Recent housing market crashes all around the globe have turned a lot of people off of the idea of investing in property. Many have sold off all of their investments or are holding onto everything until the market comes around. Some are barely holding on with their teeth. Investors from all walks of life have lost it all. Those who had thought about investing in property before the crash are having second thoughts. In fact, many people are not buying at all even if the property is to become their home.
The scare has only served to put another dent in the already damaged global housing market. In order for the market to turn around, people need to buy. And they will once the economy becomes more stable and they once again put faith in property investments. At that time, property values will skyrocket before they level off.
What does all of this mean? It means that NOW is the time to buy property. In Spain, as in other places of the world, properties are being sold for bargain prices. The market crash has resulted in houses being sold for less than their value. If you can afford to, you should buy property now before prices go up again. The following are also reasons why buying property in Spain is a good idea:
• Selection – The number of houses being sold in Spain has diminished greatly over the past year resulting in a surplus of properties for sale. There are also a lot of foreclosed homes that are now reaching the market. This means that you can have your pick of houses. Sellers are also looking for great ways to lure buyers such as offering upgrades, lowering the asking price and agreeing to all buyers’ terms.
• Price – As touched upon earlier, the price of property in Spain has decreased recently. In today’s market, you can buy more for your money. If you could only afford a flat previously, you might be able to purchase a detached house now. You might also be able to splurge for extras. Or you might be able to purchase property in an area that was way out of your league in years past.
• Allure – The only thing that has changed regarding Spanish property is the price and selection. The old-country allure is still present. Everything that has attracted tens of thousands of Brits to Spain every year can still be found there. It just costs less to purchase a piece of it.
• Income – Holiday properties are a great source of income. You can sublet the property during the months and weeks that you don’t plan to be visiting Spain. The money you make from renting out to other families on holiday could make your mortgage payment. You might even be able to earn a little extra to pay for…a plain ticket to Spain?
Buying property never goes out of style no matter how rocky the market gets. The market will always recover; and when it does, you will feel very smart for investing when prices were so low.
Author: Steven Clarke