11 things to consider when buying a property

1. It is almost impossible to find exactly what you want, and if you do, it is unlikely that your spouse will agree with you 100%! Finding a property that you are both happy with usually means a compromise. Remember, the "perfect property" seldom exists, even when you build one yourself.
   
2. If you want to buy in a new or not fully built area, remember that empty parcels will one day be built upon. You could lose the view that made you choose that particular plot in the first place.
   
3. Be very careful when buying outside of a planned estate or urbanisation. Anything might be built or installed around your property, and you should have enough land to protect you.
   
4. If you are buying an unfinished property, the developer is legally required to provide an insurance policy, or bank guarantee, to protect your payments in the event of the work not being completed. Developers must also provide building specifications, detailed plans and copies of proof of ownership deeds, as well as planning permission. An experienced convincing lawyer will anticipate these contingencies when drawing up the purchase contract.
   
5. Unless you are absolutely sure your children and grandchildren will visit you; it is generally a big mistake to purchase a property with their use as the major consideration. Very quickly, ãfriendsä get to know that you have a property in Marbella and invite themselves for a free holiday. Put your own use, taste and objectives first.
   
6. Analyse the potential costs of modernising an older home or apartment that you may fall in love with! Unfortunately, many purchasers do not appreciate that you often end up paying more to renovate than to buy new and, at the end of it, you still have an old building that could result in unexpected maintenance or replacement costs.
   
7. Obviously, a seller must be offering a property free of liens and encumbrances, and be up to date in the payment of all rates, community fees, electricity, water and any other normal running expenses of the property, up to the date of completion. Your agent and lawyer will ensure this.
   
8. To arrive at a market value by taking into consideration strictly a price per square meter risks a simplification of the process of valuation. Property values are analysed in terms of area, views, quality of material, year of construction, as well as the facilities and services offered by the complex or urbanisation in question and, more than anything else, comparative recent sales of similar properties.
   
9. A property bought today is an important part of oneâs assets and will one day be resold. It is therefore advisable to take into account not just oneâs own taste and wishes but investment criteria as well.
   
10. Listen to your own feelings, it is you who is going to live there. You will hear lots of advice when you decide to buy a property, it may not all be with your benefit in mind but could be based on someone elseâs values or possible financial gain.
    
11. If you do not have the means to lodge a reservation sum immediately, you may risk losing the property to another party. Therefore, you should make sure that you have at your disposal sufficient funds to cover the reservation sum. The minimum required is normally between ¥ 3.000.- and ¥ 10.000, but may be greater for high price properties. The reservation sum may be paid with a credit card or cash.