who lived in the outskirts. The flat that OH had bought 6 months after he arrived in Madrid turned out to be as hot as hell (approx) in the summer and with very thin walls between "difficult" neighbours that we were glad to get shot of.


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## Lynn R (Feb 21, 2014)

Pesky Wesky said:


> The flat that OH had bought 6 months after he arrived in Madrid turned out to be as hot as hell (approx) in the summer and with very thin walls between "difficult" neighbours that we were glad to get shot of.


There's no doubt you would get to know the area better by renting first, but unless you buy the actual property you've been renting, then to some extent you might still run into those kinds of problems as I don't think you can ever tell 100% what it's going to be like to live in a house at all times of the year just by looking around it. You might also buy a place after renting which has nice neighbours, but you still have no control over who might move in if the existing neighbours move on.


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## Pesky Wesky (May 10, 2009)

Lynn R said:


> There's no doubt you would get to know the area better by renting first, but unless you buy the actual property you've been renting, then to some extent you might still run into those kinds of problems as I don't think you can ever tell 100% what it's going to be like to live in a house at all times of the year just by looking around it. You might also buy a place after renting which has nice neighbours, but you still have no control over who might move in if the existing neighbours move on.


Yes, you have little control over the neighbours themselves, but you do get to know the house or type of house and its pros and cons, and the neighbour_hood_. By visiting friends and areas we found out things we wanted and just as importantly, things we didn't want.


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## Rabbitcat (Aug 31, 2014)

Don't get me started about noisy neighbours

Some nights I can hardly hear myself drilling


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## Gazeebo (Jan 23, 2015)

Roy C said:


> So I think the idea of renting first might go out the window. I retire in March so We might have to buy before actually moving over, to beat the rise in prices.


Don't panic Mr. Mainwaring!


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## Gazeebo (Jan 23, 2015)

Pesky Wesky said:


> You have to do what is best for you, but I would find it very stressful to go to a foreign country and buy a house straight off without really knowing the lifestyle or area. When we bought our house it was after 4 years of living in Madrid and visiting friends who lived in the outskirts. The flat that OH had bought 6 months after he arrived in Madrid turned out to be as hot as hell (approx) in the summer and with very thin walls between "difficult" neighbours that we were glad to get shot of.


Bit of cheap entertainment then - eh? !!!


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## Pesky Wesky (May 10, 2009)

Gazeebo said:


> Bit of cheap entertainment then - eh? !!!


Not really entertaining. One lot turned out to be drug users who, apart from the dodgy visitors at one point had a fire in their tiny flat right next to our tiny flat!


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## Tammydog (Mar 7, 2015)

Not good then...but could happen in UK as well in small flats I presume? Never lived in a flat always a detached..going to be same in Spain I hope?


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## Pesky Wesky (May 10, 2009)

Tammydog said:


> Not good then...but could happen in UK as well in small flats I presume? Never lived in a flat always a detached..going to be same in Spain I hope?


Could happen anywhere in a big flat, small flat , terraced house or camping ground!
That's the point, buying a house is a big decision and the more you can find out before you do it the better to my way of thinking, but even so, you can do little about the neighbours


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## MagicWriter2014 (Jun 11, 2014)

Looks gorgeous, am well jealous lol!


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