There are so many people deciding to upgrade their life and move to Valencia that it's difficult to keep up as supply of both rental and for sale property drops and that place you have had your eye on for a few weeks disappears off the property portals or a big sold sign appears just as you are about to visit. In order to avoid disappointment and to make sure you have the best choice available, we at Valencia Property have a tried and tested route for those looking to buy here and settle. And today we are going to detail that route for you here on the blog so you know what to expect.
Know What You Want
If you don't know what you want you can't buy it and equally if you don't know where you want to be then you cannot know what you want. Some people haven't yet decided where there want to be, "I want a flat or a house in Valencia or Barcelona or Madrid" is not a great plan and don't expect agents to be jumping all over you with offers to visit lots of places. If you don't even know if you want to be in Valencia or in the suburbs around Valencia it's difficult enough to plan things but not knowing which part of Spain to target makes things impossible. Spain is a big country and every area is different.
Let's assume though that you know you want to be in Valencia whether that's for family reasons, because you have visited before and love it, maybe it has been your aim from the start and you know the place well or if you are already living here, maybe renting, and want to now settle down and buy a place. What's the next Stepping Stone?
The Real First Step to Buying Valencia Property
A few years ago we did something that has smoothed the way for so many people moving to Valencia. The first step to buying Valencia Property was a blog post that helped people to give us a clear idea of what they wanted and it involves just one thing, filling in a form. You can see it and do it yourself at the end of this section or click through to the updated post above.
The form tells us the most important things about your property search, the must haves, the would likes and the definitely nots. It also tells us when you are visiting so that we can start the process of organising your property search in the best possible way. As buyers' agents, we work for you based on these requirements to find you the best possible selection of properties that match your criteria.
We go down the usual routes and more looking at our own website, working with the property portals, talking with agents we know and trust, looking at any pocket listings we may have at the time, talking with people who may wish to sell whose property matches your requirements and finding anything new to the market that is currently unlisted to get you the best selection possible. And when you get here we hit the ground running starting your search with you and holding your hand through the whole process and often well beyond.
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Your Initial Stay
The next Stepping Stone might well be a Stepping Stone Rental (Yeah we did that) or you may just stay in a hotel or Airbnb. However, if you are coming to buy and then move in we will suggest a rental from our sister company Stepping Stone Rentals as you may need three months or longer to find the property and take the process to completion. This is a great step for people wanting to get to know the city or its surroundings better before taking the plunge with their purchase. We have lots of people who have taken their Stepping Stone Rental who have then bought using Valencia Property and even modernised using Valencia Remodels while taking a second Stepping Stone Rental or extending their initial stay. If you are not sure how this might work for you then may I suggest an initial call to talk through your options.
If you are on a visit to put down a deposit and then return to your country to sort out visas etc before moving over then a week in a hotel or holiday apartment might be your stepping stone here. Be sure to let us know your dates once confirmed so we can make sure that we have the opportunity to give you the best service on your visit.
Getting Your Finances in Place
Needless to say you can't buy if you don't have the funds in place. You may have, like many of our clients, funds from the sale of a property in your country of origin and the only Stepping Stone you have to take is to get those funds into a Spanish bank account in order to be able to make the payment at the notary. However if you are looking to fund your property purchase at least in part with a mortgage then you need to have a pre approval from a bank before you even start to look for a property. This is because of the situation of the market where things are selling really fast. If an owner hears that you need to find finance then it's unliely that any offer you make will be accepted, even at asking price, because they cannot be sure that you will be able to get finance.
You should contact Mortgage Direct for the best selection of mortgage providers and ask for a pre-approval. But this should be done before even looking at any properties and also perhaps while you are still working or having income from your country of origin. You might already be here and have a good relationship with your bank manager. If so then feel free to talk with them and get that pre-approval too but for the best selection and probably the best deal then a mortgage broker might well save you a lot of money over the life of your mortgage.
The Process of Buying Property in Valencia
We have talked on these pages before about the process of buying a property in Valencia and how long it takes. Truth is it may only take a few days if the stars align, you know what you want and the owners either don't live in the property or can move out quickly. Usually though from your first visit to completion may be 30, 60 or 90 days. It's all a matter of organising timings with the owners, the bank if a mortgage is involved and yourself taking into account Spanish holidays and other possible timings such as travel plans and more.
From deposit to completion is more often than not 60 days so if you find a property in your first month while staying at a Stepping Stone Rental then you can be moving into your purchased property before the end of your contract.
The process of buying though is as follows.
- Make appointments for viewings.
- Decide on a property
- Make an offer (Oftentimes with a reserve deposit of 3k for example for the owner to take that offer seriously)
- Come to an agreement
- Get your lawyer to do the due diligence on the property
- Put together a deposit contract for the full deposit (Usually 10%) with a stipulation of when the final deed signing will take place
- Set up a notary date
- Sign for the property
- Move in...
However...
Completion and Moving In
As I said, however... On completion you might not be moving in. Because you may have chosen a place that requires modernisation and that's where Valencia Remodels comes in. If you buy a place that requires a modernisation then it may be that you decide to use our modernisation company Valencia Remodels. If we know you are going to want a redesign and/or change of look then in the process of buying given above we can have everything in place to start work quickly on your property while waiting for the final signing, architect's plans if required, licences and a building company lined up to do the work as quickly as possible so that you don't have to delay your moving in date too much.
One question that often gets asked is if the work can start before taking possession and the answer to that is a big round NO. It needs to start once the property is yours, signed, sealed and delivered in the notary's office.
Preparing for this prior to the signing by working with our project managers, architects, builders and remodels company can make sure that the process is pretty seamless. I know a couple of cases of our clients who went elsewhere to do this and have taken an age even to get started with the work (People in the Cabanyal I'm looking your way) I also know of one who went on his own and did an outstanding job with his contractors even though it took quite a bit longer than originally planned. Suffice to say we have just finished a project in the Cabanyal in under five months and you can see how it looked on finishing below.
I'm sure you'll all want to see what it looked like before but get ready. It's a bit of a radical change. (We won't include photos of the drug paraphenalia and stuff ;))
Moving In
That moving in part though is where the real fun starts. This is when you get to go around places choosing your furniture because sometimes the previous owners leave theirs and most of the time that's an "OMG please no". And if they don't, well, then you're starting with a blank canvas and you get to go to town in your local IKEA (Other furniture shops are available)
You can usually move in on the day of the signing. At the notary you get the keys. But, as we said above the property is either empty, full of the previous owners' stuff or requires some form of modernisation. we do sell key ready properties at times, properties where you just need to bring your toothbrush, but it doesn't happen very often.
Property of the Week
We had today's property listed on here quite some time ago where we referenced how much it resembled a film set and that it was in need of some work. Well just like in the movies, as interest waned the owners went with the only reasonable option - a complete facelift. An excellent renovation job has this house looking half it's age and ready to grab the limelight once more.
The location is really something special. Overlooking the marina of Pobla de Farnals and a very short walk to the beach and the centre of the village. Pobla de Farnals is a 15 minute drive from the centre of Valencia. This gated community of 20 houses share a lovely harbourside pool, gardens and tennis courts.
Entering from the road side the house is surrounded on three sides by gardens, landscaping is needed but the space is pretty generous. To enter the house you pass through a large glass porch and straight into the farmhouse kitchen, the stairs are off the kitchen as is the WC. Pass through the kitchen to either the sun room or the grand living space.
The ground floor measures around 100m2 and yet feels very cosy with its garden views and real open fire. Upstairs has four good sized bedrooms, two with harbour views and one with full en-suite bathroom, at the beginning of the wide corridor you find a second full bathroom.
The hidden gem is the enormous roof terrace with very pretty views accessed from an external staircase. It has a film set feel to it as it stands, you can keep that unique look or make it your own special place.
Further Reading and Inspiration
Just click on the images below to read more from the blog to inspire your move to Valencia. But before you do make sure to contact us and start your journey to your ideal Valencia Property. Just ask for an initial client meeting as below or mail us.
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