If you believe everything you read on Facebook and other social media I’d say you had recently had a lobotomy or at least you would be on your way to one, but there does seem to be an expectation on social media totally divorced from reality. Newbies to the Valencia Property world seem to think that they will get 20, 30 and even 40% off the asking prices of Valencia Property just because they make an offer. Allow me to disabuse them of that notion with a simple question, “Is that happening where you are from?” Because if it isn’t why on Earth would it be happening here?
After receiving a few enquiries about whether it’s better to rent or buy a property in Valencia I thought it time to put together a post comparing the two options in terms of costs and what your “get out position” is at the end. Obviously there are other considerations apart from monetary costs but we will focus here on the costs and then look at those other considerations at the end.
We are going to go with a similar property in both cases and look at five, ten and twenty year horizons. For the numbers we are going to use an example from last week where the client took on a mortgage at a fixed rate over 20 years.
Described by many as Valencia’s bohemian heart, by others as Valencia’s Soho and by East Coast Americans as Valencia’s Greenwich village, Ruzafa has long been on our radar as a great place to live due to its proximity to the centre of Valencia, the vibe of the area and the classical facades amongst other reasons. However there are others who describe it as overhyped, too noisy and a bit grotty. Of course the truth lies somewhere in between but on a scale you would get closer to the former descriptions rather than the latter. Today we are going to explore some of those reasons.
We have been asked to explain a bit more about the “Community”. The majority of people in Spain live in apartments and if you want to join them then you need to get used to the idea of “The Community” (Homeowners’ Association in the States). Today we look at what the community is, what it does and what issues you may have with the people you live with. This is not just for people buying apartments though, oftentimes you will find that there are community costs with houses which we shall also look at.
This time last year we were well into the first week of our severe lockdown. The Fallas fiestas had been cancelled on the 10th of March after quite a few Mascletas had already happened, Levante had played their last home game on the 8th of March with 3000 fewer fans than normal, many choosing to avoid the match due to fears about the new virus and on the 14th of March the Spanish government ordered lockdown… and it started to rain in Valencia…
I wrote something on Facebook last night about what is happening in the Valencia Property market and I promised to expand on why I think this is happening.
Let’s get the caveats out of the way. We are sure to be called liars and typical agents talking up the market and stuff but, as Rafa Benitez once said, here are some facts:
Today we tried to arrange some visits for a client for Friday. Out of the ten properties we wanted to see five have sold in the last week. All have deposits left on them and mostly at asking price!
I was encouraged to write this article as a result of a few interactions recently by our agents. In the body of the article I will detail what happened and how this makes it more difficult for us, and indeed you, to find your ideal Valencia Property. Firstly though let’s lay out the ground rules for this post.
The vast majority of people looking to buy Valencia Property work hand in hand with us, sharing interesting properties, their thoughts on each property they see and they give us their wishlist, allowing us to trim down potential properties that will suit their needs so they only see the best.
This may not seem very important at the moment when you are locked down and unable to travel but it looks like Spain will be opening up for the summer perhaps with a vaccine passport, perhaps through travel corridors. Most people are talking about being able to go on holiday safely but others are waiting to be able to come to Spain and buy their new home or holiday property.
We have our own website which we keep up to date at all times of course. As soon as a deposit is left on a property we mark it as under offer or sold and then once the final signing comes we take it off the site.
Unfortunately, the property portals are not as quick as us. They use a system of feeds taken from individual websites which show properties and we pay for the privilege of putting our properties on their sites because in theory they have greater reach and we should get more enquiries
One question we get asked often is do I have to be in Valencia (Or Spain) to buy a property? Many people, especially investors, want to buy their property now but for various reasons (travel restrictions, Covid, timing, work) they cannot get here right away. This week we even had a client who asked if the owner could wait until September to start the process to purchase a property they wanted to buy because that will likely be the first time they are able to visit. Of course the answer was “No!”
This is a very difficult post to write for various reasons but as the question comes up so often on all social media platforms it’s an important one to know if you are planning on moving to Valencia with children. What are the schools like in Valencia? The first thing to recognise is that any move to Valencia with kids will not be successful if you are not happy with the education of them.
The answer to the question “Why are you always droning on about Valencia?” is self evident. There’s a lot to write about, it’s a great place to write about and we actually enjoy it. Whether the droning on is on our instagram page with great images of houses and places in Valencia, making videos for our Youtube page, updating our Facebook page without fomenting a potential revolution and storming of the Capitol building, making walkthrough and flyaround videos of properties for our potential clients like the one below or just writing stuff like this post on the blog.
After writing a few days ago about lockdown properties in Valencia for all price ranges and starting with the 50-300k brackets, today we are looking at your options for lockdown properties at higher price ranges. We are going to start just under the 300k threshold as an owner has just sent us some lovely new photos of his place in Serra and then we will move onto higher price ranges and show you what your money can buy for you both inside and outside the city.
Covid19 is a pain in the butt. There I’ve said it. There are more restrictions in place in Valencia right now but as far as we understand it we can still show properties at least as I write this. We are being ultra careful with the way we show properties: Social Distancing, hand sanitizer, multiple cars, windows open etc… where possible but the process of buying continues to work.
Valencia gets great publicity without really trying. That’s because it’s a great place to live (Have we mentioned this before? Maybe once or twice right?) The last few weeks have seen even more great publicity for Valencia but remember “shhhh! we are trying to keep it quiet.” Anyway, let’s look at some of that excellent recent Valencia publicity.
We completed our first sale of the year today at the notary and also took a client to a second visit of a property they are very interested in up in Naquera. This week has also included the acceptance of an offer for a place in Valencia City for our highest ever sale price in the city.
We currently have three sets of clients here looking for the Spanish Golden Visa and their ticket into the Schengen area through purchase of property in Spain, one American couple, one Australian and our first British clients taking this route to maintain their freedom of movement (They didn’t previously need it of course)
It has been a slow start to 2021 in Valencia. This always happens due to Kings Day on the 6th January (Epiphany) but this year it has seemed slower. We were due to have a signing today, 8th January, but it has been put off until next week as the bank sent the papers for the mortgage to the wrong notary (Spain happens) and then the regional government put in place new restrictions on movement including some towns completely shut down, see below, and then the weather decided to go really bad and maybe we will get some snow, Requena already has some!
Today we are starting a new weekly series in the blog featuring Golden Visa Properties, both houses and apartments. Every week we will feature a new property that you can get for over 500k to get your Golden Visa for Spain. Some weeks we will put together a portfolio instead for those who want to live in one place and have income from other properties in and around Valencia as you can buy various properties to satisfy the Golden Visa criteria.
For what is maybe our final post of the year we thought it was time to look back at what was learnt in 2020, a different year of course, the year of Covid and Brexit, what many people have called the worst year ever. However, in terms of Valencia and its property market the year wasn’t too bad.
In short the market continued, it adapted and working methods changed.