We are getting lots of requests from people at the moment asking us similar questions but one of the most repeated is “What’s happening in the market?” We talked about this in our latest podcast, which you can listen to here, but today we thought it would be an idea to give you even more information about what is happening in the market, what’s happening about the offers, the mortgages, the way we are working and getting everything ready for your Valencia Property purchase.
About a year and a half ago we put up a post called the First Step to Buying Valencia Property. In it we included a form (You should fill it in by the way, I’ve included it below) where we asked for your must haves, would likes and definitely must not haves. I think it has been our most useful post ever on the site as it gets people thinking about what they really want when they are looking to buy property in Valencia and we get more of an idea of what people really want before they come over.
Since we published it, hundreds of people have filled in the form and therefore we have a lot of data regarding people’s requirements and we are able to present today an overview of what people are looking for when they look to buy a Valencia Property.
When you go to another country to live obviously you need to learn the lingo sooner or later, it’s better sooner so get onto it straight away. Having lived here in Valencia for years all of us here at Valencia Property speak Spanish fluently, some with more of an accent than others of course, and one of the things we understand more than anything is the lingo of the Valencia Property purchase.
Today, therefore we are going to help you to navigate your way around the language that you may hear when visiting Valencia Property. Owners and agents can be a bit mad and they will say all sorts of rubbish just to avoid an awkward silence or pause in the conversation. Suffice to say that you can basically prepare a bingo card to play along with as you visit properties with these sayings from owners and agents that you get to hear very often.
As you may have noticed there has been no movement on the blog in the last month. That’s because just like everyone else in Spain we essentially stopped for the summer. Our colleague Paul was around as his significant other likes working in August so he goes away at other times and he gave a great service to the few clients around while also listing some properties on our main site, you can see them on the Valencia Property homepage.
Over the next few weeks we will be updating the blog every week and bringing out a new podcast episode which is already partially written and we may be updating the main site in a big way but one that you may not notice for a time.
Here at Valencia Property we like to feel that we help to make the buying process as painless as possible for our clients looking to purchase property here. We prepare things, talk with our clients before their visit and answer as many questions as they may come up with in order to get them prepared then work hand in hand with them to a successful conclusion. We generally avoid the major problems that can come up when buying a Spanish property but now and again we are faced with situations that require experience and advice and this week we had one of those situations. Let’s take a look at that one and then tell you about the others that you should keep an eye out for when buying in Valencia or even when buying Spanish Property in general.
Summer has arrived in Valencia with the accompanying heat both of the weather and the property market. The hot weather, well, the truth is we expect it in Spain but maybe not when it’s this hot. Equally, the market we often describe as hot in the summer but maybe not this hot. Even though banks are starting to raise interest rates bit by bit to try and make more money from the current situation in the market, they have just announced record quarterly profits too, buyers are still buying and many are still quite happy to apply for a mortgage even though interest rates are 1% higher than a month or so ago. So in this post we are going to look at the heat of the market and the weather and how to keep cool in both of them.
One of the strange things that always seems to confuse people is that at Valencia Property we work for the buyer. Our role of the buyer’s agent isn’t understood completely by everyone outside of the United States but we have built a business based on that model over the last twenty years and it is starting to be understood here too. However, that doesn’t mean our advice is limited to what we explain to our clients, the buyers, at times we have to advise the sellers on what they need to do, get prepared for and finally pay when they sell. So just in case you are a seller, in this article we are going to look at your responsibilities, what you need to provide and what you need to pay when selling your house in Valencia or Spain.
This week there wasn’t supposed to be a blog post. The writer of these posts, that’ll be me, Graham, was supposed to be away lapping up the cool, cloudy weather of Asturias in Northern Spain, eating too much, pouring cider from a great height and generally swithching off. However, despite what many people think Covid is still around and it’s back big time in Spain this week. It probably got brought back to my house last week from my wife’s school and Covid in its infinite wisdom decided to hit the whole family at once, meaning that we didn’t have to self isolate in a room at home at least.
Many years ago, back in the dim and distant past of 2017, in the before days, I wrote an article on this blog about the fact that we are not “lucky” to be living in Valencia or Spain but we have planned it and it’s all part of Lifestyle Design, you can read it here. Today I want to expand a little on that blog post and emphasise what a good decision coming to Valencia was and still coming to Valencia can be for you. Let’s call today the year 2AC (After Covid) And yes I know Covid is still around and causing major misery to people all around the World so maybe better to call it 2SC (Since Covid) In 2SC the consequences of the Pandemic and mad decisions made in 2016 are coming home to roost around the World but today we are going to compare Valencia with two places that made especially mad decisions in 2016, the UK and the USA.
We take a lot of people out to see Valencia Property and when we do we field a host of questions from the most obvious “Where are we now?” to the left field questions such as “Why has that cat not got a collar?” Now we can always answer the first but the cat question… When you are looking at property with us you will also have questions and some of them will be left field but they are all usually valid questions when you don’t know a place too well. However, if you have that question then it’s almost certain that somebody else has asked us the question beforehand and also the answer will interest other people. Therefore today we are looking at the most common questions people ask. We will put the answers in here too so that when you visit you don’t have to ask these questions and we can concentrate more on more granular issues such as speculating on the cat’s collar.
I got riled by Facebook this week. I know, I know, I should just avoid it like an increasing number of people are doing but I couldn’t let it lie this time.
Apparently, according to people in Facebook groups at least, you cannot go to see properties in Valencia at the weekend because, and I quote, “all agents are a bunch of workshy cowboys who don’t do anything to justify the commission payments they receive on making sales”. And as you know people in Facebook groups are reasonable people with considered opinions who are not know-alls at all and know everything about everything despite never having worked in any of the industries they opine on so it must be true right?
We have been asked to provide more information about what utilities are common when you buy Valencia Property and what the costs are typically of those utilities. Typically you will buy a house or apartment in Valencia which is supplied with water, electricity and perhaps gas. You may also include in the list of utilities internet, telephone and even home security so in this post we are going to look at those costs too because even if they are not supplied you may want to know more about the costs involved in those. Equally we also look into the change of ownership and the council taxes. In other words, yes, this will be a boring but necessary post.
When I first moved to Valencia in 1998 we lived in a small rented house in L’Eliana. My wife had visited Valencia to look for a place while I prepared the van for the move and she was advised by everyone at the school she was going to be working at that L’Eliana was the place to be. She rented a small house with a patio at the back and essentially a fishpond for a pool and we moved in that August.
Six months later we bought our own house in la Pobla de Vallbona, the next town out from L’Eliana, because we couldn’t afford the prices of L’Eliana and La Pobla was around 30% cheaper despite the fact you can walk from one to the other in 20 minutes. Over twenty years later L’Eliana continues to be the place that people from Valencia aspire to live in, along with a few others that we will mention later and La Pobla continues to be around 30% cheaper because the basics don’t change.
We have just produced the final episode of the first series of the Valencia Property podcast (You can listen to all the episodes here). We are not finishing with the Podcast we are just going to a new schedule as it has been majorly successful for us as a marketing tool and we love doing it as it gives us more of a connection with our clients. It’s amazing how many people listen to podcasts these days.
So today we are going to look back at what we have done so far on the podcast, tell you where to find those episodes, look at what the podcast has done for us as a company and look at the state of the property market through the lens of the properties we have sold this year, in terms of prices, availability, nationalities buying and a whole lot more.
This isn’t going to be an epic long post like some of our recent ones but it is quite important as it explains a concept that we have mentioned in passing before but as it is now becoming more the norm you should know more about it. We are talking here about the concept of the reserve payment to take something off the market while the owner considers an offer.
Traditionally the process of buying a Spanish property, which you can read more about at the link, was simple, make an offer, wait until it is accepted or negotiated and then put a deposit down in the Arras contract. Things have changed because of the market which is blowing really hot.
Here at Valencia Property we generally sell properties that you can see, feel and touch, ones that already exist and we can photograph, measure, takes videos of and generally take the mickey out of in our descriptions. We choose to list only properties that we feel give good value for money even if they may need a little bit of tender loving care (Narrator’s Voice: “He said charitably”). There are a multitude of reasons for this including the obvious one of the fact that the legality of the property is already established but there are many other reasons we tend to avoid listing off-plan properties unless we know the developer and the architect very, very well and know the plots where the property is due to be built.
In today’s article therefore we are going to expand on a theme in our latest podcast about why you should almost never buy an off plan Villa in Spain, or maybe just in Valencia. It may be different in other areas of Spain but if you are looking at the coastal strip it’s almost never a good idea.
Today’s post looks at whether you are getting value for money when buying a property in Valencia. To decide this we must look at what we mean by the term value for money because it means different things to different people. What is the measure we are going to use? To determine this we are going to use four metrics.
1) Reference Values
2) Comparative Methods
3) Space and M2 Price
4) National and International Comparisons
Finally, we have arrived in Spring in Valencia and the sun is out and the temperatures have risen. It’s unusually late this year but we are now looking forward to a long warm spring and summer. Here at Valencia Property we are really busy as always and we start the week tomorrow (Because today, Monday, is yet another holiday in the city) with a day at the notary and afternoon visits to properties.
Here at Valencia Property we look for good value properties for our clients. Of course this doesn’t mean cheap properties, we often work with clients looking to get their Spanish Golden Visa through buying property in Valencia so we often see property right at the top of the range in the best areas of Valencia. However, there are also properties that we just don’t have clients for usually so we don’t list them (Maybe if we did we would get clients for them, chicken and egg and all that) Most of these properties are those at the top, top end of the market and the reason we don’t list them usually is that we can find better in better locations or for better prices. As an example we would never advise anyone to spend 6 million Euros on a property in Monasterios but properties there cost up to that amount and sometimes more.
Here at Valencia Property we have been working with clients for over twenty years now helping people with buying their properties. It’s because of this that it pains us to see what can happen to people when they are looking to buy in Valencia so we thought today we would tell you a few things that are happening in the background so that you can avoid the worst problems. Of course we will always tell you to use our services but we cannot advise you not to use others’ services. Some agents are really good, some are ok and some are absolute cowboys. Today, we will talk about some of them, the cowboys of course, and also about the scammers that we featured in our latest podcast which you can listen to here.